NSE to set up international exchange at GIFT city

National Stock Exchange of India (NSE) has applied for setting up a new company which will function as an international exchange in the Gujarat International Finance Tec-City (GIFT). This will be a fully-owned subsidiary of NSE. The exchange is hoping for an approval from the Securities and Exchange Board of India (Sebi) next month and is in the process of taking up space in the GIFT authority-

promoted centre. Similar to rival BSE, the exchange is looking to kickstart operations in January next year.

An email sent to NSE did not get an immediate response.

Exchanges desirous of starting operations in the GIFT city have to set up a company first and get the regulator's nod. Thereafter they need to submit an application through form F to the development commissioner (DC). After approvals from the DC and the regulator, GIFT special economic zone (SEZ) will issue a final letter of allotment for allocation of space in the SEZ for carrying out the approved operations.

At a recent press conference, Gujarat chief minister Vijay Rupani had enquired about the progress made by exchanges in setting up their exchanges at the GIFT city. Prime Minister Narendra Modi will inaugurate BSE's international exchange at GIFT-City on January 9 on the occasion of Vibrant Gujarat Global Summit-2017. BSE had signed a pact with GIFT in January 2015 to set up the two entities at the GIFT city, including an international clearing corporation.