Indian ADR List 2026: Indian Companies Listed in the US

Last updated: 19 October 2026 · By Analyst, Platizio Global

As of 16 October 2026, six Indian companies have US-listed American depositary receipts (ADRs): Infosys (INFY), Wipro (WIT), HDFC Bank (HDB), ICICI Bank (IBN) and Dr. Reddy’s (RDY) on the NYSE, and Sify (SIFY) on Nasdaq. SEBI’s rules generally bar resident Indians from holding depository receipts of India-listed companies, so residents buy these companies, except Sify, on NSE or BSE.

Key takeaways

• MakeMyTrip, Yatra and Freshworks are foreign-incorporated, not ADRs.
• Tata Motors and WNS are no longer US-listed.
• HDFC Bank’s ADR was 3.60% above its NSE price on 16 October 2026.
• For residents, ADR gains are long-term only after more than 24 months, with no ₹1.25 lakh exemption.

Indian ADR list (October 2026)

Sources: SEC filings, Nasdaq; for illustration only.

India-linked stocks that are not ADRs

Incorporated abroad, these Nasdaq stocks are open to residents under the Liberalised Remittance Scheme (LRS).

Delisted Indian ADRs

What is an ADR?

An ADR, or American depositary share (ADS), is a US-dollar certificate for shares of a non-US company that a custodian holds for a US bank, the depositary. One ADR can stand for one share, several or a fraction, and custody fees usually come out of dividends. All six Indian ADRs are sponsored (company-backed) and exchange-listed (Level 2 or 3), so they file annual reports (Form 20-F); Level 1 ADRs trade over the counter. Holders can cancel ADRs for the shares, but India’s foreign-holding limits cap new ones.

ADR price vs NSE price

Implied ₹ price = ADR close ÷ shares per ADR × ₹ per US$ (HDB: 23.84 ÷ 3 × 95.0194 = ₹755.09).

16 October 2026 closes (Nasdaq, NSE) at the RBI reference rate of ₹95.0194. At SBI’s TT buying rate (₹94.55, archived rate card), each premium is about 0.5 percentage points lower.

Small gaps can reflect the hours between closes; HDB’s persists. On 19 December 2025 Infosys’s ADR spiked to US$30.00 intraday and was halted twice, closing 11.4% above NSE parity (our calculation, Yahoo Finance data).

Can resident Indians buy Indian ADRs?

Generally, no. SEBI’s depository-receipt rules (October 2019, revised December 2020) define a “Permissible holder”, “including its Beneficial Owner(s)”, as one “who is not a person resident in India” and “who is not a Non-Resident Indian (NRI)”, and make it “responsible for ensuring compliance”. Dr. Reddy’s 20-F (May 2026) adds: “A person resident in India is not permitted to hold ADSs of an Indian company, except in connection with the exercise of stock options.” Sify (no Indian listing) is unclear; assume barred unless confirmed.

The NSE or BSE route avoids LRS, tax collected at source (TCS) and foreign-asset reporting (Schedule FA). Some apps list INFY as investable from India without citing this rule (checked 19 October 2026); confirm in writing.

Tax on Indian ADRs

Not listed in India, an ADR is long-term only after more than 24 months (section 2(101), Income-tax Act, 2025), then taxed at 12.5% plus surcharge and cess (section 197), with no ₹1.25 lakh exemption; shorter holdings pay slab rates. Dividends carry no US withholding; the company deducts 10% Indian tax plus surcharge and cess when paying the depositary (HDFC Bank, ICICI Bank 20-Fs). Credit for that tax (not deducted against your PAN) and Rule 206’s rupee conversion (each leg or net gain) are unsettled; ask a chartered accountant (CA). The ADR would also go in Schedule FA each calendar year.

Foreign-incorporated stocks follow the same capital-gains and Schedule FA rules, with a US$250,000 financial-year LRS limit, 20% TCS above ₹10 lakh a year (credited against tax), brokerage and currency-conversion costs, and US estate tax above US$60,000 on US companies such as Freshworks (US stock tax guide).

ADR trading hours in IST

NYSE and Nasdaq trade 7:00 pm–1:30 am IST until Friday 30 October 2026, and 8:00 pm–2:30 am IST from Monday 2 November (US clocks change 1 November; US market timings). Infosys closed at ₹1,110.00 on NSE on 15 October 2026; that night its ADR closed at US$12.13 (₹1,153.19 at RBI’s ₹95.0691), and NSE opened at ₹1,127.50 next day: a signal, not a forecast.

Sources

1. SEBI: Framework for issue of Depository Receipts, circular SEBI/HO/MRD/DOP1/CIR/P/2019/106 (10 October 2019; NSE archive copy) — https://nsearchives.nseindia.com/content/equities/SEBI_Circular_10102019.pdf
2. SEBI: Revision of the permissible-holder definition, circular SEBI/HO/MRD2/DCAP/CIR/P/2020/243 (18 December 2020; NSE archive copy) — https://nsearchives.nseindia.com/web/sites/default/files/inline-files/SEBI_CIrcular_18122020.pdf
3. US Securities and Exchange Commission (Investor.gov): Investor Bulletin: American Depositary Receipts — https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-88
4. Dr. Reddy’s Laboratories: Form 20-F for the year to 31 March 2026 (filed 29 May 2026) — https://www.sec.gov/Archives/edgar/data/1135951/000157587226000381/rdy0899_20f.htm
5. HDFC Bank: Form 20-F for the year to 31 March 2026 (filed 29 July 2026) — https://www.sec.gov/Archives/edgar/data/1144967/000119312526322004/d88195d20f.htm
6. Sify Technologies: Form 20-F for the year to 31 March 2026 (filed 26 June 2026) — https://www.sec.gov/Archives/edgar/data/1094324/000155485526001437/sify-20260331.htm
7. Tata Motors: Form 25, removal of ADSs from the NYSE (filed 13 January 2023) — https://www.sec.gov/Archives/edgar/data/926042/000119312523007545/d417965d25.htm
8. WNS (Holdings): Form 8-K on completion of the Capgemini acquisition (October 2025) — https://www.sec.gov/Archives/edgar/data/1356570/000207709625000155/ea0261473-8k_wns.htm
9. Income Tax Department: section 2 of the Income-tax Act, 2025 (definitions, including section 2(101)) — https://www.incometaxindia.gov.in/w/section-2-263
10. NSE: security-wise price data (bhavcopy), 16 October 2026 — https://nsearchives.nseindia.com/products/content/sec_bhavdata_full_16102026.csv
11. Nasdaq: historical prices, INFY (same page format for WIT, HDB, IBN, RDY, SIFY), 16 October 2026 — https://www.nasdaq.com/market-activity/stocks/infy/historical
12. Reserve Bank of India: reference rate archive (source FBIL), 15 and 16 October 2026 — https://www.rbi.org.in/Scripts/ReferenceRateArchive.aspx

Platizio Global is operated by Platizio Services LLP, an AMFI-registered mutual fund distributor. Accounts are opened and held with ViewTrade International IFSC Private Limited, which is regulated by the International Financial Services Centres Authority in GIFT City. Platizio is a referral partner, not a broker, investment adviser or research analyst, and may receive remuneration from ViewTrade. This article is for education only. It is not investment, tax or legal advice, or a recommendation to buy, sell or hold any security. The securities quoted are for illustration only and are not recommendatory. Investments in US-listed securities are subject to market risk, currency risk and tax implications, and depository receipts of Indian companies are generally not open to resident Indians; past performance is not indicative of future results, and returns are not guaranteed. Prices, fees, tax rates and rules are as of 19 October 2026 and can change; check them with a chartered accountant before you act.