India lets firms list on Modi's flagship finance hub to draw foreign capital
Monday, 31 July 2023
NEW DELHI, July 30 (Reuters): India has allowed its firms to list on exchanges registered in a new financial hub in the western state of Gujarat, Finance Minister Nirmala Sitharaman said on Friday, to give companies access to easier and cheaper foreign capital.
Listed and unlisted companies can list their shares in the International Financial Services Centre (IFSC) housed in the Gujarat International Financial Tech City (GIFT), which is Prime Minister Narendra Modi's flagship project.
"I'm pleased to announce that the government has taken a decision to enable direct listing of listed and unlisted companies on the IFSC exchanges," Sitharaman said.
GIFT-IFSC is a tax neutral financial center, which aims to compete with hubs like Singapore as it provides fiscal incentives and an easier regulatory environment to operate on.
Recently the SGX Nifty, which was previously traded on the Singapore Exchange's (SGX) platform, moved to NSE's International Exchange in GIFT City.