Indian companies are to become eligible for listing on the London Stock Exchange (LSE) without reporting their financial status under the International Financial Reporting Standards (IFRS).
The step has been taken as a challenge to the aggressive marketing of US based exchanges to Indian companies, who use GDR and ADR routes to raise funds.
Until now, only firms compliant with IFRS were able to list. Under revisions to the rules however, Indian companies will be able to register directly with the UK Listing Authority (UKLA) while continuing to use Indian accounting standards.
See full Press Release.
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