With an objective to develop the financial products and financial services in the Gujarat International Finance Tec-City International Financial Services Centre (GIFT IFSC) the International Financial Services Centres Authority (IFSCA) has given the regulatory framework for listing of Depository Receipts (DRs). The listing of DRs by companies listed in FATF compliant jurisdictions including India are given. The eligible listed companies can raise capital by issuing and listing of DRs on the stock exchanges in GIFT IFSC.
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In addition, the framework provides eligible companies with DRs listed on any exchange in a FATF compliant jurisdiction to list and trade such DRs on the stock exchange(s) in GIFT IFSC. It is an additional venue for trading, without any fresh public offering. The essential disclosure requirements such as financial statements, material or price sensitive information, shareholding pattern, change of depository and corporate actions are suggested in the framework. The FATF listed companies may continue to follow with the applicable requirements of their respective home jurisdictions according to the corporate governance norms and several other disclosure requirements, without additional regulatory burden.
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The FATF listed companies will be required to release all the disclosures made in the home jurisdiction to the stock exchange(s) in GIFT IFSC to apply. Further details are available on the IFSCA website.
