The Reserve Bank of India has notified amended FEMA regulations related to overseas listing of Indian companies on international exchanges, including those at GIFT IFSC.
New Delhi, Apr 24 (PTI) The Reserve Bank has notified amendments to the FEMA regulations related to purchases of shares of Indian companies on international exchanges.
The central bank has also notified the amendments to Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) Regulations.
In January, the government permitted the direct listing of securities by Indian companies on international exchanges of GIFT IFSC to boost foreign investments.
The Department of Economic Affairs (DEA) in the Ministry of Finance amended Foreign Exchange Management (Non-debt Instruments) Rules and notified the 'Direct Listing of Equity Shares of Companies Incorporated in India on International Exchanges Scheme'.
Also, the Ministry of Corporate Affairs (MCA) has issued Companies (Listing of Equity Shares in Permissible Jurisdictions) Rules, 2024.
On July 28 last year, Finance Minister Nirmala Sitharaman made an announcement regarding the direct listing of Indian Companies at GIFT- IFSC exchanges in the first phase.
International stock exchanges at GIFT-IFSC - India International Exchange and NSE International Exchange - have been prescribed as permitted stock exchanges.
These exchanges are under the regulatory supervision of the International Financial Services Centres Authority (IFSCA).
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