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The map will encompass relaxation of procedural as well as investment norms. The sectors where the government is proposing a hundred percent inflow in FDI include non-banking finance companies, petroleum, telecom venture capital, advertising and films. The union government has accepted the recommendations of the Prime Minister's advisory group on trade and industry. Cabinet clearances for reforms would be moved within four months. Indian companies looking for US listings will have to put their house in order and set up audit committees consisting of three independent directors this has been made compulsory for listing either on the New York Stock Exchange on NASDAQ. Companies listed in American Stock Exchange's on or before December 14th, 1999 have been given a grace period of one year to
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