wordpress blog stats
Connect with us

Hi, what are you looking for?

RSS affiliate Swadeshi Jagran Manch opposes direct overseas listing of Indian start-ups: Report

The organisation accused startups of trying to avoid India’s regulatory landscape by ‘flipping’ to foreign jurisdictions.

Swadeshi Jagran Manch (SJM), the political and cultural wing of the Rashtriya Swayamsevak Sangh, has opposed the direct listing of Indian unicorns in overseas markets without listing on domestic bourses, according to a report by Business Standard. The organisation argued that such listings lead to Indian authorities losing their ability to enforce oversight and tax the gains accrued by businesses built in the country, the report added. Ashwani Mahajan, National Co-Convener of SJM, said that initial public offerings of Zomato, PayTM, and Nykaa, prove that Indian capital markets do not lack depth. He said the argument that the Indian capital market lacks liquidity is misplaced as Zomato’s IPO saw over 33 percent of anchor investors from India, Business Standard reported. "Swadeshi Jagran Manch is deeply concerned to note that a huge number of unicorns, which have grown in the last one decade, have either flipped abroad or have been incorporated overseas," Mahajan said. SJM's remarks are indicative of RSS’s stance on various policy measures under consideration of the Indian government. India's ruling party, Bhartiya Janata Party, is an affiliate of RSS which means that the latter possibly holds tremendous sway over policy decisions. 'Detrimental to India’s economic interests' Mahajan said that the law does not permit direct listing of Indian companies on foreign bourses without listing domestically first, as per a report in NDTV. “However, if the startups are allowed to list their shares overseas, it may be detrimental to India's economic interests in general and will adversely affect the…

Please subscribe/login to read the full story.
Written By

I cover several beats such as Crypto, Telecom, and OTT at MediaNama. I can be found loitering at my local theatre when I am off work consuming movies by the dozen.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

Studying the 'community' supporting the late Sushant Singh Rajput (SSR) shows how Twitter was gamed through organized engagement

News

Do we have an enabling system for the National Data Governance Framework Policy (NDGFP) aiming to create a repository of non-personal data?

News

A viewpoint on why the regulation of cryptocurrencies and crypto exchnages under 2019's E-Commerce Rules puts it in a 'grey area'

News

India's IT Rules mandate a GAC to address user 'grievances' , but is re-instatement of content removed by a platform a power it should...

News

There is a need for reconceptualizing personal, non-personal data and the concept of privacy itself for regulators to effectively protect data

You May Also Like

News

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...

Advert

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...

News

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...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ