Infy, Cognizant qualify for new Nasdaq tier
Come July, and these two companies will be traded in Nasdaq’s Global Select Market, a new market tier created by this US exchange to trade in these elite stocks.
By TNN |
MUMBAI: Software services major Infosys Technologies and US-listed predominantly Indian firm Cognizant Technology Solution have been included in the select list of Nasdaq companies that adhere to the highest listing standards in the world. Come July, and these two companies will be traded in Nasdaq’s Global Select Market, a new market tier created by this US exchange to trade in these elite stocks.
“( The) Global Select Market is being created for companies that meet the most stringent initial financial listing standards ever set by a stock market,’’ a Nasdaq release said. Inclusion in this elite market tier is a mark of achievement and stature for qualified companies which are “models of leadership and have met the highest standards of any market in the world, ‘’ the release said.
In India, Infosys has been one of the select band of companies that has set corporate governance and disclosure standards. It was also the first Indian company to take the American Depositary Receipts (ADR) route to get listed on any of the US exchanges.
Other than Infosys and Cognizant, two other companies of Indian origin — Covansys and Syntel — also found a place in the Nasdaq’s market for elite companies. While most of the operations of Cognizant, Covansys and Syntel are located in India, these companies are listed only on the Nasdaq.
However, two Indian companies have also lost out to be traded in the new marketplace — Rediff and Sify. These companies are listed on Nasdaq’s regular market segment and would continue to be traded there.
The US bourse said that every year it would review the list of companies in the global market segment.
“( The) Global Select Market is being created for companies that meet the most stringent initial financial listing standards ever set by a stock market,’’ a Nasdaq release said. Inclusion in this elite market tier is a mark of achievement and stature for qualified companies which are “models of leadership and have met the highest standards of any market in the world, ‘’ the release said.
In India, Infosys has been one of the select band of companies that has set corporate governance and disclosure standards. It was also the first Indian company to take the American Depositary Receipts (ADR) route to get listed on any of the US exchanges.
Other than Infosys and Cognizant, two other companies of Indian origin — Covansys and Syntel — also found a place in the Nasdaq’s market for elite companies. While most of the operations of Cognizant, Covansys and Syntel are located in India, these companies are listed only on the Nasdaq.
However, two Indian companies have also lost out to be traded in the new marketplace — Rediff and Sify. These companies are listed on Nasdaq’s regular market segment and would continue to be traded there.
The US bourse said that every year it would review the list of companies in the global market segment.
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