Mumbai, June 5 : The National Stock Exchange (NSE) on Monday said it has launched its NSE IFSC exchange at GIFT IFSC in Gandhinagar.
According to the stock exchange major, the International Financial Services Centre (IFSC) has been established with the long-term vision to develop GIFT as a major global financial hub, to attract global investors and become price setters for key tradable products.
“The NSE IFSC and NSE IFSC Clearing Corporation (NICCL) have been formed as 100 per cent subsidiary companies of NSE and National Securities Clearing Corporation (NSCCL) respectively, to operate as a stock exchange and clearing corporation respectively from GIFT,” the NSE said in a statement.
GIFT City is India’s first operational smart city with a multi-industry India centric services zone as well as the SEZ (special economic zone) that houses the IFSC as a hub for global financial markets akin to London, New York, Hong Kong and Singapore.
“Globalisation is a great opportunity for developing countries and the GIFT IFSC offers an opportunity to develop our own market as a global International Financial Services Centre,” said Ajay Tyagi, Chairman, Securities and Exchange Board of India (SEBI).
“This will be another trading venue for global investors and other market participants to transact in non-INR currency denomination at internationally competitive transaction costs.”
The statement said that in the initial period, trading at NSE IFSC will take place for 16 hours, which will be gradually expanded in line with market feedback.
“To start with, the stock derivatives will include futures and options on ten Indian stocks, including Axis Bank, HDFC Bank, ICICI Bank, Infosys, Larsen and Toubro, Maruti, Reliance Industries, SBI, Tata Motors and TCS,” the statement said.
“The clearing and settlement of all trades executed on NSE IFSC will be managed by the NSE IFSC clearing corporation. Two clearing banks namely ICICI Bank and Kotak Bank are already onboard as the clearing banks for funds settlement,” it added.