IFSCA to bring new listing regulations for GIFT City in two-three weeks

Listing Norms

The International Financial Services Centres Authority (IFSCA) is expected to bring new rules for direct listing of public companies on the GIFT City exchanges in next two to three weeks, executive director Pradeep Ramakrishnan said on August 9.

“The first listing regulations were brought in 2021. As we speak, in the next two-three weeks we are going to bring the new listing regulations,” Ramakrishnan  said while addressing Assocham’s Corporate Bond Market 2024 event.

The regulations would be “extremely light-touched” and “extremely international” in nature, he said.

The government in January notified the norms for direct listing of domestic companies in GIFT City. The IFSC Authority, which regulates the GIFT City, in May sought comments on a consultation paper on additional regulatory requirements.

After the final norms on the listing, overseas companies as well as domestic unlisted companies would be able to file offer documents with the IFSC exchanges for listing.

IFSCA’s issuance and listing of securities regulations, 2021, provides the framework for listing of various securities by issuers incorporated in the IFSC, India and other foreign jurisdictions.

A lot of Indian companies were using IFSC to borrow funds from the overseas market. The entities can raise money in 15 different currencies including the euro, the dollar and the ruble.

There have been 100 odd issuances, of which 70-80 percent were making use of overseas depositories and the remaining were using those in the IFSC, Ramakrishnan said.

The Gujarat International Finance Tec-City (GIFT City) is being built as a gateway for “global capital and financial services for the economy".