Indian companies will soon have the opportunity to access foreign capital within India through registrations with exchanges at the International Financial Services Centre (IFSC) in the Gujarat International Financial Tech City (GIFT).
Finance Minister Nirmala Sitharaman announced the government’s decision to facilitate direct listings of both listed and unlisted companies on the IFSC exchanges, marking a significant step to boost India’s financial capabilities.
A new financial hub is poised to rival established centers like Mumbai and even global financial powerhouses like Singapore and Dubai.
In the latest development, India has granted permission for its listed and unlisted companies to be listed on exchanges registered in the International Financial Services Centre (IFSC). This decision is expected to provide companies with easier and more cost-effective access to foreign capital.
Furthermore, the SGX Nifty, which was previously traded on the Singapore Exchange’s platform, has been transferred to the National Stock Exchange’s International Exchange in GIFT City.
The finance minister further elaborated that the Securities Market Code is designed to cater to the developmental and regulatory needs of the country’s rapidly growing capital market. With a focus on fostering growth and facilitating a conducive environment, this Code is expected to play a pivotal role in shaping the future of India’s capital market.
The latest development will open up new avenues for India’s capital markets, offering companies the potential to access similar benefits of foreign capital through the IFSC route. The government projects that the move is expected to give a significant boost to India’s financial landscape.