On June 12, 2018, the Securities and Exchange Board of India (SEBI) constituted an expert panel to examine norms related to direct listing of Indian companies overseas. As per the current practice, a domestic company cannot list on overseas stock exchanges if it is not listed in the home market.
The panel consisting of nine members will also review the Indian Depository Receipt (IDR) norms. IDR norms allow an overseas firm to raise capital in the domestic market. The members of the panel are Deep Kalra, chairman Makemytrip.com, Cyril Shroff, managing partner of law firm Cyril, Amarchand Mangaldas and Ranu Vohra, co-founder of Avenue Capital.
The framework to list on overseas bourses would be beneficial because it could help Indian start-ups list in a jurisdiction of their choice. Most e-commerce companies prefer to list on Nasdaq, a US-based platform for technology companies.