Short-term Instruments
IFSCA issues norms for listing of CPs, CDs on exchanges in GIFT City
This story was originally published at 15:44 IST on 18 October 2024
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MUMBAI – International Financial Services Centres Authority on Thursday issued norms for listing of commercial papers and certificates of deposit on the recognised stock exchanges in Gujarat International Finance Tec-City, or GIFT City. The circular specifies the conditions for issuance of CPs and CDs, eligible issuers and investors, disclosures in the offer document, continuous disclosures, amongst others.
A banking unit of IFSC licenced by the authority is eligible to list its CDs on a recognised stock exchange in GIFT City, while companies meeting the eligibility criteria provided under the IFSCA regulations are eligible to list CPs.
In an interview with Informist in June, IFSCA Chairperson Kalyanaraman Rajaraman had said that the idea is to provide as many options to companies, both Indian and global. "There are Indian companies which have got a global operation. Like somebody has got operations in Dubai or Singapore, and they also have operations in India. They may do some part of the foreign leg here, there is some part of it for the domestic fundraising. They may do it in India. So, the idea is to provide all these options and the balance of convenience between both of them will keep shifting," Rajaraman had said.
Listing of CPs, CDs on the stock exchanges in GIFT City will provide an opportunity for a person resident in India and a person resident outside India to invest in short-term financial instruments. End
Reported by Richard Fargose
Edited by Ashish Shirke
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