At present, Indian companies can access the overseas equity markets only through depository receipts (e.g. American Depository Receipts or Global Depository Receipts regime) or by listing their debt securities (such as, foreign currency convertible bonds, masala bonds, etc.) on foreign markets. On the stock exchanges of the United States, for instance, a company may list its shares through a public offering, inviting American investors to subscribe to its shares, or through ‘direct listing’, by merely joining a stock exchange without raising capital.