Foreign Exchange Management (Nondebt Instruments) Amendment Rules, 2024 - S.O. 332(E) - Foreign Exchange Management

Direct listing on international exchanges enables Indian public companies to issue equity abroad subject to compliance and foreign holding limits.

The amendment permits Indian public companies to issue or existing shareholders to offer equity shares on specified International Exchanges under a Direct Listing Scheme, establishes 'permissible holder' rules (excluding residents and requiring government approval where holders have connections to bordering countries), prescribes eligibility exclusions (debarred persons, wilful defaulters, entities under investigation, fugitive economic offenders), mandates compliance with Indian securities, depository, foreign exchange and AML laws, limits aggregate foreign holdings to Schedule I caps, requires voting by permissible holders or via custodians with instructions, and sets pricing norms aligned with domestic issuance or fair market value.