Suspicious jurisdictions will remain out of bounds for Indian companies looking to first list their shares abroad, a person aware of the plan said. Public limited companies incorporated in India will be allowed foreign direct listing only in clearly defined “permissible jurisdictions", the person said on condition of anonymity, hinting at the government’s objective to prevent potential misuse of this route for tax-dodging and money-laundering, even while easing capital-raising possibilities for companies.
On 30 October, the ministry of corporate affairs (MCA) notified a provision in the Companies Act, 2020, allowing Indian businesses to list abroad before a domestic initial public offering (IPO). However, the final rules will be notified by the Department of Economic Affairs (DEA), which will specify the class of public limited companies eligible for this facility, and the markets they could tap for raising capital, the person said, adding that discussions are on in the government.
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