The FINANCIAL — London Stock Exchange Group (LSEG) announces that it has signed a Memorandum of Understanding (MoU) with National Stock Exchange of India (NSE). LSEG and NSE will work together on creating a dual listing route for Masala bonds and explore the launch of ELITE, LSEG’s successful business support and capital raising programme for private high-growth companies, in India in 2019.
The MoU was signed by Vikram Limaye, MD & CEO, National Stock Exchange of India and Nikhil Rathi, CEO, London Stock Exchange Plc. It was witnessed by Shri MK Das, Principal Secretary to Hon’ble Chief Minister, Government of Gujarat, India.
London Stock Exchange is the leading international listing venue for Masala bonds, having listed 46 Masala bonds which have raised over $5 billion equivalent. Together, LSEG and NSE will look to provide a route for Masala Bonds listed on London Stock Exchange to be dual listed on NSE’s International Exchange, NSE IFSC Limited, in Gujarat International Finance Tech (GIFT) city. Similarly, Masala Bonds listed on NSE IFSC in GIFT City will be dual listed on London Stock Exchange. Through the approval of a single listing document, an issuer will be able to obtain a dual listing on London Stock Exchange’s International Securities Market and GIFT City, gaining access to an enhanced investor base of global institutions based in London, as well as domestic and regional investors registered on NSE IFSC. GIFT City, a special economic zone, is India’s first International Finance Centre (IFC).
LSEG and NSE also agree to explore the launch of ELITE in India in 2019. The MoU outlines the parties’ commitment to engage with growing companies, leading financial institutions and the broader SME community across the country to integrate them with the global ELITE community. This is with the ultimate goal of raising awareness of the investment opportunities in India and helping to attract more international capital into domestic capital markets. The ELITE global community today is made up of over 900 private, ambitious companies from 32 countries and over 30 sectors.