Rules for direct listing in GIFT to be out in a month

MUMBAI: International Financial Services Centres Authority chairman K Rajaraman has said that regulations for direct listing of Indian companies in the GIFT IFSC will be out in a month.

Govt had in Jan amended laws to permit the direct listing of unlisted companies in the GIFT IFSC. The route is expected to benefit new-age startups considering overseas incorporation to tap into international capital markets. IFSCA, which is the unified regulator for the GIFT IFSC, expects to clear listing proposals in a month. GIFT City functions as an offshore financial centre located on Indian soil, and with operations in foreign exchange.

"Our regulations will be out in the first week of July. We should be able to approve an IPO within a month because we have a smaller number of proposals," Rajaraman said at a BSE event in Mumbai.