Government Allows Direct Overseas Listing of Indian Companies
On 30th October, 2023, in a step towards allowing Indian companies to list on foreign stock exchanges, the ministry of corporate affairs (MCA) brought into force a provision to allow certain public companies to issue a class of securities for listing on foreign bourses.
- The provision, which comes into effect from October 30, was introduced in the Companies Amendment Act 2020.
- This action comes after the statement by the Finance Minister in September, 2023, allowing Indian companies to engage in a direct "foreign listing" in International Financial Services Centres, specifically in GIFT City(Gujarat).
New Provisions
- Section 5, which has been implemented, makes ....
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