Indian IT body inks pact with Nasdaq

BANGALORE India's premier information technology lobby said yesterday it inked a pact with Nasdaq to enable quick listings of Indian IT firms on the US stock exchange.

By (AFP)

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Published: Fri 14 Feb 2003, 5:45 AM

Last updated: Wed 1 Apr 2015, 8:23 PM

The National Association of Software and Service Companies (Nasscom) and Nasdaq Stock Market Inc. would implement a series of activities including exchange of information and non-confidential research and survey reports.

Both will also arrange joint research and development projects in IT-related areas, a statement issued by Nasscom here said.

"Indian IT companies growing well in size as well as reputation, the next step for many companies would be to list in the US for better acceptance by customers," said Kiran Karnik, president of Nasscom.

"Our relationship with Nasdaq will facilitate this entry to be faster and easier for Indian companies. Further... Nasdaq will also work with us in promoting the Indian IT industry amongst the big US businesses," Karnik said.

India's second largest software exporter, Infosys Technologies Ltd., is listed on Nasdaq while its rival Wipro Technologies is listed on the New York Stock Exchange.

India's software and services exports rose 28 per cent to Rs340 billion ($6.9 billion) in the nine months to December 2002 from the same period a year earlier, according to Nasscom.

Karnik said Nasdaq and Nasscom, as a part of the pact, will also hold conferences for participation of key IT players in the US and India.

"The Indian IT services industry has one of the fastest growth rates globally," said Charles Balfour, Nasdaq's international head in the vice-chairman's office.

"This growth can be fostered further through greater access to the largest financial market in the world and its biggest market at the same time," Balfour said.

India's Nasscom has more than 850 information technology companies under its umbrella.


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