PM Narendra Modi inaugurates India’s first international exchange at GIFT city
Prime Minister Narendra Modi inaugurated India’s first international exchange India INX at the International Financial Service Centre (IFSC) of GIFT (Gujarat International Financial Tech) City Gandhinagar, Gujarat.
India INX is a wholly-owned subsidiary of the Bombay Stock Exchange (BSE). It will enable Indian firms to compete on equal footing with offshore firms.
Key Facts
- India INX will initially trade in equity derivatives, currency derivatives, commodity derivatives including index and Stocks. Subsequently, it will offer depository receipts and bonds once required infrastructure is ready.
- It will work for 22 hours in a day working from sunrise to sunset i.e. starting when Japan exchanges begin and close when US markets end. It will have 250 trading members including commodity and overseas brokers.
- India INX is one of the most advanced technology platforms with turnaround time of 4 seconds. It will facilitate international investors and NRIs to trade from anywhere in the world.\
- It will provide benefits in terms of waiver of security transaction tax, commodity transaction tax, dividend distribution tax, long term capital gain tax and income tax.
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Month: Current Affairs - January, 2017