Modi inaugurates India’s first international exchange at GIFT city in Gujarat | india-news | Hindustan Times
Today in New Delhi, India
Mar 23, 2017-Thursday
-°C
New Delhi
  • Humidity
    -
  • Wind
    -

Modi inaugurates India’s first international exchange at GIFT city in Gujarat

india Updated: Jan 10, 2017 01:28 IST
PTI
Narendra Modi

India's Prime Minister Narendra Modi delivers a speech after he inaugurated the country's first international exchange - India INX in Gujarat International Finance Tec-City (GIFT) in Gandhinagaron January 9.(REUTERS)

Prime Minister Narendra Modi on Monday inaugurated India’s first international exchange -- India INX -- at the International Financial Service Centre (IFSC) of GIFT City here, saying it will enable Indian firms to compete on equal footing with offshore firms.

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.

INX will trade initially in equity derivatives, currency derivatives, commodity derivatives including index and stocks. It plans to offer depository receipts and bonds later.

Modi, after opening the exchange by sounding the virtual gong, termed it as a “momentous occasion for Indian financial sector”.

“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,” Modi said.

“I am sure the exchange will set new standards for quality of service and speed of transactions across time zone,” the Prime Minister said.

“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,” he said.

“This has been done with a view to enable Indian firms to compete on an equal footing with offshore financial centres,” Modi said.