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.
- 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.