Financial Daily from THE HINDU group of publications
Sunday, Sep 11, 2005
Financial Daily from THE HINDU group of publications Sunday, Sep 11, 2005 |
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Stock Exchanges LSE eyeing Russia, China, India for growth Our Bureau
Chennai , Sept. 10 THE London Stock Exchange is looking to three major markets — Russia and the CIS countries, China and India — for growth. Mr Hugh Sandeman, Head of Business Development for India, International Business Development, London Stock Exchange, said at a press conference on Friday that each of the three countries pose a unique challenge to the exchange. Russia's capital market is in the nascent stage, China has gone further along and is a large market, and India has a "sophisticated market." The LSE hopes to contribute to the continuing effort of integrating the domestic market with the international capital markets. A job that involves encouraging more Indian companies to list in the UK and trade on the LSE. To the Indian companies it offers the advantages of wider reach for capital in a "liquid, transparent trading platform for GDRs." Companies can enrol with ease often just two or three days more than it would take to enrol on the Luxembourg exchange and occasionally even faster. It would be cost effective because the LSE addresses the worldwide institutional investor base, Mr Sandeman said. The record of those who have enlisted has been good and there has been serious trading of GDRs. Over 18 companies' listings have been approved and more than a dozen are on the LSE list. A feature of the Indian companies is that those wanting to enrol are distributed across a wide range of sectors. "The economy (Indian) is dynamic. All sectors are growing, looking for capital," he said. Mr Paul Whiteway, Director International, Inward Investment, UK Trade and Investment, said over 60 per cent of India's investment in Europe is in the UK. More than 400 companies have a presence in the UK and 36 more projects were approved last year.
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