MUMBAI, July 22 (Reuters) - Singapore Exchange Ltd has opened an office in Mumbai to attract listings and capital raising from India at a time when the Narendra Modi government is also seeking to allow more companies to raise funds abroad.
Indian Finance Minister Arun Jaitley said earlier this month the country would liberalise norms for real estate investment trusts (REITs) and American and global depositary receipts from domestic companies.
"Our India Office will enable us to better support Indian enterprises seeking to raise capital," said Magnus Bocker, CEO of SGX in the statement.
"We look forward to working with partners in India to assist companies in reaching out to the international investment community."
SGX has experienced a sharp drop-off in listings this year, adding to the pain of a penny stock scandal last year and prompting the bourse to arm itself with new incentives to win back companies and investors.
Analysts warn Singapore's stock market is risking becoming a niche player - popular for yield plays such as REITs and business trusts, as well as the mineral, oil and gas sector - but not too much else.
Singapore has been a popular listing venue for Indian offshore bond issuers and has six listings from India, including Religare Health Trust and Indiabulls Properties Investment Trust. (Reporting by Rafael Nam and Abhishek Vishnoi; Editing by Anupama Dwivedi)