The India International Exchange is working on the framework for listing on its platform of Rupee-denominated Masala bonds for Indian corporations which currently list such financial tools on bourses in London and Singapore, a top company official said.
"We are working on the framework for Masala bonds with a range of incentives to make it attractive for Indian companies to launch at our exchange," said India INX managing director and chief executive officer V Balasubraminiam.
He expects a good number of bond listing by India's public sector units, which are being given permission to raise funds for financing the country's large scale infrastructure projects.
Once the Masala bond list gets underway, India INX will see a big boost in daily average trading volume, he said, setting the target at US$1 billion per day.
The bond listing is expected next year.
The 11-month old exchange is currently recording average daily trading volume of over USD 100 million, and is fast expanding.
India INX has 12 contracts, covering copper, crude oil, gold, silver, Euro, Dollar, Rupee and Yen combinations.
Separately, India INX's parent bourse, BSE India, will be marketing insurance across India.
It has formed a joint venture with US-based platform E- biz and will use its 1,500 brokers as distribution network offering all insurance products, said Balasubramaniam.
The insurance offer is expected to commence from the first quarter of next year.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)