Govt scraps rule mandating firms to list in India first to go public overseas
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MUMBAI, May 17 -- Indian companies would now be allowed to list overseas without simultaneous listing at home, Finance Minister Nirmal Sitharaman said on Sunday, the last of the 5-day-long series of announcements on the Rs20 trillion financial package aimed at restoring the health of the covid-struck economy. The Union Cabinet had approved this proposal in March.
So far, India companies looking to list overseas, had to first go public in India and only then could they list overseas by issuing American Depositary Receipts or Global Depositary Receipts. In the framework proposed by Sebi, companies could list in 10 overseas jurisdictions that have strong anti-money laundering policies and are members of the International Organization of Sec...
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