India's finance ministry, which is working on the new rules, did not respond to a request for comment. But many investors and startups want the option of a foreign listing as they say companies get better access to capital and higher valuations. Some 22 investors and top Indian startups urged Modi in a July letter to expedite the overseas listing rules, calling it an "unfinished reform agenda". "Further delay in rules will hurt the startup ecosystem as many companies are at the verge of deciding their foreign listing plans," said one venture-capital industry source. "Indian investors also will not get (the) same access to these companies if they only list abroad," the group's co-convener Ashwani Mahajan told Reuters.

Source: Mint August 16, 2021 15:33 UTC