India INX at Gift City sees all-time high turnover of Rs 2,500 crore
The exchange, which marked 1 year of its operation yesterday, operates 22 hours every day
The country’s first global exchange India International Exchange (India INX), a wholly-owned subsidiary of BSE Ltd situated in the Gift City at Gandhinagar, witnessed an all-time high daily trading turnover of over Rs 2,500 crore ($404.69 million) today.
The exchange, which marked 1 year of its operation yesterday, operates 22 hours every day, opening with the Japanese markets and closing after Chicago markets.
This is the highest volumes recorded by the exchange since inception, accounting for 82% of the total trading volumes. Cumulative turnover on the India INX since inception is approximately $10 billion.
India INX launched its trading operations at the International Financial Service Centre (IFSC) at the Gift City in Gujarat on January 16, 2017.
Speaking about the development, Managing Director & Chief Executive Officer V Balasubramaniam of the exchange, said, “We are very happy to complete a year of operation yesterday (January 16) and the progress is a validation to our efforts which we are delivering seamlessly."
"This reflects the increasing interest in IFSC among the broking fraternity. Recently, India INX launched its debt listing platform —a global securities market with listing of listed Indian Railway Finance Corporation’s (IRFC) green bonds.”
“We have one of the world's most advanced technology platforms with a turn-around time of 4 micro seconds" said V Balasubramaniam.
The exchange provides a common platform for all asset classes -- equities, currencies and commodities.
India INX offers a diversified portfolio of products and technology services at a cost which is far more competitive to Indian exchanges as well as other global exchanges like those in Hong Kong Singapore, Dubai, London and New York, the statement said.
The exchange being located in IFSC provides competitive advantage in terms of tax structure and supportive regulatory framework. The benefits include security transaction tax, commodity transaction tax, dividend distribution tax and long-term capital gain tax waivers and no income tax.