The remainder have used the Luxembourg Stock Exchange or Singapore Stock Exchange to raise capital, according to a BNY Mellon report. MUMBAI: After curbs on participatory notes, India's capital market regulator is proposing a clamp down on unsponsored depositary receipts (DRs). An unsponsored DR is one which is not backed by the issuer company, but run by global custodians of shares (unlike a sponsored DR, which is backed by the company). "Indian regulators are concerned about the lack of information on the ultimate holders of such DRs. "The Indian regulators were well represented in the MS Sahoo committee that recommended enabling these instruments.

Source: Economic Times June 09, 2016 23:49 UTC