IFSC to finalise direct listing norms by early July

MUMBAI: The final rules for direct listing of public companies on the Gift City exchanges will be ready early next month and the first public float may take place within a quarter from there, the International Financial Services Centres Authority chairman K Rajaraman has said.

While the government has already notified the regulations to enable direct listing of domestic companies in Gift-City in January, the IFSC Authority in May sought comments on a consultation paper on additional regulatory requirements.

“We realised that our regulations of dual listing and direct listing needed a little update. Therefore, in the last two months we have updated the listing regulations that have gone through the public consultation process. We are likely to place it for final approval in our authority meeting by this end of this month. It will probably get notified by early next month,” Rajaraman told a select group of reporters at the BSE headquarters here.

After the final regulations are in place, we may see the first listing within a quarter, the chairman added. Once the final norms are in place, foreign companies as well as domestic unlisted companies will be able to file offer documents with the IFSC exchanges for listing.

The chairman further said the framework for allowing already-listed companies (dual listing) on domestic exchanges to raise capital through Gift City exchanges is finalised by the Sebi and will be ready within two-three months. The IFSCA has already provided its inputs on the subject, he added.

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