An unsponsored depository receipts, created without the involvement, participation, or consent of such Underlying Companies. Exclusively quoted and traded on NSE International Exchange (NSE IX)

Act as a custodian of NSE IX Receipts, holds the legal title to the Underlying Shares, for and on behalf of the Holders
Preferred banking partner of NSE IX Receipts – to and cost-effective remittance

Act as an US Custodian and holds the Underlying Shares in an account with DTCC on the instructions of the HDFC Bank

IIDL act as a Depository and Registrar of NSE IX Receipts - Creation and cancellation of NSE IX Receipts and ISIN; Maintenance of Holding, Distribution of Corporate proceeds, etc.

US Underline Share e.g. Tesla Inc
The Underlying Company is the issuer of the Underlying Shares. However, the Underlying Company is not involved in the creation of the NSE IX Receipts

US Custodian
The US Custodian (Deutsche Bank) holds the Underlying Shares on the instructions of the NSE IX Receipts Custodian (HDFC Bank)

IFSC Custodian
Based on instructions from the HDFC Bank, Deutsche bank will identify the Underlying Shares as being held for the Holders in an account with U.S. Depository (DTCC)

GIFT IFSC Depository
For every underlying shares held at DTCC, HDFC Bank will create corresponding depository receipts and credit beneficiary account at GIFT based Depository (India International Depository IFSC)

NSE IX
Indian retail investors can trade US Stock on NSE IX

Indian Retail Investors
The Holder of the NSE IX Receipt has a proportionate beneficial interest in the Underlying Shares