Grand opening of India's first international exchange on Monday

Prime Minister, Narendra Modi had inaugurated India's first international exchange-India INX at the International Financial Services Centre (IFSC) in Gujarat International Financial Tech City (GIFT). India has acquired a new place on the global financial map. January 16, will be the day for starting operations from the international exchange for traders, industry and foreign players.

INX at GIFT city is ready for trading from Monday, in equity, currency and interest rate derivatives. Through the new international exchange, country's oldest bourse BSE will be providing a electronic trading platform.

This will also simplify the process of domestic firms raising money in foreign currency by issuing foreign currency dominated bonds. During the second phase, the exchange platform will be utilised to raise funds, including Masala bonds, FCCBs or equities for Indian companies.

INX, 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.

IFSC houses several International Banking Units (IBUs) of banks that have already conducted business worth USD 1.5 billion. Going forward, the GIFT City will help bring investments worth USD 1-3 trillion in the next 10-15 years.