International exchange at GIFT city to start trading from Monday

Trading on the new India International Exchange at GIFT city will begin from Monday in equity, currency and interest rate derivatives to start with, a top company official said.

Through the new international exchange, country's oldest bourse BSE will look to provide electronic trading platform that will facilitate domestic firms to raise capital in foreign currency by issuing foreign currency dominated bonds.

"First we will start with equity, currency, commodities and interest rate derivatives to begin with. In the second phase, we plan to use this platform to raise funds, including Masala bonds, FCCBs or equities for Indian companies,"  the official said. He also added that 

Prime Minister Narendra Modi had earlier this week inaugurated India's first international exchange-India INX at the International Financial Services Centre (IFSC) in Gujarat International Financial Tech City (GIFT) here.

With this, India has found a new place on the global financial map.

The exchange, which is a wholly-owned subsidiary of BSE. BSE will be investing around Rs 500 crore in the international exchange, according to the MoU it has signed with the Gujarat government.