04 Sep 2026
The quiet death of ADRs: Why investors no longer need Wall Street’s window into India
10 Apr 2026
10 Apr 2026
This is a link-enhanced version of an article that first appeared in Live Mint
Article Overview:
The article explains that American Depositary Receipts (ADRs) are steadily losing relevance as regulatory reforms, deeper domestic liquidity, and easier Foreign Portfolio Investor (FPI) access have shifted price discovery to Indian markets, enabling global investors to participate directly onshore. While fragmented KYC norms and rigid capital controls previously made US depositary receipts necessary as liquidity bridges, ongoing regulatory simplification has significantly reduced their importance for foreign investors accessing Indian equities.
Our Partner, Anubhav Ghosh, Financial Regulatory, shared his perspective. Here’s what he had to say:
“For decades, fragmented KYC norms and rigid capital controls made US depositary receipts necessary as liquidity bridges”
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