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NEW DELHI: Government on Wednesday allowed the Indian companies to list directly on international exchanges in GIFT City, paving the way for these entities to tap a wider pool of investors.
The move, which was announced by finance minister Nirmala Sitharaman, required the government to notify the changes. Ministry of corporate affairs and department of economic affairs (DEA) have issued two sets of rules.”These, together, provide an overarching regulatory framework to enable public Indian companies to issue and list their shares in permitted international exchanges,” the finance ministry said in a statement.
The initiative will boost foreign investment flows, unlock growth opportunities and broaden the investor base for Indian companies, it added.
While the Companies Act had provided for direct overseas listing of shares several years ago, the revenue department and DEA had failed to move ahead with the changes until last year.
The move, which was announced by finance minister Nirmala Sitharaman, required the government to notify the changes. Ministry of corporate affairs and department of economic affairs (DEA) have issued two sets of rules.”These, together, provide an overarching regulatory framework to enable public Indian companies to issue and list their shares in permitted international exchanges,” the finance ministry said in a statement.
The initiative will boost foreign investment flows, unlock growth opportunities and broaden the investor base for Indian companies, it added.
While the Companies Act had provided for direct overseas listing of shares several years ago, the revenue department and DEA had failed to move ahead with the changes until last year.
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