Give the basic difference between GDRs and ADRs.
(a) ADRs are listed on an American Stock Exchange. GDRs are listed in stock exchanges other than American Stock Exchange.
(b) ADRs can be issued only to American citizen whereas GDRs can be issued to non-American citizen also.
(c) ADRs is mainly an institutional market with higher liquidity whereas GDRS are less liquid.
(d) ADR enhance shareholders value more than GDR.