India mothballs plan to let local companies to list overseas: Report

3 govt officials with direct knowledge of the decision say the plan had been put on hold as govt believes there's enough depth in local capital markets for firms to raise funds and get good valuations

India has frozen plans to allow local firms to list overseas as it seeks to bolster its own capital markets, government officials and industry sources said, in a blow to foreign funds and stock exchanges seeking to tap into the country's tech boom.

New Delhi's decision marks a sudden reversal in policy after officials said late last year that the new rules for overseas listings would be announced in February.

Three senior government officials with direct knowledge of the decision told Reuters the plan had been put on hold as India believes there is enough depth in local capital markets