India's first international exchange 'India INX' Inaugurated by Prime Minister Narendra Modi
Gandhinagar: India International Exchange (INX), the wholly owned subsidiary of BSE and the first international exchange from India at International Financial Service Centre (IFSC), Gujarat International Finance Tech (GIFT) City, Gujarat, was inaugurated today by Honourable Prime Minister of India, Shri Narendra Modi, along with Honourable Chief Minister of Gujarat, Shri Vijay Rupani and Honourable Union Minister of State Finance & Corporate Affairs & Chairman of IFSC taskforce, Shri Arjun Ram Meghwal.
Dignitaries present on the dais included SEBI Chairman, Shri U. K. Sinha, GIFT City Chairman, Shri Sudhir Mankad, Govt. of Gujarat Chief Secretary, Dr. J. N. Singh. The ceremony was hosted by BSE Chairman, Shri Sudhakar Rao and MD & CEO, Shri Ashishkumar Chauhan.
India INX is one of the world’s most advanced technology platforms with a turn-around time of 4 micro seconds. It will operate for 22 hours a day to allow international investors and Non Residents Indians to trade from anywhere across the globe. It proposes to start trading initially in equity derivatives, currency derivatives, commodity derivatives including Index and Stocks. Subsequently, depository receipts and bonds would be offered once the required infrastructure for the same is in place.
Speaking at this historic event, Shri Sudhakar Rao, Chairman, BSE, said, “BSE is a pioneer in the world of financial services and launch of the India International Exchange (INX) is its foremost achievement. We are sure that this new facility 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.”
“Speaking about this historical event at GIFT IFSC, Shri Ajay Pandey, MD & Group CEO of GIFT City, said, “Our Hon’ble Prime Minister of India and then Chief Minister of Gujarat, Shri Narendra Modi, had the vision of setting up a global financial centre in India in the league of leading international financial centres such as London, Hong Kong, Singapore & New York. It is indeed a proud moment for us to see his dream project of GIFT IFSC taking off in full swing now. After the opening of banking and insurance units at GIFT IFSC, the opening of India’s first international exchange is another big leap forward for this project as it marks the operationalization of the third vertical ‘Capital Market’.”
The exchange being located in IFSC, GIFT City, provides a competitive advantage in terms of tax structure and supportive regulatory framework. These include benefits in security transaction tax, commodity transaction tax, dividend distribution tax and long term capital gain tax waivers and no income tax.
As many as 250 trading members, including commodity and overseas brokers, have expressed interest to function from India INX. Exchange hopes that all types of participants develop a self-reinforcing ecosystem that makes it competitive with financial centres globally.