The UK Minister made the announcement after holding talks with his Indian counterpart at G20 (File)
British Finance Minister Jeremy Hunt said on Monday that India has said it would consider allowing Indian companies to list directly on the London Stock Exchange.
Under current regulations, Indian firms are not allowed to list directly on overseas exchanges. They can only list on foreign exchanges through instruments such as depository receipts.
"We are particularly pleased to make a big step forward to make a first confirmation by India that it will explore the London Stock Exchange as an international destination for the direct listing of Indian companies," Jeremy Hunt said.
He was speaking to the press while making a joint statement with Finance Minister Nirmala Sitharaman after bilateral talks following the weekend's G20 meetings in New Delhi.
In 2020, Reuters reported that the London Stock Exchange was in talks with several Indian technology firms for their overseas stock listings, but plans to allow firms to list directly were put on the back burner due to domestic opposition.
In July, India said it has allowed companies to list on exchanges registered in a new financial tax-neutral hub in Gujarat, to give companies access to easier and cheaper foreign capital.
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