India's GIFT City Makes Progress on Direct Share Listings Without Initial Public Offerings

Direct Listings Framework Expected to be Released at GIFT IFSC Exchanges

Key Developments:

• A detailed operational framework for direct listings at the Gift International Financial Services Centre (GIFT IFSC) exchanges is expected to be released soon.
• The framework will enable companies to list shares without raising capital through an initial public offering (IPO) for the first time in 18 months since regulators permitted direct listings.

Background:

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Regulators had previously permitted direct listings at GIFT IFSC exchanges 18 months ago. The release of the operational framework is expected to provide clarity on the process and requirements for companies seeking to list shares directly without an IPO.

Timeline:

The release of the framework is expected to occur in the near future, although an exact date has not been specified.