The gong sound echoed as Prime Minister Narendra Modi inaugurated the BSE’s (Bombay Stock Exchange) first stock exchange - 'India International Exchange (INX)' at the country's first International Financial Services Centre (IFSC), in Gujarat International Finance-Tec (GIFT) City, Gandhinagar.
PM Modi described the inauguration of India’s first international exchange an “important milestone”. He also said that in 10 years time he would like to see GIFT City “become the price setter for at least a few of the largest traded instruments of the world”.
PM Modi, then Chief Minister of Gujarat, invited BSE during a book launch in 2003 to set up a world international stock exchange. And later, in the year 2015, during the Vibrant Gujarat event, a Memorandum of Understanding ( MOU) was signed with Govt. of Gujarat.
Here are 6 things you must know:
- Masala Bonds For Trading : INX is an important milestone not just for gift city but for India in creating a 21st-century infrastructure. This exchange will trade equity, commodities, currencies and interest rate derivatives in the first phase. Later it will trade equity instruments of Indian and foreign companies. And masala bonds will also be available for trading here.
- Fastest Exchange In The World: This exchange is said to be among the fastest exchanges in the world with more and more training, clearing and settlement systems. Many more countries from Asia, Africa and Europe should be able to raise funds from this important international finance center.
Day & Night Facility: INX will provide financial services through the day and night to the entire world. The exchange will work 22 hrs a day to allow international investors and non-resident Indians to trade from anywhere across the globe.
Compete On Equal Footing: 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. This is to enable Indian firms to compete on an equal footing with offshore financial centers.
Gift City Will Be A Price Setter : In ten years from now, Gift city should 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.
Providing International Exposure: The international exposure that our youth will be able to get from GIFT City will ensure that more and more of talked is able to join this important field. I urge Indian companies, exchanges and regulators to help create a pool of world-beating finance professionals.
(With inputs from Aashika Jain at Vibrant Gujarat Global Summit, 2017)