| Basis of Difference | American Depository Receipt | Global Depository Receipt |
| Stock Exchange | ADRs are listed in American Stock Exchanges such as New York Stock Exchange , NASDAQ etc. | GDRs are listed in the European market . Maximum trading of GDRs takes place in London Stock Exchange or Luxembourg Stock Exchange. |
| Categorisation | ADRs are categorized into three parts on the basis of disclosure requirements wherein Level I and Il cannot be used by issuers for fund raising. | There is no such categorization in case of GDRs. |
| Market | ADRs are issued in America. | GDRs are issued in European Capital Market. |
| Types of Investors | ADRs are sold to Retail Investors. | GDRs are sold to Qualified Institutional Buyers. |
| Financial Statement | Companies issuing ADRs have to prepare their financial statement in accordance to the principles of GAAP ( Generally Accepted Accounting Principles ). | Companies issuing GDRs need to submit a “ statement of difference ” in their financial position that occurs due to the adoption of Indian accounting standards or UK accounting standards. |
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