Standard Chartered is one of the first in line to sell shares in India

According to the Monday media report, last week India's Reserve Bank endorsed Standard Chartered PLC, the largest foreign bank operating in India, to list on the nation's main stock exchange, letting Standard Chartered move closer to becoming the first foreign company to list in Mumbai using Indian depositary receipts. 

 Thus, India's central bank approved the deal, making the London and Hong Kong-listed Standard Chartered among the first in line to sell shares in India under new rules set out in late July that apply to foreign firms.

 No details of the conditions the central bank had outlined to the bank were made available, but eventual approval of the listing plan is expected to establish the road map for other foreign banks planning to list in India, the report said. 

 The banks' Hong Kong shares closed Monday 1% lower, after the reports which circulated around midday. The Hang Seng Index closed 0.9% down.