Question
Which section allows certain classes of public companies
to list their securities on permitted stock exchanges in permissible foreign jurisdictions or such other jurisdictions, as may be prescribed?Solution
The government has permitted Indian companies to list on foreign exchanges, subject to certain conditions. Currently, overseas listings by local listed entities are carried out through American Depository Receipts (ADRs) and Global Depository Receipts (GDRs). The corporate affairs ministry has notified the relevant section under the companies law in this regard.Section 5 allows certain classes of public companies to list their securities on permitted stock exchanges in permissible foreign jurisdictions or such other jurisdictions, as may be prescribed.
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