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…
