India could become a dominant foreign presence in US equity markets, Nasdaq Stock Market Inc. executives said on Monday, and the No. 2 US stock market wants to take advantage of that growth.
"Something really significant is going on in India," said Alfred Berkeley, a Nasdaq vice chairman. "We don't want to miss what's going on."
The growth of India's technology and technology-related industries presents an opportunity to attract new listings to the Nasdaq, said Berkeley and David Weild, also a Nasdaq vice chairman, speaking at a media luncheon.
As those companies grow, they will need more capital to fund their expansion plans and listing their shares on the Nasdaq will help them access the US capital markets, the executives said.
"It's a real focus of our institution," Weild said.
Nasdaq currently lists shares of three Indian companies - Infosys Technologies Ltd, Rediff.com India Ltd, and Sify Limited, and Weild said a handful'
But the Nasdaq is not alone is targeting Indian companies. The New York Stock Exchange has also spotted the opportunity, and it currently lists shares of eight Indian companies.
"They're certainly a very important market for us, where we pursue the listings from the high-quality, big companies seriously," said Christiaan Brakman, a spokesman for the NYSE.
Attracting Indian companies to the Nasdaq market is a long-term effort that Berkeley said will evolve over the next 10 to 15 years.
And it will not take off until the stock markets head higher for a sustained period of time, Weild said.
