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Singapore lures Indian firms to get listed at its stock exchange

BS Corporate Bureau

Singapore's capital market regulator has urged Indian companies to get listed on its stock exchange and also tap its money market to diversify their financial portfolio.

"The Indian companies which are not ready for New York Stock Exchange and Nasdaq as yet, could get listed on the Singapore stock exchange. By tapping the Singapore bond market, Indian companies could diversify their financial portfolio," said Tharman Shanmugaratnam, managing director of Monetary Authority of Singapore at a recent meeting with Sanjiv Goenka, president, Confederation of Indian Industry, in Singapore, a statement from the chamber stated.

MAS is the regulatory body for financial services, capital market and banking in Singapore.

According to the statement, Shanmugaratnam said Singapore would continue to de-regulate its financial sector, including retail banking, and the current restrictions will be removed over the time.

Singapore will even consider a specific time-bound incentive package to woo Indian companies, Shanmugaratnam added. Goenka, who led a delegation of chief executive officers of Indian firms, said there was great opportunity for both countries to work together for mutual benefit.

The delegation included Sunil Mittal, chairman of Bharti Enterprises, Hemendra Kothari, chairman of DSP Merrill Lynch and S Mahalingam, executive vice-president of Tata Consultancy Services, among others.

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