The differences between ADR and GDR are as follows :
(a) ADR may be issued only in the US financial market by a non US company, while, GDR may be issued by any foreign company throughout the world.
(b) ADR is listed for trading only in US stock exchange, while, GDR may be listed and traded in any foreign exchange.
(c) ADR is negotiable only in the US but GDR is negotiable throughout the world.
