 "Illustration by Ajay Mohanty")
China and Hong Kong are likely to be kept out of permitted countries for direct overseas listing of Indian companies, as tensions between the two continue to simmer, following border clashes.
Sources say the ministries concerned, including finance and corporate affairs, along with regulators, are at an advanced stage of finalising the framework, which is expected to be issued later this month.
“The new framework will allow an Indian entity to list only on those international exchanges which are permitted under India’s Prevention of Money Laundering Act laws,” says a senior government official privy to the development.
Sources say the ministries concerned, including finance and corporate affairs, along with regulators, are at an advanced stage of finalising the framework, which is expected to be issued later this month.
“The new framework will allow an Indian entity to list only on those international exchanges which are permitted under India’s Prevention of Money Laundering Act laws,” says a senior government official privy to the development.
