After the Bombay Stock Exchange, another leading bourse, National Stock Exchange (NSE), will set up an international exchange in GIFT SEZ in Gandhinagar, which is being developed as India's first international financial services centre (IFSC).
NSE on Thursday signed an MoU with GIFT SEZ to develop an exchange providing an electronic platform for trading, clearing and settlement of securities.
The exchange is expected to start operations within a year provided regulations concerning IFSC are announced. Chitra Ramkrishna, MD & CEO, NSE, said, “Through this exchange, NSE will move in the international arena.“
Over the past few months, many big players have announced their projects in GIFT City , a brain child of former chief minister and now PM, Narendra Modi.
The GIFT SEZ has initiated talks with New York, London, Dubai and Singapore stock exchangees for establishing operations. “They are very keen to come to GIFT but are awaiting regulations with regard to IFSC in India,“ said Ramakant Jha, MD & CEO, GIFT City Ltd.