The Government of India on January 24, 2024, notified the Foreign Exchange Management (Non-debt Instruments) Amendment Rules, 2024 and the Companies (Listing of Equity Shares in Permissible Jurisdictions) Rules, 2024 providing the framework for enabling direct listing of equity shares by public Indian companies on the International Exchanges in GIFT IFSC.
IFSCA has constituted a “Standing Committee on Primary Markets” (“Standing Committee”) for seeking suggestions and recommendations from the market experts on the various policy and regulatory matters to facilitate the development of a vibrant and robust ecosystem for primary markets in GIFT IFSC.
The Terms of Reference of the Standing Committee are as under:
- To advise IFSCA on the various policy and regulatory matters on a periodic basis to facilitate the development of a vibrant and robust ecosystem for primary markets in the IFSC.
- To advise IFSCA on the roadmap and strategy for successful implementation of direct listing of public Indian companies on the stock exchanges in the IFSC.
- To advise IFSCA on introduction of new financial instruments for facilitating capital raising in the primary markets in the IFSC.
- To advise IFSCA on scaling up global debt market in the IFSC.
- To advise IFSCA on matters relating to development and regulation of primary markets in the IFSC.
