PR No.: 50/2018

Dec 04, 2018

Submission of Report of the Expert Committee for listing of equity shares of companies incorporated in India on foreign stock exchanges and vice versa

SEBI constituted the ‘Expert Committee for listing of equity shares of companies incorporated in India on foreign stock exchanges and of companies incorporated outside India on Indian stock exchanges’ on June 12, 2018, with a view to facilitating companies incorporated in India to directly list their equity shares on foreign stock exchanges and companies incorporated outside India to list on Indian stock exchanges, in view, particularly, of the ongoing evolution and internationalization of capital markets across the globe.

The broad ‘Terms of Reference’ of the Committee were to –

a)    Examine in detail the economic case for permitting direct listing of Indian companies overseas and vice versa;

b)    Examine various legal, operational and regulatory constraints in facilitating companies incorporated in India to directly list their equity share capital abroad and vice versa; and

c)    Make recommendations for a suitable framework in which to facilitate such direct listing.

The committee submitted its report to SEBI on December 4, 2018. A copy of the report can be found at the following link:

https://www.sebi.gov.in/reports/reports/dec-2018/report-of-the-expert-committee-for-listing-of-equity-shares-of-companies-incorporated-in-india-on-foreign-stock-exchanges-and-of-companies-incorporated-outside-india-on-indian-stock-exchange_41219.html

Comments are sought from the public on the aforesaid report in the following format:

Name of the person/entity
Sr. No.	Recommendation in  the report to which the comment pertains	Comment	Rationale for the comment

Comments may kindly be sent by email to Mr. Deep Mani Shah, DGM at [email protected], Mr. Anjan Patel, AGM at [email protected] and Mr. Prateek Arora, Manager at [email protected] no later than December 24, 2018.

Direct listing of Indian companies on foreign exchanges: public consultation invited on expert committee recommendations. SEBI's Expert Committee was tasked with assessing the economic case for direct cross border listings, examining legal, operational and regulatory constraints, and recommending a framework to facilitate direct listings of Indian companies abroad and foreign companies in India. The Committee submitted its report on December 4, 2018, and SEBI invited public comments in a prescribed format (name, recommendation referenced, comment, rationale) by email to designated officers, with the report published on SEBI's website.