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First Notes - 22 December 2018

First Notes - 22 December 2018

SEBI proposes norms for direct listing of equity shares within and outside India

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On 12 June 2018, the Securities and Exchange Board of India (SEBI) formed an ‘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’ (the committee). The role of the committee, inter alia, was to make recommendations for a suitable framework to facilitate direct listing of equity shares of Indian companies on foreign stock exchanges and of foreign companies on Indian stock exchanges.

Accordingly, on 4 December 2018, SEBI released the report of the committee with a proposed framework for such direct listing.

Comments on the proposed framework have been invited up to 24 December 2018.

This issue of First Notes aims to provide an overview of the key recommendations made by the committee with respect to direct listing of equity shares in Indian and foreign stock exchanges.

To access the text of the press release issued by SEBI, please click here.

To access the text of the report of the committee, please click here.
 

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