The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

India: Standard Chartered pioneers IDRs

Market demands reform if IDRs to flourish; Tax, regulatory hurdles to be tackled

Standard Chartered’s Asia CEO Jaspal Bindra and CEO Peter Sands at the IDR launch in Mumbai

Standard Chartered’s Asia CEO Jaspal Bindra and CEO Peter Sands at the IDR launch in Mumbai

On May 28 Standard Chartered became the first company to successfully issue Indian depositary receipts (IDRs), taking advantage of regulations that had been in place for years but had not been used. These allow international companies to list in India. Although after a slow start to the bookbuilding process the issuance was a success. Sources in India say, however, several key changes are required to the regulation of IDRs before other issuers might be tempted to follow suit.

Chief among these is the regulation that prevents insurance companies, one of the most significant groups among the domestic investors base, from buying IDRs. IDRs are classed as overseas securities, an asset class that Indian insurance firms are not allowed to invest in. Since the Insurance Act that contains this restriction did not foresee the possibility of IDRs, changing this situation would require an overhaul of the law.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree