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ARTICLE · 10 APRIL 2024

Listing Beyond Borders: Direct Listing Of Indian Companies On IFSC Exchanges

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As a significant step towards permitting Indian companies to list their equity shares on foreign exchanges, the Finance Minister, in July 2023, announced the Government's decision...

IndiaFinance and Banking
Neha Sharma
Neha Sharma
Ravi Dubey
Ravi Dubey
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As a significant step towards permitting Indian companies to list their equity shares on foreign exchanges, the Finance Minister, in July 2023, announced the Government's decision to enable direct listing of listed and unlisted companies on International Financial Services Centre ("IFSC") exchanges.1 Subsequently, the committee chaired by International Financial Services Centre Authority ("IFSCA") issued a report on direct listing of Indian companies on IFSC exchanges dated December 20, 2023 (the "Report"). The committee identified crucial factors enabling the direct listing of Indian companies on IFSC exchanges including proposed amendments to be issued by the Central Government in relation to (i) the Foreign Exchange Management (Non-debt Instruments) Rules, 2019 ("NDI Rules"); (ii) the Companies Act, 2013 (the "Companies Act") (to be announced by Ministry of Corporate Affairs ("MCA")); and (iii) regulations to be announced by the Securities Exchange Board of India

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