10 Indian cos set to list on NYSE

He said many Indian companies were anxious to send a message to investors that they have adopted stringent accounting and disclosure norms.

"Nothing sends this message quite like a Securities Exchange Commission (SEC) registration and a listing on the NYSE," Shapiro said.

Shapiro, who is also in charge of new listings from the Asian region, however, declined to disclose the names of firms which have already approached the American bourse for listing.

Companies like Videsh Sanchar Nigam (VSNL), State Bank of India (SBI), Mahanagar Telephone Nigam (MTNL), Pentafour Software, Satyam Computers have already announced plans to list their stocks on the US stock exchange.

"You will see some major technology companies from India list on American bourses in the near future. Other leading companies from other sectors are also in the advanced stages of preparations," the NYSE official said. Shapiro said it has been possible for Indian companies to raise capital in Europe with far less stringent norms. However, since many companies from India and the Asian region were becoming global, it would suit their interests to list their shares on NYSE.

"If the companies want to succeed globally, they need access to the largest pool of capital and the largest market in the world, which is the United States," he said.

Further, a listing on NYSE can substantially enhance the visibility of the company’s brand, making it more attractive to customers and investors, Shapiro said.

Currently, only ICICI is listed on the NYSE while Infosys is listed on the other American bourse, Nasdaq and both the stocks are trading at a premium.

The listings by the two Indian companies on the American markets have already generated considerable interests of overseas investors on the companies from India.