NSE gets Sebi nod to operate international exchange at GIFT
NSE IFSC will be operational for a longer period than the NSE during a trading day and all trades will be cleared and settled via NSE IFSC Clearing Corporations Ltd. Photo: IANS
Updated: Wed, Jan 11, 2017 05:50 pm
Leading stock exchange NSE has got regulator Sebi's approval to set up an international exchange at Gujarat International Finance Tech (GIFT) city.
NSE IFSC Ltd, the global exchange promoted by the National Stock Exchange, has received in-principle approval from the Securities and Exchange Board of India (Sebi), to set up operations at Gift city, a NSE official told PTI.
The international exchange is expected to go operational by mid-February this year, the official said.
Gujarat's GIFT City, is being developed as the country's first International Financial Services Centre (IFSC).
Several products from the currency, commodity and equity segments are expected to get listed on the new exchange which may also introduce other innovative products in line with Sebi regulations.
Being a global exchange, NSE IFSC is expected to remain operational for a longer period than the NSE during a trading day and all trades will be cleared and settled through NSE IFSC Clearing Corporations Ltd.
The regulator has recently issued norms allowing international exchanges to operate up to 23 hours in GIFT and settle trades at least twice a day.
The stock exchange's closest competitor BSE has already launched an international exchange namely India International Exchange which is expected to go live post Makar Sankranti.
The exchange was inaugurated by Prime Minister Narendra Modi earlier this week.