Prime Minister Narendra Modi today inaugurated India’s first international exchange – India INX, – at International Financial Services Centre (IFSC) in Gujarat International Financial Tech City (GIFT) located in Gandhinagar. The exchange will create new standards in quality of service and speed of transactions in different time zones.
A subsidiary of Bombay Stock Exchange, India INX is one of the world’s most advanced technology platforms with a turn-around-time of 4 micro seconds which will operate for 22 hours a day, allowing international investors and NRIs to trade from anywhere across the globe.
Speaking on the occassion, Prime Minister Narendra Modi mentioned,
“My vision for Gift City is larger. In next 10 years from now, I see Gift City becoming a price-setter for at least a few of the largest traded instruments in the world, whether in commodities, currencies, equities, interest rate derivatives or any other financial instruments,”
He further added,
“This exchange is a part of IFSC of GIFT City. The concept of IFSC is simple yet powerful. It is to provide offshore talent with an onshore technological and regulatory framework,”
We have enlisted 5 takeaways from the launch of India’s First International Stock Exchange, so read on:
1. Varied variety of trading under one roof
India INX will trade equity, commodities, currencies and interest rate derivatives in the first phase. And as time progresses it will trade equity instruments of Indian and foreign companies. And masala bonds will also be available for trading here. So in short over time this will become a one stop shop for all the trading needs.
2. Operational round the clock
The exchange will work 22 hours a day to allow international investors and non-resident Indians to trade from anywhere across the globe. Hence this will be a great relief for people affected by timezone differences.
3. Fastest and most competitive exchange in the world
This exchange is a part of the international financial services center (IFSC) at gift city. The concept is simple; it aims to provide onshore talent with an offshore technological and regulatory framework. That is not all, India INX is said to be among the fastest exchanges in the world with more and more training, clearing and settlement systems.
4. GIFT city to become the price controller gradually
If things move as planned, in a decade’s time GIFT city is expected to become the price setter for at least a few of the largest traded instruments of the world whether in commodities, equities, currencies or any other financial instrument.
5. International Exposure to our citizens
This exchange is a part of IFSC of GIFT City. The concept of IFSC is simple yet powerful. It is to provide offshore talent with an onshore technological and regulatory framework. This exposure will be very beneficial for our traders.