What are American Depository Receipts (ADRs), Global Depository Receipts (GDRs) and Indian Depository Receipts (IDRs)? How is ADR different from GDR?

American Depository Receipts (ADRs), Global Depository Receipts (GDRs), and Indian Depository Receipts (IDRs) are financial instruments that allow investors to trade foreign stocks in their local markets without the need to directly purchase shares of foreign companies. They serve as a means for investors to access international equities and diversify their portfolios. While these three types of depository receipts share some similarities, they also have distinct characteristics and are used in different geographical regions.

1. American Depository Receipts (ADRs):

   ADRs are securities that represent ownership in foreign companies but are traded on U.S. stock exchanges, such as the New York Stock Exchange (NYSE) or NASDAQ. They are created by American banks through a process known as depositary receipt issuance. ADRs make it easier for U.S. investors to invest in foreign companies without the need to deal with the complexities of international stock markets and currencies.

   ADRs come in three different levels, depending on the level of compliance with U.S. securities regulations:
   
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