MUMBAI: NSE has applied for regulator Sebi’s approval to set up an international exchange at Gujarat International Finance Tec (GIFT) city and will begin roadshows to inform stakeholders on the new initiative from next week.
NSE IFSC Ltd, the global exchange promoted by the National Stock Exchange, has applied for an in-principle approval from the Securities and Exchange Board of India a few days back, to set up operations at international financial services centre (IFSC), an NSE official told PTI.
Meanwhile, NSE in partnership with Association of National Exchanges Members of India (ANMI) will begin roadshows from December 20 to showcase the products, membership schemes and technology solutions, among others, to be offered on its international exchange.
The roadshow would start from Kolkata on December 20 followed by a similar engagement in Delhi and Ahmedabad on December 21 and 22 respectively.
Mumbai will host the roadshow on December 23.
Besides, the official said that NSE IFSC is planning to organise road shows in several global financial hubs, later. Several products from the currency, commodity and equity segments are expected to get listed on the new exchange which may also introduce other innovative products in line with Sebi regulations.
Being a global exchange, NSE IFSC will remain operational for a longer period than the NSE during a trading day and all trades will be cleared and settled through NSE IFSC Clearing Corporations Ltd, the official said.
The regulator has recently issued norms allowing international exchanges to operate up to 23 hours in GIFT and settle trades at least twice a day.
[Source:-Economic Times]
