NASDAQ Vice Chair Meets PM Modi, Discusses Financial Inclusion Reforms

Ed Knight, Global Board Chair of the US-India Business Council (USIBC) and Executive Vice Chairman of Nasdaq, led the trade association's executive delegation to the tenth instalment of Vibrant Gujarat Global Summit in Gandhinagar today.

As part of USIBC activities at the investment summit, Mr Knight met Prime Minister Narendra Modi to discuss policy reforms to boost financial inclusion at an industry roundtable focused on growing India's FinTech ecosystem. 

Overall, nine USIBC member companies participated in the roundtable.

Mr Knight discussed both USIBC's role in promoting bilateral trade and investment, including growing India's emerging global financial center Gujarat International Finance Tec-City (GIFT), and the role of Nasdaq in promoting financial technology in India. 

The GIFT City project, launched in Gujarat in 2011, aims to become a major international financial hub, where Indian companies can access the global capital markets and investors.

Mr Knight also emphasized USIBC policy priorities that would advance these shared goals, including permitting the direct listing of Indian companies on US stock exchanges and easing the ability of Indians to invest in US capital markets.

Indian companies are currently not permitted to list their shares directly on overseas markets, but global investors and top Indian startups have been calling for this to change.

"As ties between India and the US continue to strengthen, significant opportunities are emerging to provide greater access to capital for India's fast-growing entrepreneurial ecosystem and open up significant investment opportunities for India's 1.4 billion citizens," said Mr Knight. 

"At Nasdaq, we have a unique vantage point into this dynamic and dedication to advancing economic progress for all. As a bridge between corporates and investors, we hope to facilitate better access to capital for Indian companies while bringing greater transparency and investment opportunities to Indian investors," he added. 

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