MUMBAI, March 6 -- Some 18 months after regulators permitted direct listings at GIFT IFSC exchanges, a detailed operational framework that allows companies to list shares without raising capital through an initial public offering (IPO) is expected to be released soon, according to three people familiar with the matter.

The framework is intended for companies that do not require additional funding but want to provide liquidity and access to global investors, one of the people said. This person and the other two requested anonymity.

The move comes as GIFT City's exchanges, the NSE International Exchange and India International Exchange, prepare to host their first IPO by XED, which provides education programs to top executives. The compan...