Market regulator, the Securities and Exchange Board of India (Sebi), has formed an expert panel to mull norms for direct listing of Indian companies overseas.At present, listing of equity share capital of companies incorporated in India is not permitted on foreign exchanges and vice versa.Considering the evolution and internationalisation of the capital markets, it would be worthwhile to consider facilitating companies incorporated in India to directly list their equity share capital abroad and vice versa, Sebi said in a release.Sebis nine-member committee will comprise Ranu Vohra, Co-founder, MD CEO, Avendus Capital; Cyril Shroff, Managing Partner, Cyril Amarchand Mangaldas; Kamal Yadav, Managing Director, Morgan Stanley; S Ramesh, Managing Director CEO, Kotak Investment Banking; Neeraj Bhargava, Senior MD CEO, Zodius Capital Advisors; Deep Kalra, Chairman Group CEO, MakeMyTrip.com; Rajiv Gupta, Partner, Singapore, Latham Watkings LLP and Jamil Khatri, KPMG and Sujit Prasad, Executive Director; Sebi (Convener).The regulator in a release also added that companies incorporated in India today can list their debt securities on international exchanges (masala bonds), but their equity share capital can be listed abroad only through the ADR/GDR route.
Similarly, companies incorporated outside India can access the Indian capital markets only through the IDR route.
Thus, presently, direct listing of equity share capital of companies incorporated in India is not permitted on foreign exchanges and vice versa.