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NSE signs MOU with IFSC

India Blooms News Service | | 26 Feb 2015, 07:08 pm
New Delhi, Feb 26 (IBNS) National Stock Exchange (NSE), India’s leading stock exchange, intends to establish an International Exchange in GIFT SEZ area, a multi-services Special Economic Zone (SEZ) being developed as India’s first International Financial Services Centre (IFSC) by GIFT SEZ Ltd. a wholly owned subsidiary of Gujarat International Finance Tec-City Company Ltd (GIFTCL) known as GIFT City.
GIFT SEZ and NSE signed the Memorandum of Understanding (MoU) in the presence of Saurabhbhai Patel, Finance Minister of Gujarat on Thursday at Gandhinagar. 
NSE intends to develop an International standard Exchange providing electronic platform for facilitating trading, clearing and settlement of securities, and shall explore possibility of starting trading facilities in different asset classes like equities, interest rates, currencies, among others and their derivatives subject to fulfilment of existing laws and guidelines as are being issued by the government and the regulators. The exchange can cater to international and other investors willing to operate from GIFT SEZ-IFSC in GIFT City.
Welcoming this major development for Gujarat, Saurabhbhai Patel said, “Developing country's first International Financial Services Centre (IFSC) in the Global Financial Hub at GIFT City has been the vision of Narendra Modi, Hon'ble Prime Minister of India. Presence of NSE at GIFT City for operating international exchange is the testimony to the recognition of GIFT City emerging as a preferred destination for International Financial Services in the country. This MoU would go a long way in establishing country’s first International Exchange with participation of Global Institutions. Gujarat Government with the help of Central Government is taking all necessary steps to fast track the development of GIFT City which will transform State of Gujarat and India as a whole and create large number of jobs.”
 In fact it may be recalled that this is the second MOU that NSE has signed in Gujarat in less than 100 days. The first MOU was with the Gujarat Government on financial education at school level.
Chitra Ramkrishna, MD & CEO, NSE said, “NSE is recognised globally for its expertise in trading and settlement and we are keen to be a part of this initiative. We consider the recognition of GIFT SEZ as IFSC by the Government of India, as a major step forward to serve the financial industry at large.  We at NSE, would like to be a part of the vision of the government to develop an International Financial Services Centre in India. This will help the nation to compete with other similar global destinations. This will also allow Indian and international entities, to deal in financial products and services from India, making GIFT-India as one of the foremost International Financial centres in the World.”
Ramakant Jha, MD & Group CEO, GIFT City said, “We welcome NSE at GIFT City to establish International Exchange.  With the operating guidelines being issued by MoF, GoI for IFSC, our aim is to make GIFT at or above par with other globally benchmarked financial centres. This MoU would help in attracting various international services and thereby create an eco system for operation of International Exchange in the country.”
GIFT SEZ has been notified as an International Financial Services Centre by Government of India as India’s first International Financial Services Centre.