Within a week of unveiling of regulatory norms for International Financial Services Centre in India, National Commodity and Derivatives Exchange on Thursday signed an MoU with GIFT SEZ for setting up an International Commodity and Derivatives Exchange at Gandhinagar.
NCDEX said it intends to establish the international exchange in the GIFT SEZ area, a multi-services special economic zone 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 (GIFTCL) known as GIFT City.
NCDEX intends to develop an international standard commodity and derivatives exchange providing electronic platform for facilitating trading, clearing and settlement of securities, commodities, interest rates, currencies, other classes of assets and derivatives by global investors in GIFT City subject to necessary approvals and operating guidelines for IFSC.
Samir Shah, MD & CEO, NCDEX, said, “NCDEX wishes to tap the global commodities market by setting up an international exchange at India’s first IFSC in GIFT City. This tie up will 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.”