London: A report from London Corporation shows that New York Stock Exchange (NYSE) is no more the favorite stock exchange for Indian companies as the Bombay Stock Exchange (BSE) and National Stock Exchnage (NSE) are able to meet the India's growing domestic demand for capital. The foreign stock exchanges are no more a hot favorite for emerging markets for countries like India, Mexico, Brazil, Russia and South Africa. The report finds out that there is an increase in capital investment in the emerging markets and the increasing sophistication of local markets will be a long term threat for foreign stock exchanges.Countries like India, Mexico, Brazil, Russia and South Africa are no longer depending on NYSE for its capital growth.However, overseas acquisitions will continue to be the biggest drivers for foreign listing. In the late 1990s, large capital investments could not be handled without the support of dual or follow-on GDR listings but now the BSE and NSE will be the main avenues for capital raising over the next few years, and can handle jumbo issuances of about $3-4 billion. In Russia or Mexico, the markets are still not large and liquid enough. The reason behind this is that foreign investors who can use the QIP route are "increasingly willing to buy equity in local primary markets rather than wait for GDR or ADR issuances", says the report. However, Indian companies outbound activities will ensure that many continue to opt for foreign listings, while specific sectors will continue to gravitate to their natural investor base, both for a sophisticated after-market and higher valuations. The motivation for Indian companies expanding abroad to list in their target markets is to raise their profile and reputation among host consumers, suppliers, financiers and investors, finds the report. New York and London still remain the top choices for most emerging market issuers, while Hong Kong and Singapore are emerging as destinations mainly for China facing stocks. New York remains a favorite for Mexico, and among Indians, for technology and banking stocks. London is the preferred destination for energy, commodities, mining, metals, and renewable energy companies from India. Singapore is likely to emerge as the hub for real estate.