Nasdaq to help cos to issue IDR in India

United States' biggest electronic stock exchange Nasdaq will help companies listed on it to enter the Indian bourses by issuing Indian Depository Receipts (IDRs).

"There are several foreign Nasdaq listed companies active in India and growing. IDR could be a possible consideration for them to expand in India, and the exchange will offer support," Nasdaq Managing Director (Asia Pacific) Ghanshyam Dass said on the sidelines of a seminar today.

The Securities and Exchange Board of India has already proposed some modifications in the IDR regulations to make it more attractive for foreign companies to issue the security in India. The proposal is awaiting Parliament's approval.

Speaking about the Indian interest in Nasdaq, Dass said the exchange had just eight companies on board from India. He said many brokerage houses were taking membership of the American exchange.

"ICICI Securities and HDFC have already cleared the examinations necessary for membership," Dass said.

According to an estimate, more than 100 Indian companies were planning to get listed either on Nasdaq or NYSE.