New Delhi: The government gave its permission on Wednesday Indian companies To List directly on international exchange Gift CityPaving the way for these institutions to tap a wider pool of investors,
The move was announced by Finance Minister Nirmala Sitharaman, which required the government to notify the changes. The Ministry of Corporate Affairs and the Department of Economic Affairs (DEA) have issued two sets of rules. “Together, these provide a comprehensive regulatory framework to enable public Indian companies to issue and list their shares on permitted international exchanges,” the Finance Ministry said. in a statement.
It said the initiative will boost foreign investment inflows, open up growth opportunities and expand the investor base for Indian companies.
While the Companies Act had provided for direct overseas listing of shares several years ago, the Revenue Department and DEA had failed to move forward with the changes until last year.