Date:14/02/2003 URL: http://www.thehindu.com/2003/02/14/stories/2003021402351600.htm

Business

Nasscom, Nasdaq sign MoU

By Our Staff Correspondent

MUMBAI FEB.13. The National Association of Software and Service Companies (Nasscom), and NASDAQ, the largest stock market in the U.S., today signed a memorandum of understanding (MoU) to contribute to the growth and development of the Indian IT industry, with special emphasis on helping Indian companies address the U.S. capital markets.

Kiran Karnik, President, Nasscom, said, "With Indian IT companies growing well in size as well as reputation, the next step for many companies would be to list in the U.S. for better acceptance by customers. Our relationship with NASDAQ will facilitate this entry to be faster and easier for Indian companies. Further, as part of the MoU, NASDAQ will also work with us in promoting the Indian IT industry amongst the big U.S. businesses.''

"The Indian IT services industry has one of the fastest growth rates globally. This growth can be fostered further through access to the largest financial market in the world and its biggest market at the same time. NASDAQ has the largest listings of companies in the U.S. market and is keen to attract Indian companies to tap the U.S. capital market,'' said Charles Balfour, Head, International Office of the Vice Chairman, NASDAQ. As per the MoU, NASDAQ and Nasscom will implement a series of activities that include exchange of information by way of publications, periodicals and non-confidential research and survey reports and arrangement of joint research and development projects in IT related areas and other areas of mutual interest.

NASDAQ will provide information and necessary support to Nasscom members looking to be admitted to trading on the NASDAQ while the Nasscom will maintain updated information regarding NASDAQ and promote this among its members through its website.