Wall said the number of initial public offerings (IPOs) on Nasdaq had fallen to 40 in 1998 from 50 in the previous year. "IPOs were down for everyone last year and the Asian crisis definitely affected us. We should do around 60 IPOs this year."

Software and services firm Infosys became the first Indian firm to be listed on the technology-laced Nasdaq exchange on Thursday and its American Depository Receipts soared, gaining nearly 50 per cent from its $ 34 offer price at one point. Both Nasdaq and the New York Stock Exchange (NYSE) have been wooing Indian listing aspirants over the past few years. In January, India's state-run Mahanagar Telephone Nigam Ltd had saidit was seriously considering listing its stock on NYSE. Wall said Nasdaq had spent five years talking with Indian companies, looking at the market and assessing them.

"So we're delighted and excited about this," he said. He said Nasdaq had succeeded over NYSE in getting the first Indian listing because the companies that were keen to get listed in the US had higher affinity to Nasdaq. "Our roots are really in these kind of hi-tech companies," he said.

"As Infosys chairman Narayana Murthy said it is the dream stock market for hi-tech companies...just like if a investor wants to buy railroads or utilities or dividends, they won't look at us." According to Wall, Indian firms had the capability to attract US investors as there was a big pool of capital from Indians living there. "There is a pool of capital that Indian companies will be able to attract naturally as these non-resident Indians understand Indian firms, have portfolios of their own, and want to diversify. So what better (way) to diversify than ina company back in their homeland that they know and understand," Wall said.

Nasdaq's strict norms on disclosure proved to be the biggest roadblock faced by a company from the emerging economies which aimed at getting listed.

"If companies are not willing to change their business models they should not even consider listing on the Nasdaq. If they don't give information or give coloured information, investors will just sell and throw them out," Wall said.

Wall said the largest number of listed firms from a single emerging economy was from Israel (around 80). These companies were also the most traded among any emerging market, he said.