Thursday, November 21
The two operational International Exchanges at GIFT City — BSE's India INX and NSE's International Exchange, will be merged by January end, said IFSCA chairperson Sri. K Rajaraman on December 6 - "The process is in the advanced stage and the merger should be completed in a month," he said while talking to the media on the sidelines of IVCA Private Credit Summit 2023.
The move is expected to bring massive volumes in GIFT City Exchanges.
The Simple, Direct Advantages of Trading in GIFT City :
1. All trades are dollar-denominated.
2. Foreign investors would not have to incur the extra cost of converting their currency and hedging it.
3. In September 2023, the monthly turnover on IFSC international stock exchanges stood at $67.3 billion, majorly contributed by the GIFT Nifty contract.
4. Notification for Direct Listing of Indian Companies in GIFT City will also be out by April 2024.
5. On October 30, the Ministry of Corporate Affairs (MCA) released a notification permitting certain classes of public companies to directly list on foreign stock exchanges.
6. There are seven jurisdictions where direct listing will be permitted, Of these seven, GIFT City will be the first.
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