1. Is a negotiable security that represents securities of a non-US company that trades in the US financial markets. Securities of a foreign company that are represented by anADR are called American depositary shares. ADRs are and pay dividends in US dollars and may betraded like regular shares of stock. The first ADR was introduced by J.P. Morgan in 1927 for theBritish retailer Selfridge.

2. Unsponsored ADRs Sponsored Level I ADRs ("OTC" facility) Sponsored Level II ADRs ("Listing" facility) Sponsored Level III ADRs ("offering" facility) 3. Is a certificate issued by a depository bank, which purchases shares of foreign companies and deposits it on the account. GDRs represent ownership of an underlying number of shares. commonly used to invest in companies from developing or emerging markets. JPMorgan Chase,Citigroup, Deutsche Bank, The Bank of New York Mellon. 4. Often listed in the Frankfurt Stock Exchange,Luxembourg Stock Exchange and in the London Stock Exchange. It is a negotiable instrument which is denominated in some freely convertible currency. It is a negotiable certificate denominated in US dollars which represents a non-US Company's publicly traded local equity. 5. 1. It is an unsecured security. 2. A fixed rate of interest is paid on it 3. It may be converted into number of shares 4. Interest and redemption price is public inforeign agency. 5. It is listed and traded in the share market 6. ADR Prices CompanyClose (USD)ICICI Bank Ltd.32.64HDFC Bank Ltd.31.48Infosys Ltd.57.08Wipro Ltd.12.69Tata Motors Ltd.27.80Sesa Sterlite Ltd.11.90Dr. Reddy's Laboratories Ltd.42.17 7. GDR Prices CompanyClose (USD)GAIL (India) Ltd.34.25Axis Bank Ltd.18.19Mahindra & Mahindra Ltd.13.71State Bank of India48.44Reliance Industries Ltd.26.40Ranbaxy Laboratories Ltd.4.97Larsen & Toubro Ltd.15.64