State how the policy initiative taken by Indian Government, as per The Companies (Listing of equity shares in permissible jurisdictions) Rules, 2024 (January 24, 2024) to enable listing of Indian companies in GIFT-IFSC,

The Companies (Listing of Equity Shares in Permissible Jurisdictions) Rules, 2024 (January 24, 2024): The Ministry of Corporate Affairs (MCA) vide its notification dated January 24, 2023 has notified "the Companies (Listing of equity shares in permissible jurisdictions) Rules, 2024" which has come into force on the date of its publication in the Official Gazette. The new rules prescribe the provisions related to applicability, listing on permitted stock exchanges in permissible jurisdictions, certain companies not eligible etc. Further, the Ministry has launched the Form LEAP-1 under the Companies (Listing of equity shares in permissible jurisdictions) Rules, 2024 for compliance related filings. This policy initiative, to enable listing of Indian companies in GIFT-IFSC, will reshape the Indian capital market to lead to better valuation of Indian companies in line with global standards of scale and performance, Boost foreign investment flows, Unlock growth opportunities and broaden the investor base. The public Indian companies will have the flexibility to access both markets i.e. domestic market for raising capital in INR and the international market at IFSC for raising capital in foreign currency from the global investors. This initiative will particularly benefit Indian companies going global and having ambitions to look at opportunities for expanding their presence in other markets. It is also expected to provide a boost to the capital market ecosystem at GIFT IFSC by provision of new investment opportunities for investors, diversification of financial products and by enhancing liquidity These, together, provide an overarching regulatory framework to enable public Indian companies to issue and list their shares in permitted international exchanges. As of now, the framework allows unlisted public Indian companies to list their shares on an international exchange. SEBI is in the process of issuing the operational guidelines for listed public Indian companies. The international stock exchanges at GIFT-IFSC under the regulatory supervision of IFSCA namely, India International Exchange and NSE International Exchange have been, currently, prescribed as permitted stock exchanges under the Rules and the Scheme.