Nasscom, London Stock Exchange in pact

By SiliconIndia   |   Friday, 22 November 2002, 08:00 Hrs
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MUMBAI: NASSCOM and the London Stock Exchange today signed a Memorandum of Co-operation committing the two organisations to work together for the benefit of the Indian IT industry.

London has twice as much international trading reported as Nasdaq, NYSE, Deutsche Börse and Euronext combined. There are 18 Indian companies listed in London.

Clara Furse, chief executive of the London Stock Exchange said, "This agreement reinforces the Exchange's commitment to Indian IT companies. The IT industry in India is expanding at an impressive rate and, for this to continue, companies will need access to further capital.

"London is home to more international capital than any other financial centre in the world but, more importantly in the current environment, it offers world-leading standards of corporate governance and market regulation. These advantages mean that London is increasingly becoming the
first choice for Indian IT companies that want to fund their future growth."

Kiran Karnik, President of NASSCOM, said, "UK is the second largest market for Indian IT Services companies accounting for about 12% of the total Indian IT Services exports. The need today is for
Indian companies to consolidate and expand their presence in UK and Europe and to engage with this important financial market to raise capital.

"The MoU with LSE envisages the fulfillment of both these objectives to enable Indian IT companies to explore new horizons with UK and Europe in the technology sector."

The memorandum commits the Exchange and NASSCOM to share research and market data, organise joint marketing events and seminars, and to work together to promote the advantage of a London listing to Indian IT companies.

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