NEW DELHI : Legislative amendments allowing Indian entities to register directly overseas could be further delayed as the government is still in talks with stakeholders, including industry leaders, said Anurag Jain, secretary of the department promotion of industry and internal trade (DPIIT), during a virtual conference. media call Sunday.
Regarding the possibility that the new rules will be announced in the Union budget 2022-2023, he said: “I don’t think it can be resolved so quickly.”
Startups have long been asking the Center to change the rules that would allow companies to register directly abroad. Venture capital and private equity firms had also raised the issue in a recent meeting with Prime Minister Narendra Modi.
Under the existing rules, Indian companies cannot be listed directly on foreign stock exchanges if they are not listed on national stock exchanges.
Many startups, including food delivery giant Zomato and digital payments giant Paytm, went public in 2021. 2022 is expected to see more public listings of Indian startups on national and global stock exchanges. On Sunday, Jain briefed the media on Startup India Innovation Week, which begins January 10. The event is organized by DPIIT.
The government seeks to encourage entrepreneurs, investors, incubators, financiers, policymakers and national and international stakeholders to celebrate entrepreneurship and help startups innovate and contribute to India’s growth, Jain said.
Trade and Commerce Minister Piyush Goyal will chair a roundtable of global venture capital funds on January 13, while Modi will interact with startups on January 15 via video conference at a closed-door event.
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