Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : India Coffee House -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (9686)	11/20/1999 4:44:00 PM
From: Mohan Marette	Read Replies (2) \| Respond to of 12475

Upto 16 Indian firms can list on Nasdaq in next 2 yrs: Nasdaq official AFX - Asia November 18, 1999 Thursday Up to 16 Indian companies, including state-run firms, could list on the Nasdaq in the next two years, Nasdaq's director of business development, Patrick Sutch said. Sutch said listings by IT firms Infosys Technologies and Satyam Infoway -- the only two Indian companies currently represented on Nasdaq -- has set benchmarks in transparency for other Indian firms to follow. "Today, we are talking to India's private sector giants including Reliance Industries and the house of Tatas. Even state-run communication firms such as MTNL and VSNL are interested." Sutch said even a small country like Israel had 81 firms listed on Nasdaq because it has "a captive audience" in the U.S., and India enjoys the same advantage. "There is a reason why there are so many IT firms from Israel listed on Nasdaq. There are a lot of wealthy Jewish people in the U.S.," he said. "Similarly, it is estimated that people of Indian origin in the U.S. have 50 billion dollars of investible funds. Indian firms just need to tap this captive audience." Sutch said Nasdaq-Europe, created earlier this month by the U.S. National Association of Securities Dealers, Vivendi, Softbank Corp and News Corp, is also wooing Indian firms. "A lot of Indian IT firms are concentrating on Europe, so we may see them listing on Nasdaq-Europe by the fourth quarter of the next calender year," he said. Based on the U.S. Nasdaq model, investors will be able to access the new Nasdaq stock exchange in London via the Internet. "It will also be linked up to the Nasdaq markets in the United States and Asia (Japan)," said Sutch. "If Indian firms want to be global players, Nasdaq-Europe will not be a bad place to start," he added. The National Association of Software and Service Companies (Nasscom) said the Infosys listing was a "moment of great pride" for Indians. Nasscom chief Dewang Mehta said both the Infosys and Satyam listings were watched with intense interest in India by those planning similar forays into the world's biggest capital market. But there are concerns about possible government interference. "The ministry of finance is reported to have proposed to the government that Indian companies that have not listed their securities on an Indian exchange should not be permitted to list their stock abroad," said Nitesh Desai, tax advisor to Infosys for its Nasdaq listing.....