Swadeshi Jagran Manch has opposed allowing direct listing of Indian unicorns in overseas market without listing on domestic bourses.
Swadeshi Jagran Manch stated the Indian authorities will not just lose the oversight but also the right to tax gains accruing from businesses built in the country.
Ashwani Mahajan, National Co-Convener of SJM - a wing of the Rashtriya Swayamsevak Sangh, added that the argument that Indian capital markets lack depth has been shattered by IPOs of firms from Zomato to PayTM and Nykaa.
"Swadeshi Jagran Manch is deeply concerned to note that a huge number of unicorns, have either flipped abroad or have been incorporated overseas," Mahajan said.
The most favourable foreign jurisdictions for Indian companies are Singapore, the United States and the United Kingdom.
(With inputs from PTI)
