Companies that list overseas will have to later launch on a domestic bourse under policy changes being considered by government officials, sources told Reuters, a move that global investors fear will harm valuations.

The new policy, aimed at helping local firms achieve better valuations, could be a shot in the arm for Indian unicorn start-ups valued at over $1 billion and Reliance’s digital unit which is eyeing a US listing after raising over $20 billion from global names like KKR & Co.

But in recent weeks Indian officials told global investors and companies in meetings they were considering mandating a secondary listing for local companies on bourses after they list abroad, five sources said.

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