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      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