Mumbai, Dec. 30 :    Mumbai, Dec. 30:  The queue for delisting shares from the local bourses is suddenly getting longer, with Indian companies joining the bandwagon that till recently comprised only local subsidiaries of foreign multi-nationals. Indian subsidiaries of multi-nationals like the consumer electronics major Philips India Ltd, Punjab Anand Lamps, leading machine tools maker Sandvik Asia, carbon black major Cabot India, and leading chocolate maker Cadbury India, have clearly indicated their intention to delist their shares from the local markets. Others that joined the delisting queue are Carrier Aircon, Otis Elevators and Foseco India. Even Nestle has over the years been seen acquiring more stake in its Indian subsidiary. Joining the fray now are Indian companies like Manu Chhabria group firm Shaw Wallace, Mather & Platt and Hind Dorr Oliver, who have given notice of their intention to delist. Adding to that list on Friday was Anil Agarwal's Sterlite Industries declaring its intention to delist from the bourses if the buyback exercise was successful in buying out the public share holding, what surprised corporate circles here. Ironically, the company was embroiled in the controversial share price rigging case investigated by the Securities and Exchange Board of India (Sebi) and later absolved of all the charges by the Securities Appellate Tribunal. Says Nimesh Kampani, chairman of J M Morgan Stanley, the leading merchant banking firm on the trend of MNCs delisting from the stock bourses, 'Most the MNCs prefer to list only shares of their main arm on the bourses'. Kampani was speaking on the sidelines of a press conference for launching the public issue of a Calcutta- based company. He should know, as his firm is the lead manager to Cadbury Schweppes' plan to buy out the 49 per cent Indian shareholding in its local subsidiary-Cadbury India at a price of Rs 500 per share which involves a total outlay of Rs 875 crore. Merchant banking circles here also point to several issues that has forced the hand of many MNCs to consider exiting from the company. With total control over the subsidiary, the foreign parent can consider putting in more money, brands and R&D into its Indian operations. Says a senior merchant banking official who wished not to be quoted, 'the myriad number of regulations are also a dampener to these companies. Among Sebi's list of norms, the one which rankles many MNCs is the stipulation of having an equal number of independent directors on the board.