The country's first international exchange- India INX, was inaugurated at the International Financial Services Centre at Gujarat International Financial Tec-City in Gandhinagar. It has been declared "open" as part of a series of events kicked off by Modi on the eve of the Vibrant Gujarat Global Summit.
The INX, wholly-owned subsidiary of the Bombay Stock Exchange will start trading initially in equity derivatives, currency derivatives, commodities derivatives. "I am sure, this exchange will set new standards for quality of service and speed of transactions across time zones. The exchange, I am told, will work 22 hours a day, starting when the Japanese markets start and closing when US markets close," Modi said. "In 10 years, Gift City should become the price setter for at least a few of the largest traded instruments in the world, whether in commodities, currencies, equities, interest rates or any other instrument."
"India INX will act as a gateway to raise capital for the country's infrastructure and development needs.In parallel, it would provide cross-border opportunities of investment with a comparatively low cost of transaction in the world's most technologically advanced platform," said Sudhakar Rao, chairman, BSE at the inaugural ceremony. Also present was Gujarat Chief Minister Vijay Rupani, Union MoS finance Arjun Ram Meghwal, and SEBI chairman UK Sinha. BSE will also sign a MoU at the Vibrant Summit proposing Rs. 500 crore for its international exchange, clearing corporation and other activities. As many as 250 trading members, including commodity and overseas brokers, have expressed interest to operate from India INX.
