Monday, January 23, 2017

Banking Awareness 2017 - Important Points on India International Exchange (India INX)


Hello and welcome to exampundit. Here are the important point on India International Exchange (India INX).

India International Exchange (India INX) is India’s first International Exchange set up at International Financial Services Centre at GIFT City.

It was inaugurated by Honourable Prime Minister, Shri Narendra Modi, on 9th Jan, 2017.

V. Balasubramaniam is the incumbent CEO and Managing Director of India International Exchange (IFSC) Limited.

BSE became the first stock exchange in the world to sign a Memorandum of Understanding (MoU) with GIFT SEZ Ltd., a wholly owned subsidiary of GIFT at the Vibrant Gujarat Global Summit in January 2015.

BSE has also set up India International Clearing Corporation (India ICC) at IFSC, GIFT. Both India INX and India ICC are wholly owned subsidiaries of BSE.

GIFT City stands for Gujarat International Financial Tech.


Highlights:

  1. India INX will be a wholly-owned subsidiary of the Bombay Stock Exchange (BSE).
  2. It will enable Indian firms to compete on equal footing with offshore firms.
  3. It will initially trade in equity derivatives, currency derivatives, commodity derivatives including index and Stocks.
  4. It will offer depository receipts and bonds once required infrastructure is ready.
  5. It will work for 22 hours in a day from sunrise to sunset i.e. it will start when the Japan exchanges begin and will close when the US markets end.
  6. It will have around 250 trading members including commodity and overseas brokers.
  7. It will be one of the most advanced technology platforms with turnaround time of 4 seconds.
  8. It will facilitate international investors and NRIs to trade from anywhere in the world.
  9. It will also offer various benefits in terms of waiver of security transaction tax, commodity transaction tax, dividend distribution tax and long term capital gain tax and income tax.












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