PM Modi launched India's first international exchange India INX at IFSC/International Financial Services Center in GIFT city Gandhinagar.
GIFT stands for Gujarat International Financial Tech City. INX is a wholly-owned subsidiary of the Bombay Stock Exchange (BSE).
The global bourse, will start trading initially in equity derivatives, currency derivatives, commodity derivatives including Index and Stocks.
Subsequently, depository receipts and bonds would be offered once the required infrastructure is ready.
INX will work for 22 hours in a day working from sunrise to sunset. It will start when Japan exchanges begin and close when US markets end.
Although the international exchange was inaugurated on January 9, the trading operations are scheduled to begin on January 16.
It is one of the most advanced tech platforms with turn around time of 4 seconds.
It will facilitate international investors and NRIs to trade from anywhere in the world.
The international exchange inauguration was held as part of Vibrant Gujarat Global Summit- 2017.
BSE is also going to sign a memorandum of understanding (MoU) at the Vibrant Summit proposing INR 500 crore for its international exchange, clearing corporation and other activities.
IFSC provides advantages through tax structure and supportive regulatory framework.About INX
INX is set to have 250 trading members including commodity and overseas brokers.
It benefits in terms of waiver of:
- Security transaction tax
- Commodity transaction tax
- Dividend distribution tax
- Long term capital gain tax
- Income tax