SEBI constitutes Expert Committee to frame rules for direct listing of Indian firms abroad

Sl. No.

Name

Designation & Institution

1

Ranu Vohra

Co-founder, Managing Director & CEO of Avendus Capital Pvt. Ltd.

2

Cyril S Shroff

Managing Partner at Amarchand Mangaldas

3

Kamal Yadav

Managing Director of Morgan Stanley’s Technology, Media and Telecom Banking

4

S. Ramesh

Managing Director & CEO, Kotak Investment Banking

5

Neeraj Bhargava

Senior Managing Director &  CEO, Zodius Capital Advisors

6

Deep Kalra

Chairman & Group CEO, MakeMyTrip.com

7

Rajiv Gupta

Partner at Singapore’s Latham & Watkins LLP

8

Jamil Khatri

Global Head of Accounting Advisory Services, KPMG, LLP

9

Sujit Prasad

Executive Director, Securities and Exchange Board of India (Convener)

What led to the constitution of this Expert Committee?

Today, companies incorporated in India can list their debt securities on international exchanges, however, their equity share capital can be listed abroad only through the American Depositary Receipt (ADR) / Global Depositary Receipt (GDR) route.

Similarly, companies incorporated outside India can access the Indian capital markets only through the Indian Depository Receipt (IDR) route. The direct listing of equity share capital of companies incorporated in India is not permitted on foreign exchanges and vice versa.

Considering the internationalisation of the Capital Markets, the market regulator mulled over facilitating companies incorporated in India to directly list their equity share capital abroad and vice versa.