BS
In a significant move, the government has permitted Indian companies to list on foreign exchanges, subject to certain conditions.
The corporate affairs ministry has notified the relevant section under the companies law in this regard.
Currently, overseas listings by local listed entities are carried out through American Depository Receipts (ADRs) and Global Depository Receipts (GDRs).
“In exercise of the powers conferred by sub-section (2) of section 1 of the Companies (Amendment) Act, 2020 (29 of 2020), the Central Government hereby appoints the 30th day of October 2023 as the date on which the provisions of section 5 of the said Act shall come into force,” the ministry said in a notification on October 30.
