Consider the following statements regarding the Indian Depository Receipts? 

  1. An IDR declares ownership of shares of a Foreign Company
  2. The Shares in an IDR are held by an Indian Custodian 
  3. Using IDR, the Indian Residents get a chance to invest in a listed Foreign entity

Which among the above statements is / are correct?

[A] Only 1
[B] Only 2
[C] Only 1 & 2
[D] Only 1 & 3

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