Sebi gives approval to BSE for international clearing corporations

Markets regulator Sebi has given approval to BSE for setting up a global clearing corporation in international financial services centre (IFSC) at Gujarat's GIFT city.

Sebi has granted recognition to India International Clearing Corporation for one year, commencing on December 29, 2016, and ending on the December 28, 2017, the regulator said in a notification.

BSE, in November, had received in-principle approval from Sebi to set up international exchange and clearing corporations at Gujarat International Finance-Tech City (Gift City).

Trading members are expected to trade through India International Exchange (India INX), an arm of leading domestic bourse BSE, which is expected to go 'live' next week.

The BSE board at its meeting held on May 5, 2016, had approved creation of two wholly-owned subsidiary companies for the purpose of setting up the first international exchange and clearing corporations.

Rival National Stock Exchange (NSE), is also going to open its international exchange at GIFT IFSC in the near future.