London Stock Exchange strikes pact with National Stock Exchange of India

Describing India as one of the world's fastest growing economies, with investors across the world are keen to invest in India and benefit from its growth story, he added that the new partnership would strengthen the capital markets in both countries and enhance global awareness of the opportunities that exist in India.

Limaye said: "NSE has focused on developing an ecosystem where SMEs (small and medium enterprises) can showcase their growth stories and launched EMERGE platform for the SMEs in India to raise equity funding. By jointly launching ELITE in India, we aim to enhance our offerings for the SMEs by providing training, support and capacity building for these growth companies.

"ELITE will bring a more in-depth and formalised process to help SMEs scale up their businesses and integrate them with the global ELITE community."

Together, the LSEG and the NSE will look to provide a route for the Masala bonds listed on the LSE to be dual listed on the NSE's International Exchange, NSE IFSC Limited in Gujarat International Finance Tech (GIFT) City. Similarly, Masala bonds listed on NSE IFSC in GIFT City will be dual listed on London Stock Exchange.

"The MoU signings demonstrate the LSEG's and the NSE's commitment to promoting the interconnectedness between the UK and Indian capital markets, supporting global awareness of the opportunities that exist in India's first international financial services centre, GIFT City, and championing the development of the country's SMEs," said Rathi.

"It also underlines the strength of the economic and financial partnership between the UK and India, reinforcing London's position as a complementary and valued funding partner to India," he said.

Through the approval of a single listing document, an issuer will be able to obtain a dual listing on London Stock Exchange's International Securities Market and GIFT City, gaining access to an enhanced investor base of global institutions based in London, as well as domestic and regional investors registered on NSE IFSC. GIFT City, a special economic zone, is India's first International Finance Centre (IFC).

London Stock Exchange claims to be the leading international listing venue for Masala bonds, having listed 46 Masala bonds, which have raised over USD 5 billion equivalent. Masala bonds are typically bonds issued outside India to raise capital for the country but denominated in Indian Rupees, rather than the local currency.