Five years after slowly scaling down its India operations, Nasdaq OMX has decided to re-visit its India plan, with the trans-atlantic exchange opening a new office in Bangalore. Nasdaq OMX had wound down most of its operations in 2009, after failing to list many Indian companies on its New York-based exchange.
The move to scale up its India presence comes at a time when the exchange is looking to deepen its “outreach within the Southeast Asia region.”
According to people with direct knowledge of the matter, the exchange’s interest in the region has been sparked, to some extent, by interest in India’s burgeoning and cash-rich technology sector.
Some of the country’s biggest technological start-ups, such as Flipkart, have indicated interest in overseas public listings.
“Operating in Bangalore, which is India’s technology capital, is a seamless fit. We look forward to the long-term opportunities our presence in Bangalore will provide for us,” said Robert Frojd, Regional Manager, Southeast Asia, in a statement. Nasdaq OMX had first opened an office in India back in 2001.
Its failure to list any Indian companies has been primarily attributed to the many regulatory bottlenecks that once hampered domestic firms from listing in the U.S.
Developing technologyThe new Bangalore office will primarily, according to a statement, focus on developing new technologies and innovating new solutions. The Bangalore team will help in developing “resilient, powerful solutions that run the marketplaces of the world.”
