Prime Minister Narendra Modi inaugurated the India International Exchange (INX) located at the International Financial Services Centre (IFSC),
GIFT City (in Gandhinagar), terming it as momentous occasion for the country's financial sector.
The India INX is a wholly owned subsidiary of BSE Ltd is expected to start trading middle of January 2017.
The exchange plans to offer diversified portfolio of products and technology services at more competitive rates to Indian exchanges as well as other global exchanges like those in Dubai, London and Singapore.
The exchange can trade securities and products other than Indian rupees.
The securities and products that could be traded on the India INX are:i. equity shares of companies incorporated outside India,
ii. depository receipts,
iii. debt securities,
iv. currency and interest rate derivatives,
v. index based derivatives,
vi. commodity derivatives and such other securities that may be allowed.
The exchange will offer the same state of the art T7 trading platform used by BSE with a speed of 6 microseconds - the fastest in the world.
India INX and the India Clearing Corporation (ICC) has already set up a fully functional office with a data centre and IT system at GIFT city.
The facilities in the India INX would enable a comprehensive single segment access for currency, commodities, equities and fixed income derivatives.
The exchange will ensure equitable distribution of market data to all members.
