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India misses Nasdaq bus

business Updated: Apr 06, 2007 11:54 IST

India has lost out to China in the arena of one of the world's most respected stock exchange, Nasdaq, which has decided to launch a dedicated index of Chinese companies listed in the US.

The development comes amid the growing global appetite of India Inc to expand its overseas footprint with a number of cross-border acquisitions, joint ventures and setting up of foreign business units.

However, the number of Indian companies listed on the US stock exchanges has remained somewhat stagnant over the past few months, despite over 100 firms estimated to be mulling a listing either on the Nasdaq or NYSE.

Nasdaq Stock Market's planned China index would initially comprise of 30 Chinese companies listed on any US exchange.

The major impediment for India missing out to China for a dedicated country index is the lesser number of companies listed in the US as an index needs at least 30 companies, the market observers said.

Out of a total of around 120 Indian companies listed overseas, there are just seven Indian companies listed on Nasdaq with a market cap of around 32 billion dollars -- including -- Infosys, Sify and Rediff, while there are 10 Indian firms listed on another US exchange, NYSE.

Nasdaq CEO Robert Greifeld was in China earlier this week to persuade more Chinese companies to list on Nasdaq.

Incidentally, Greifeld had also visited India last year as part of the exchange's efforts to attract more Indian companies to list on Nasdaq.