Several agencies/intermediaries are involved in the issue of ADRs/GDRs. Prepare the list of the agencies normally involved in the said issue.

Answer 4(c) The following agencies/intermediaries are normally involved in the issue of ADRs/GDRs. Lead Manager: The issues related to public or private placement, nature of investment, coupon rate on bonds and conversion price are to be decided in consultation with the lead manager. Co-Lead/Co-Manager: In consultation with the lead manager, the company has to appoint co-lead/co-manager to coordinate with the issuing company/lead manager to make the smooth launching of the issue. Overseas Depository Bank: It is the bank which is authorised by the issuing company to issue Depository Receipts against issue of ordinary shares or Foreign Currency Convertible Bonds of issuing company. Domestic Custodian Bank: A banking company which acts as custodian for the ordinary shares or Foreign Currency Convertible Bonds of an Indian company, which are issued by it. The function of the domestic custodian bank is to co-ordinate with the depository bank. Listing Agent: The appointment of listing agent is necessary to coordinate with issuing company for listing the securities on Overseas Stock Exchanges. Legal Advisors: The issuing company should appoint legal advisors who will guide the company and the lead manager to prepare offer document, depository agreement, indemnity agreement and subscription agreement. Printers: The issuing company should appoint printers of international repute for printing Offer Circular. Auditors: The role of issuer company's auditors is to prepare the auditor's report for inclusion in the offer document, provide requisite comfort letters and reconciliation of the issuer company's accounts between Indian GAAP/UK GAAP/US GAAP and identify significant differences. Underwriters: It is desirable to get the issue underwritten by banks and syndicates. Usually, the underwriters subscribe for a portion of the issue with arrangements for tie-up for the balance with their clients.