January 7, 2017 3:32:09 am
BSE chief executive officer and managing director Ashish Chauhan on Friday said that trading at the new India International Exchange at GIFT city in Gandhinagar is set to start on January 16 after it is launched by Prime Minister Narendra Modi on January 9, who is in the state to attend the eighth edition of the Vibrant Gujarat Global Summit 2017.
Through the new international exchange, BSE Ltd will look to provide electronic trading platform that will facilitate domestic companies to raise capital in foreign currency by issuing foreign currency dominated bonds and to trade in such securities.
Chauhan, one of the speakers at the Accounting, Auditing and Finance symposium held at the IIM-Ahmedabad on Friday, told The Indian Express: “The ‘India International Exchange’ will trade in all the products like the other exchanges in the world such as Singapore, Hong Kong, London, New York in currency, equities, commodities derivatives… It will not be available for Indian individuals to trade in for the derivatives as currently Indian regulations prohibit Indian individuals from speculating or doing derivatives trading in foreign markets.”
Chauhan added: “Till now, Indian companies, when they had to raise funds, had to go to Singapore or the US or the UK — but now they will be able to do it at much lower cost and much faster in GIFT city itself… Indian individuals cannot trade but corporates and Indian mutual fund institutions, with some regulations, can trade in the exchange.”
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