India INX

Prime Minister Narendra Modi inaugurated India's first international exchange -India INX -at International Financial Services Centre at Gujarat International Financial Tec-City in Gandhinagar.

India INX was declared open as part of a series of events kicked off by Modi on eve of the 8th edition of Vibrant Gujarat Global Summit 2017 that begins on Tuesday at Mahatma Mandir in the state capital.

India International Exchange,  the wholly-owned subsidiary of the Bombay Stock Exchange, will start trading initially in equity derivatives, currency derivatives, commodities derivatives. Subsequently , depository receipts and bonds would be offered once the required infrastructure for the same is in place.

“I am sure, this exchange will set new standards for quality of service and speed of transactions across time zones. The exchange, I am told, will work 22 hours a day, starting when the Japanese markets start, and closing when US markets close,“ he added. About the larger vision for GIFT City , PM added, “In 10 years, Gift City should become the price setter for at least a few of the largest traded instruments in the world, whether in commodities, currencies, equities, interest rates or any other instrument.“

Trading operations of the international exchange are scheduled to begin on January 16, 2017. “India INX will act as a gateway to raise capital for the country's infrastructure and development needs.In parallel, it would provide cross-border opportunities of investment with a comparatively low cost of transaction in the world's most technologically advanced platform,“ said Sudhakar Rao, chairman, BSE at the inaugural ceremony , also attended by Gujarat chief minister Vijay Rupani, Union MoS finance Arjun Ram Meghwal and SEBI chairman U K Sinha.

BSE is also going to sign a MoU at the Vibrant Summit proposing Rs.500 crore for its international exchange, clearing corporation and other activities. As many as 250 trading members, including commodity and overseas brokers, have expressed interest to operate from India INX.

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