The National Stock Exchange (NSE) signed a Memorandum of Understanding (MoU) on 26 February 2015 with the Gujarat International Finance Tec-City (GIFT) to establish an international exchange in Gujarat. The MoU was signed in the presence of Gujarat Finance Minister Saurabh Patel.
The GIFT Special Economic Zone is being developed as India’s first International Financial Services Centre (IFSC). It is spread over 886 acres.
The expected investment in this multi-service SEZ is to the tune of 78000 crore rupees. An estimated five lakh persons are claimed to get direct employment in this mega commercial centre.
This will allow Indian and international entities to deal in financial products and services from India.
Further, this will provide an electronic platform for facilitating trading, clearing and settlement of securities, and will explore the possibility of starting trading facilities in different asset classes like equities, interest rates and currencies, among others.
When: 26 February 2015