The 2024 amendment is undoubtedly a step in the right direction for cross-border M&A in India. However, the continued ambiguity surrounding round-tripping and layered transactions limits its potential.

The approval routes and control issues could undermine the intended benefits, necessitating further regulatory clarification.

The authors examine the Companies (Listing of Equity Shares in Permissible Jurisdictions Rules) 2024.

India’s regulatory shift towards fostering direct listing of securities of Indian companies in international stock exchanges is a milestone.