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Start-ups to gain with cabinet nod for Indian cos' foreign listing
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SME Times News Bureau | 04 Mar, 2020
The Union Cabinet on Wednesday okayed a proposal to allow listing of
Indian companies in overseas markets for which an enabling provision
would be made under the Companies Act, 2013.
Corporate Affairs
Secretary Injeti Srinivas said the Act would have an enabling provision
for listed as well as unlisted companies in India to list their shares
abroad.
"Now, just like you had a scheme for GDR/ADR, what will
be the tax treatment and other issues? Most of it (will) get covered in
subordinate legislation. It does not involve any amendment per se to the
best of my understanding," Srinivas said at a briefing where Finance
Minister Nirmala Sitharaman was also present.
Union Minister
Prakash Javadekar had announced that a proposal for allowing listing of
Indian companies abroad has been approved. In order to tap foreign
investors, some 1Indian firms have taken the ADR/GDR routes.
Official
sources said apart from helping these companies raise additional funds,
overseas listing of shares would also help in bringing more capital
into the country, and raise their brand visibility.
The main
beneficiary of the enabling provisions of the foreign listing of firms
will be the unlisted firms and start-ups. This will also help companies
who want to list abroad first and then list in India. The details
regarding market jurisdiction, class of companies and instruments of
raising will be notified in the rules.
The RBI, the SEBI, Department of Economic Affairs and Ministry of Corporate Affairs will work out the listings.
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