BSE and NSE share market will merge into GIFT City:Trading in Gift City will be easier and all trades will be dollar-denominated. This will avoid foreign investors having to pay extra for converting their currency and hedging it. In July, Finance Minister Nirmala Sitharaman announced direct listing for the first time, from direct listing. The requirement of GDR (Global Depository Receipt) will be removed
Two international exchanges merged GIFT City
Two international exchanges, BSE’s India INX and NSE’s International Exchange, will be merged into GIFT City by January 2024. This information was given to K Rajaram, Chairperson of IFSCA. He told the IVC Private Credit Summit 2023 that this work will be completed in a month. The merger of BSE India INX and NSE International Exchange will add more revenue to GIFT City Exchanges. The average daily turnover on international exchanges is currently $20 billion, mainly through GIFT Nifty contracts.
merged into GIFT City by January 2024.
Trading in Gift City is easy and all trades are done in dollars. Register its boundaries to foreign investors and do not incur additional cost to hedge it. Rajaraman further said that notification of direct listing of Indian companies in Gift City will also continue till April 2024.
Estimated cost of GIFT City: How much investment is in the GIFT City gandhinagar?
The notification came on October 30
In July, Finance Minister Nirmala Sitharaman announced direct listing for the first time, which would facilitate access to global capital and better valuations. Currently Indian companies can operate GDR (Global Depository Receipt) on foreign exchanges. Direct listing is to do away with the requirement of GDR.