StockHolding Corporation of India launches its IFSC business at GIFT City
StockHolding Securities IFSC Limited (SSIL), a wholly owned subsidiary of StockHolding Corporation of India Limited (StockHolding) launched their IFSC business at GIFT City.
StockHolding Securities IFSC Limited (SSIL), a wholly owned subsidiary of StockHolding Corporation of India Limited (StockHolding) launched their IFSC business at GIFT City, India’s only operational International Financial Services Centre. SSIL has received SEBI registration as a Clearing member. An institutional player, SSIL has plans to offer such services as are permitted by the SEBI IFSC guidelines. SSIL will be offering its services to brokers being trading members at IFSC, their clients, foreign investors including Foreign Portfolio Investors and other eligible foreign investors and NRI's.
Speaking on the launch Ramesh NGS, Chairman SSIL mentioned: "Now that elections are over and that we have a stable Government in place, IFSC businesses at GIFT City will grow significantly & transform GIFT into a world class financial centre."
Tapan Ray, Managing Director, GIFT City said, “We welcome StockHolding Corporation at GIFT IFSC which has now joined the growing list of financial institutions setting up base for international financial services business at GIFT City. With all three regulators SEBI, RBI & IRDAI constantly supporting GIFT in addition to the regular support provided by Ministry of Finance, GoI, we believe IFSC business at GIFT City will witness exponential growth in the years to come”.
StockHolding, with assets under custody of over $540 billion is India's Premier Custodian of securities offering tailor-made solutions to its foreign and domestic clients. It is also among the largest professional clearing member on the derivatives segment catering to needs of institutional players and trading members and their clients. Trading volumes at IFSC have registered significant growth over the last few months with the daily trade crossed over $3 billion. The India International Exchange at IFSC has emerged as a dominant player accounting for over 85% of the trades.