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India INX works out Masala bond listing framework

Press Trust of India  |  Singapore 

The 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 and Singapore, a top company official said.

The International Exchange (INX) is India's first international stock exchange, opened in January 2017.


"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 INX managing director and chief executive officer V Balasubraminiam.

INX is also working on lower listing fee to compete with global exchanges, said Balasubraminiam over the weekend at the FIA 2017, an annual derivatives conference here.

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, 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.

INX has 12 contracts, covering copper, crude oil, gold, silver, Euro, Dollar, Rupee and Yen combinations.

Separately, INX's parent bourse, BSE India, will be marketing insurance across

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 Security and Exchange Board of has given "no objection certificate" to BSE while other formalities are being cleared.

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.)

First Published: Mon, December 04 2017. 16:15 IST
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