India will not mandate secondary listing for domestic firms that wish to raise money from foreign stock exchanges, Reuters reported on Thursday. The news comes just weeks after it was reported that the Ministry of Corporate Affairs (MCA) was considering issuing guidelines that would force Indian companies looking to go public overseas to also list themselves on an Indian stock exchange. Currently, Indian companies cannot raise money in international markets unless they get listed first on an Indian stock exchange. For instance, MakeMyTrip bypassed this requirement by incorporating itself in Mauritius so it could list itself on US-based Nasdaq. Last month, the Parliament passed the Companies (Amendment) Bill, 2020 allowing for the removal of this mandate. The decision to make this change had been announced earlier by Finance Minister Nirmala Sitharaman, as part of improving ease of doing business in the aftermath of the Covid-19 pandemic. The Companies (Amendment) Bill, 2020 allows the central government to allow certain classes of public companies to list securities in foreign jurisdictions, as long they these countries have strong anti-money laundering, KYC norms and adhere to regulations of the Financial Action Task Force (FATF). Companies hailed the bill. Kunal Bahl, CEO of Snapdeal, reacting on Twitter after the bill was passed in the Lok Sabha, said the move would permit "unencumbered direct listing [Indian] companies on foreign stock exchanges" which would allow them to become "global champions". Before the bill was passed, Rajan Anandan, managing director of Sequoia Capital India, had told MediaNama the…
- Apple finally brings end-to-end encryption to iCloud Backups, Photos, and more December 9, 2022
- Protecting Personal Data: Where Grievance Redressal Falls Short December 9, 2022
- Latest developments in the ransomware attack on AIIMS-Delhi as it partially resumes server facilities December 8, 2022
- EPoS Systems at 5.33 Lakh PDS Shops in India, But No Response by Ministry on Device Failures December 8, 2022
- How does the new data protection bill affect platform gig workers? December 8, 2022
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
The provisions around grievance redressal in the Data Protection Bill "stands to be dangerously sparse and nugatory on various counts."
By Soujanya Sridharan and Dr. Sarayu Natarajan Platform work and data: the intersection Every time you use a ride-hailing app, the matching algorithm processes...
New bill narrows focus over predecessors that went heavy on data sovereignty, localisation and compliance. What explains this change?
The Structure and Style of a Dogma Community: Conspiracy theories and organized Twitter engagement on Sushant Singh Rajput
Studying the 'community' supporting the late Sushant Singh Rajput (SSR) shows how Twitter was gamed through organized engagement
Do we have an enabling system for the National Data Governance Framework Policy (NDGFP) aiming to create a repository of non-personal data?
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...