New Delhi : Legislative amendments to allow direct listing of Indian entities abroad may be further delayed as the government is still in talks with stakeholders including industry leaders, Anurag Jain, Secretary, Promotion of Industry and Internal Trade Department for Delivering (DPIIT), said on a virtual. Media call on Sunday.
On the possibility of new rules being announced in the Union Budget 2022-23, he said: “I don’t think it can be resolved so quickly.”
Startups have been requesting the Center for a long time to amend the rules that would allow companies to directly list abroad. Venture capital and private equity firms also raised this issue in a recent meeting with Prime Minister Narendra Modi.
As per the existing rules, if Indian companies are not listed on domestic stock exchanges, they cannot be listed on foreign exchanges directly.
Several startups, including food delivery major Zomato and digital payments giant Paytm, went public in 2021. 2022 is expected to see more public listing of Indian startups in both domestic and global markets. Jain was briefing the media on the Startup India Innovation Week starting from January 10 on Sunday. The event is being organized by DPIIT.
Jain said the government wants to encourage entrepreneurs, investors, incubators, financiers, and policy makers, and national and international stakeholders to celebrate entrepreneurship, and help startups innovate and contribute to India’s growth. Jain said.
Trade and Commerce Minister Piyush Goyal will chair a roundtable of global venture capital funds on January 13, while Modi will interact with startups via video conference at a closed-door event on January 15.
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