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SEBI panel proposes direct listing of Indian firms on foreign bourses
Mumbai, Dec 4 (IANS) An expert committee set up by the Securities and Exchange Board of India (SEBI) on Tuesday recommended that the market regulator allow listing of Indian companies on foreign exchanges even without getting listed in India.
Such a framework would help Indian companies to access foreign capital at lower cost, said the report.
Under the current regulations, any company incorporated in India but not listed on an Indian exchange is not permitted to list its shares on a foreign stock exchange. Similarly, companies incorporated outside India cannot directly list their equity shares on Indian stock exchanges.
The committee in its 29-page report also advised the security markets regulator to allow foreign companies to get directly listed in Indian stock exchanges.
SEBI has sought comments on the report by December 24.
“Listing may be allowed only on specified stock exchanges in ‘permissible jurisdictions’,” read the report submitted to SEBI.
A “permissible jurisdiction” would mean a jurisdiction which has treaty obligations to share information and cooperate with Indian authorities in the event of any investigation. The exchanges where Indian companies can list their shares as per the report include the NASDAQ, NYSE in the US, the Shanghai Stock Exchange and Shenzhen Stock Exchange in China, the London Stock Exchange and the Hong Kong Stock Exchange, among others.
The report further said: “As regards listing of a listed Indian company on foreign stock exchanges, such a company shall comply, at all times, with rules/regulations/laws/initial and continuous listing/disclosure requirements, as are applicable to companies listed in India.”
Companies incorporated in India, under the present legal framework, have to list their debt securities on foreign stock exchanges directly through the “masala” bonds or foreign currency convertible bonds. On the other hand, companies incorporated outside India can access the Indian capital markets only through the Indian Depository Receipts framework.
According to the panel, along with allowing cheaper access to foreign capital for Indian firms, the permission for listing would also in turn help the Indian economy grow further.
“Similarly, equity listings of companies incorporated outside India on Indian Stock Exchanges would improve the efficient allocation of capital and diversification for investors across the Indian economy,” said the report.
SEBI had constituted the committee to look into the prospects of Indian companies getting directly listed on foreign exchanges on June 12.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.
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