Which of the following statements is/are NOT CORRECT with reference to the amendments made by the government for direct listing at IFSC by the local companies?
I.The government has permitted the direct listing of Indian companies on the Gujarat International Finance Tec’s (GIFT’s) international exchanges to boost foreign investments. Currently, the framework allows unlisted public Indian companies to list their shares on the international exchange.
II.The India International Exchange and NSE International Exchange are at present the only two permitted international exchanges in GIFT-IFSC.
III.The non-residents and offshore investors, mutual funds and investors will be able to invest in the listed companies.

The government has permitted the direct listing of Indian companies on the Gujarat International Finance Tec’s (GIFT’s) international exchanges to boost foreign investments. The Ministry of Finance issued a notification, amending the Foreign Exchange Management Act (FEMA) to permit the listing on the international exchanges in the International Financial Services Centre (IFSC). The corresponding provision to enable listing has also been made to the Companies Act. The move will enable startups and other domestic companies to access the global market and raise capital in foreign currency through GIFT IFSC.Currently, the framework allows unlisted public Indian companies to list their shares on the international exchange . The India International Exchange and NSE International Exchange are at present the only two permitted international exchanges in GIFT-IFSC.Only non-residents and offshore investors will be able to invest in the listed companies, thus domestic mutual funds and investors cannot participate. The IFSC Authority also issued details on the companies that can file a prospectus for listing at the GIFT City. Companies from sectors where FDI is prohibited will not be allowed to list. Also, the equity shares listed on international exchanges will be counted towards the foreign holding of the company.