The notification on the direct listing of Indian companies in GIFT City is expected to be out by April 2024, said K Rajaraman, chairperson at the International Financial Services Centres Authority.
“Notification rules from the Finance Ministry are expected... The Reserve Bank of India may issue some rules on overseas investment regulations. SEBI will also need to amend norms to allow already listed companies to list at IFSC,” he said on the sidelines of IVCA's Private Credit Summit held in Mumbai on Wednesday.
The Corporate Affairs Ministry in October notified relevant sections under the Companies Act, which allowed Indian companies to list their shares in other specified jurisdictions.
Initially, this will be available through a facility at the International Financial Services Centre, or IFSC, located at the Gujarat International Finance Tec-City in Gandhinagar, Gujarat.
Currently, several Indian companies have depository receipts listed in the U.S. through American Depository Receipts, or ADRs and Global Depository Receipts, or GDRs.
The international exchanges of the National Stock Exchange and the Bombay Stock Exchange at the GIFT IFSC are likely to be merged by January 2024, he said. The merger is likely to help consolidate the investor pool.
The exchanges have yet to file the application for the same with the National Company Law Tribunal.
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