New Delhi: Nasscom and the London Stock Exchange (www.londonstockexchange.com) today signed a memorandum of cooperation committing the two organisations to work together for the benefit of the Indian IT industry.

Says LSE chief executive Clara Furse: This agreement reinforces the exchanges commitment to Indian IT companies. The IT industry in India is expanding at an impressive rate and, for this to continue, companies will need access to further capital.

He adds: London is home to more international capital than any other financial centre in the world but, more importantly in the current environment, it offers world-leading standards of corporate governance and market regulation. These advantages mean that London is increasingly becoming the first choice for Indian IT companies that want to fund their future growth.

Says Nasscom president Kiran Karnik: The UK is the second largest market for Indian IT services companies, accounting for about 12 per cent of the total Indian IT exports. The need today is for Indian companies to consolidate and expand their presence in the UK and Europe and to engage with this important financial market to raise capital.

The memorandum of cooperation with the LSE, he adds, envisages the fulfilment of both these objectives to enable Indian IT companies to explore new horizons with the UK and Europe in the technology sector.

The memorandum commits the LSE and Nasscom to share research and market data, organise joint marketing events and seminars, and to work together to promote the advantage of a London listing to Indian IT companies.