NEW DELHI: India would explore the possibility of direct listing of Indian companies on the London Stock Exchange (LSE), according to a joint statement issued on Monday after the 12th India-UK Economic and Financial Dialogue in New Delhi.
#WATCH | Delhi | UK's Chancellor of the Exchequer Jeremy Hunt says, "We are particularly pleased to have made a big step forward with the first confirmation by India that it will explore the London Stock Exchange as an international destination for the direct listing of Indian… pic.twitter.com/o3s3MLeVtW
— ANI (@ANI) September 11, 2023
UK Chancellor of the Exchequer, Jeremy Hunt, expressed his satisfaction with the development, stating, “We are particularly pleased to have made a big step forward with the first confirmation by India that it will explore the London Stock Exchange as an international destination for the direct listing of Indian companies.”
Finance Minister Nirmala Sitharaman, who was present alongside Hunt at the joint press conference, explained that India intends to introduce a proposal allowing both listed and unlisted Indian companies to directly list their shares on the exchanges at the International Financial Services Centre (IFSC). Sitharaman clarified, “At this stage, we have said very clearly we are looking at listing on IFSC first,” indicating that other exchanges would be considered later.
India and the UK have reaffirmed their commitment to expeditiously finalise a free trade agreement (FTA) between the two countries. Sitharaman emphasised the significance of promptly concluding the FTA, stating, “There is definitely some discussion on the FTA...the key on both sides is to conclude it as soon as possible.”
Hunt highlighted the establishment of the Pensions and Insurance Partnership, initiatives for knowledge and expertise-sharing, the new UK Infrastructure Financing Bridge, and the deepened partnership on India’s developmental GIFT City.
“We can really support each other’s plans to strengthen the relationship, and the next step of this is a comprehensive FTA and Bilateral Investment Treaty,” Hunt added.