BNY Mellon Is Structural IDR Advisor on the Launch of India's Debut Indian Depository Receipt (IDR) Program

Company believes more global companies will list IDRs in the near future

Jun 21, 2010, 03:27 ET from BNY Mellon

HONG KONG, June 21 /PRNewswire-FirstCall/ -- BNY Mellon, the global leader in asset management and securities servicing, has acted as an Indian Depository Receipt (IDR) Structural Adviser to Standard Chartered PLC on the launch of its IDR programme.  Standard Chartered has listed the IDR on the Bombay Stock Exchange and National Stock Exchange of India Limited.  

This ground breaking transaction is the first time a company has been able to list IDRs in India.  The IDR is denominated in Indian Rupees and for the first time allows a non-Indian company to sell shares (IDRs) directly to Indian investors.  Every 10 IDRs represents an ownership interest in one Standard Chartered share.

"This historical move by Standard Chartered to be the first company to list an IDR in India is evidence of their continued commitment to the Indian market," said Gregory Roath, Head of Asia-Pacific for BNY Mellon's Depositary Receipts business. "We believe that other global companies will explore listing IDRs over the next 18 months, seeking access to India's fast-growing capital market and the world's second-fastest growing major economy."

Navneet Singh, Country Executive for BNY Mellon in India, added: "The approvals by the Reserve Bank of India and SEBI to encourage this first IDR program are a strong signal that the country is serious about its goal of transforming Mumbai into a leading financial hub, rivaling New York and London. The oversubscription of the Standard Chartered issue was impressive considering the IDR was a new instrument for domestic investors, and suggests a high level of understanding and sophistication within the financial system in the country."

BNY Mellon acts as depositary for more than 2,100 American and global depositary receipt programs, acting in partnership with leading companies from 67 countries. With an unrivaled commitment to helping securities issuers succeed in the world's rapidly evolving financial markets, the company delivers the industry's most comprehensive suite of integrated depositary receipt, corporate trust and stock transfer services. Learn more at

Notes to editors

BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation. BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 34 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, providing superior asset management and wealth management, asset servicing, issuer services, clearing services and treasury services through a worldwide client-focused team. It has $22.4 trillion in assets under custody and administration, $1.1 trillion in assets under management, services $11.8 trillion in outstanding debt and processes global payments averaging $1.5 trillion per day. Learn more at

This release is for informational purposes only. BNY Mellon provides no advice nor recommendation or endorsement with respect to any company or securities. Nothing herein shall be deemed to constitute an offer to sell or a solicitation of an offer to buy securities. Depositary Receipts: Not FDIC, State or Federal Agency Insured; May Lose Value; No Bank, State or Federal Agency Guarantee.