Leading bourse NSE will launch its international exchange in the Gujarat International Finance Tec-City (GIFT City) tomorrow. NSE IFSC Ltd, the global exchange promoted by National Stock Exchange, will remain operational for a longer period than NSE during a trading day. All the trades will be cleared and settled through NSE IFSC Clearing Corporations Ltd.
Several products from the currency, commodity and equity segments are expected to get listed on the new exchange which may also introduce other innovative products in line with Sebi regulations. Markets regulator Sebi has recently issued norms allowing international exchanges to operate up to 23 hours in GIFT and settle trades at least twice a day.
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NSE’s rival BSE has already operationalised its global exchange India International Exchange (INX) at international financial services centre (IFSC). Earlier in December, NSE in partnership with Association of National Exchanges Members of India (ANMI) held roadshows to showcase the products, membership schemes and technology solutions, among others, to be offered on its international exchange.