NEW DELHI: Finance minister Nirmala Sitharaman on Monday mentioned that the federal government is presently specializing in listing Indian companies in Gift City before taking a look at allowing them to record immediately abroad.
Her feedback got here after British chancellor of exchequer Jeremy Hunt talked about “the first confirmation by India that it will explore the London Stock Exchange as an international destination for the direct listing of Indian companies”.
While direct abroad listing by Indian companies is now permitted underneath the Companies Act, the federal government has not operationalised the plan and solely not too long ago determined to enable it within the Gift City, India’s solely worldwide monetary providers centre (IFSC).
“We are looking at commencing the listing at the IFSC. Once that is done, we may look at moving further and that’s what the Chancellor was saying,” Sitharaman mentioned after the India-UK Economic and Financial Dialogue, whereas including that the UK is prepared to lengthen its footprint in Gift City.
The two international locations, that are negotiating a free commerce settlement, additionally mentioned amendments to the bilateral funding treaty because the UK desires additional flexibility.
Describing India as “one of the most exciting places anywhere in the world that investors wish to consider”, Hunt additionally sought a better regime for British pension funds. “London is the second largest financial centre in the world, and the majority of our asset managers don’t invest in India. So, there’s a huge opportunity. We are looking at changes to the way our pensions and insurance funds are regulated, because there’s a very strong desire on their part to invest more in productive assets. And, we have huge pools of capital ready to be harnessed. So, this is not just inside the UK, as well as India, we had very good discussions of what we need to do,” he mentioned.
Sitharaman additionally introduced the launch of the UK-India Infrastructure Financing Bridge, aimed toward harnessing collective experience in planning and implementing main infrastructure tasks.
Her feedback got here after British chancellor of exchequer Jeremy Hunt talked about “the first confirmation by India that it will explore the London Stock Exchange as an international destination for the direct listing of Indian companies”.
While direct abroad listing by Indian companies is now permitted underneath the Companies Act, the federal government has not operationalised the plan and solely not too long ago determined to enable it within the Gift City, India’s solely worldwide monetary providers centre (IFSC).
“We are looking at commencing the listing at the IFSC. Once that is done, we may look at moving further and that’s what the Chancellor was saying,” Sitharaman mentioned after the India-UK Economic and Financial Dialogue, whereas including that the UK is prepared to lengthen its footprint in Gift City.
The two international locations, that are negotiating a free commerce settlement, additionally mentioned amendments to the bilateral funding treaty because the UK desires additional flexibility.
Describing India as “one of the most exciting places anywhere in the world that investors wish to consider”, Hunt additionally sought a better regime for British pension funds. “London is the second largest financial centre in the world, and the majority of our asset managers don’t invest in India. So, there’s a huge opportunity. We are looking at changes to the way our pensions and insurance funds are regulated, because there’s a very strong desire on their part to invest more in productive assets. And, we have huge pools of capital ready to be harnessed. So, this is not just inside the UK, as well as India, we had very good discussions of what we need to do,” he mentioned.
Sitharaman additionally introduced the launch of the UK-India Infrastructure Financing Bridge, aimed toward harnessing collective experience in planning and implementing main infrastructure tasks.
