Prime Minister Narendra Modi inaugrated India’s first international exchange, India INX, at the International Financial Service Centre (IFSC) in GIFT city Gujarat. The India INX is a subsidiary of the Bombay Stock Exchange (BSE) and will allow people and corporates based in India to compete with other foreign and offshore companies on an equal footing.
The India INX has one of the most advanced platforms in the World, with a quick turnaround time of just 4 micro seconds. The platform shall operate for 22 hours in a day and will allow investors to trade from anywhere on the planet.
INX plans to trade in equity, currency and commodity derivatives along with stocks and indexes. It shall start offering bonds and depository receipts later.
PM Modi said that this was a major event for the Indian Financial Sector as Indian companies can now easily compete with firms based in offshore locations. He said that he belives in the nest 10 years, GIFT city shall become the centre where prices are set for instruments traded across the World. Price setter for instruments like currencies, equities, commodities, interest rate derivatives or other financial instruments.
PM Modi said he was confident that the India INX will set standards for financial centres across the globe. Across time zones. He felt that the best part about this was that corporates and investors will now get offshore talent with an onshore technological and regulatory framework.