NSE’s global bourse at GIFT set to open in April

  • | Tuesday | 21st March, 2017

The Bombay Stock Exchange (BSE) has already commenced operations of its international exchange, India INX, at GIFT IFSC. It has been proposed to set up the exchange at the International Financial Services Centre (IFSC) at GIFT City in Gandhinagar. "The exchange is now awaiting trading approval for its international exchange from the market regulator (SEBI)," the source said. "The NSE has already set up its office in the business centre in the GIFT City," said a source familiar with the development. NSE's global exchange will be called NSE IFSC Ltd.During the Vibrant Gujarat Global Investors' Summit held in Gandhinagar in January, the NSE had signed a memorandum of understanding (MoU) with the GIFT City for the international exchange and clearing house.

Ahmedabad: After having received a nod from the Securities and Exchange Board of India (SEBI), the National Stock Exchange (NSE) of India Ltd is now readying to begin operations of its international exchange at the Gujarat International Finance Tec-City (GIFT City) by the second week of April. It has been proposed to set up the exchange at the International Financial Services Centre (IFSC) at GIFT City in Gandhinagar."The NSE has already set up its office in the business centre in the GIFT City," said a source familiar with the development. "Servers have also been installed and around 30-40 officials are likely to join soon. The global bourse is expected to go on stream in the second week of April." When contacted, the NSE refused to comment, saying it was an ongoing process. "The exchange is now awaiting trading approval for its international exchange from the market regulator (SEBI)," the source said. NSE's global exchange will be called NSE IFSC Ltd.During the Vibrant Gujarat Global Investors' Summit held in Gandhinagar in January, the NSE had signed a memorandum of understanding (MoU) with the GIFT City for the international exchange and clearing house. The investment proposed by the NSE was Rs 500 crore. NSE's senior officials had earlier planned to commission the exchange in mid-February but it could not be kicked off as some approvals were still awaited. The Bombay Stock Exchange (BSE) has already commenced operations of its international exchange, India INX, at GIFT IFSC. The global exchange was inaugurated by Prime Minister Narendra Modi on January 9, 2017, and the exchange went on stream on January 16.A number of brokers have so far received approvals to trade on the global exchanges at GIFT IFSC and many more are coming forward to set up operations.International brokers, non-resident Indians (NRIs), foreign residents and investors as well as Indian financial institutions with permission to trade overseas by the Reserve Bank of India (RBI) are allowed to trade through these exchanges.

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