Nasdaq to Open First Asian Office in Bangalore
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The U.S.-based Nasdaq stock market will open its first branch office in India to encourage more Indian companies to list them on the tech-heavy stock exchange.
Slated to open February 12 in Bangalore, the office will be Nasdaq's third worldwide office outside the U.S. after London and Sao Paulo, Brazil.
"With the opening up of the branch office in Bangalore we hope more companies will get listed at Nasdaq," Alfred R. Berkeley II, vice chairman of the Nasdaq stock market, said.
"Depending on the success of our first branch office, we will open offices in different parts of the city. We would like to see our business grow rapidly in the next couple of years in India," Berkeley added.
"It is our long-term commitment to India which is why we have opened an office here," Berkeley said. Identifying new technology, consumer goods and retailing firms as potential clients, he said the office would help Indian companies planning to list on the U.S. bourse.
Nasdaq plans to enter into tie-ups with Indian bourses once the Indian currency is made fully convertible.
He said that about a dozen Indian companies are expected to list on Nasdaq in 2001, while at least 40 companies are shifting to U.S. accounting standards to prepare for possible listings.
"We expect the need for Indian companies to source capital and globalize will develop at an increasing rate. A listing on the Nasdaq can satisfy their need by offering a gateway to raise capital," Berkeley said.