PM Narendra Modi inaugurates India's first international stock exchange at Gift city
It will work for 22 hours in a day from sunrise to sunset i.e. it will start when the Japan exchanges begin and will close when the US markets end.
Prime Minister Narendra Modi on 9 January 2017 inaugurated India’s first international exchange called India INX at the International Financial Service Centre (IFSC) of GIFT City Gandhinagar, Gujarat. GIFT City stands for Gujarat International Financial Tech.
India INX will offer the opportunity to raise capital for the country's infrastructure and development needs. And in the parallel, it will provide cross-border opportunities of investment with a comparatively low cost of transaction.
The inauguration of this international exchange was held as a part of Vibrant Gujarat Global Summit- 2017 which was kicked off by PM Narendra Modi on 10 January 2017 at Mahatma Mandir in Gandhinagar itself.
Highlights of the India INX
• India INX will be a wholly-owned subsidiary of the Bombay Stock Exchange (BSE).
• It will enable Indian firms to compete on equal footing with offshore firms.
• It will initially trade in equity derivatives, currency derivatives, commodity derivatives including index and Stocks.
• It will offer depository receipts and bonds once required infrastructure is ready.
• It will work for 22 hours in a day from sunrise to sunset i.e. it will start when the Japan exchanges begin and will close when the US markets end.
• It will have around 250 trading members including commodity and overseas brokers.
• It will be one of the most advanced technology platforms with turnaround time of 4 seconds.
• It will facilitate international investors and NRIs to trade from anywhere in the world.
• It will also offer various benefits in terms of waiver of security transaction tax, commodity transaction tax, dividend distribution tax and long term capital gain tax and income tax.
This India INX exchange is a part of IFSC. The concept of IFSC is simple that is to provide offshore talent with an onshore technological framework.