IndiaTech lobbies for dual-class share structure

NEW DELHI: An industry grouping representing India’s top internet entrepreneurs has approached the government seeking a dual-class share structure along with differential voting rights for founder-promoters of startups that could encourage the country’s most valuable companies to list on the domestic stock exchanges.

In a proposal submitted to the ministry of corporate affairs (MCA) and markets regulator Securities and Exchange Board of India (Sebi) last week, advocacy group IndiaTech, which counts the Bhavish Aggarwal-led Ola and Deep Kalra’s Make-MyTrip as members, said the move will allow founders of India’s largest startup ventures to retain control over their companies and also push them to list on national bourses instead of overseas exchanges, such as Nasdaq and the New York Stock Exchange.