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Nirmala Sitharaman Approves Overseas Listing of Indian Companies
The finance minister, Nirmala Sitharaman, announced that Indian companies now have the option to directly list on foreign exchanges and the International Financial Services Centre (IFSC) bourse in Ahmedabad. This decision, which was part of the Covid relief package, allows domestic companies to raise funds from international sources by listing their shares on foreign exchanges. The proposal was first introduced during the pandemic in May 2020 as part of a liquidity package. Sitharaman stated that this move is a major step forward as it enables access to global capital and better valuation.
Sitharaman made this announcement during an event that marked the launch of the AMC Repo Clearing and a corporate debt market development fund, which aims to deepen the corporate bond market. She emphasized the importance of regulatory impact assessment to ensure that decisions made by financial market regulators benefit companies and facilitate ease of doing business. Sitharaman also encouraged large municipal bodies to explore the debt market for their funding needs and revealed that the government is incentivizing cities to improve their credit ratings.
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