IFSCA to unveil norms for direct listing at GIFT City by early July
IFSCA to finalize direct listing norms at GIFT City by early July under the leadership of K Rajaraman.
International Financial Services Centres Authority () will come out with final for at by early July, its chief K said."Based on our interactions with various users, we have realised that our regulations need a little update. Therefore, what we have done in the last two months is to update our listing regulations," he told reporters at the sidelines of a BSE event.
The IFSCA chairman said he hoped that will be able to list under the revised norms by August. He added that and new-age technology companies or the foreign-based entities having significant business in India would be the ones who would consider direct listing at Gift city.
The government had allowed domestic companies to directly list their securities on overseas exchanges in specified jurisdictions, expanding capital- access opportunities for businesses in India. Initially, it would allow listing on the (IFSC) and later on companies would be permitted to list in seven or eight specified overseas jurisdictions.
"Our agenda for 2047 is not that remain in India, but Indian companies becoming ," Rajaraman said. The IFSCA chairman further added that if Indian companies have to become global champions, the regulators need to provide them with all types of capital - dollar or rupees.
"It depends on the company, if they want to deal in INR, they can list in India, but if they want to deal in a Dollar or a Euro market, they can list in GIFT City," he said.
Source: Stocks-Markets-Economic Times
