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 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 the event.
Read More: Paytm share price targets post analyst call, earnings projections & more
The move is expected to bring more volumes in Gifty City exchanges.
The advantages of trading in GIFT City are simple, all trades are dollar-denominated. Thus, foreign investors would not have to incur the extra cost of converting their currency and hedging it. In September 2023, the monthly turnover on IFSC international stock exchanges stood at $67.3 billion, majorly contributed by the GIFT Nifty contract.
Read More: Tata Power soars to record high; becomes 6th Tata group firm to cross Rs 1 lakh cr m-cap
He further said that the notification for direct listing of Indian companies in GIFT City will also be out by April 2024.
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.
Read More: LIC share price hits 52-week high on BSE, NSE. All you need to know
“There are seven jurisdictions where direct listing will be permitted. Of these seven, GIFT City will be the first,” Rajaraman said.
