The report of the Annual Instanex Survey of Depository Banks 2000, which focuses exclusively on the Indian marketplace for depository services, reveals that between 1992 and 2000, 71 Indian companies have successfully launched 80 depository receipt (DR) programmes worth over $ 8 billion. 684 million DRs have been issued ranging from a high of 289 million DRs in 1994 to a low of 25 million DRs in 1995. More than half of the issues till date were launched in 1994 (42 of 80) accounting for 40 per cent of the value.

Issue sizes showed a fall as new economy companies came to market. In 1997, the average issue size was $ 323 million. This fell to $ 173 million in 1999 and is just $ 95 million this year.

In terms of values of issues by industry, Telecom leads with issue worth $ 1.3 billion followed by Finance and banking with $ 1 billion. Diversified companies account 11 per cent of value at issue, while textile accounts for 5 per cent in value. ICICI is the top local custodian with 48 per cent issues and 67 per cent marketshare by value. Citibank is the second with 24 issues and 27 per cent marketshare by value, followed by HSBC and BoB with 4 and 2 per cent marketshare.