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SEBI directive on IDR dents MNCs plans of India listing

08:45 AM Jun 02, 2019 |

Speaking at a London Stock Exchange ( LSE) Group roadshow, chief operating officer of Kotaks Investment Banking division S Ramesh said that the recent directive by Sebi barring conversion of Indian Depository Receipt ( IDR) into primary equity shares of foreign companies dented the India listing plans of some multinationals in the technology sector.

There was not much of interest in IDR to start with but due to this Sebi directive, some companies in the tech and techrelated space which had plans, are now rethinking their strategies,said Ramesh. He however did not disclose number or names of the technology companies who were interested in coming out with IDR issues.

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