Mumbai: Prime Minister Narendra Modi will put India on the global capital markets map with the inauguration of the country’s first international stock exchange on January 9, on the eve of the four-day Vibrant Gujarat Global Summit 2017 at Gandhinagar, the state’s capital.
The International Stock Exchange will be set up by the Bombay Stock Exchange (BSE) at Gujarat International Finance Tec-City (GIFT), the country’s maiden International Financial Services Centre (IFSC), is expected to fill in the last missing link of a stock exchange to make this a complete global financial hub. Already, several leading banks and an insurance company are operating out of GIFT. After BSE, the other major capital market player, National Stock Exchange (NSE), is also going to open its International Exchange at GIFT city in the near future.
The new exchange will provide a platform for Indian companies to raise capital by issuing foreign currency instruments, allow start-ups to raise equity from foreign investors by getting listed on the international exchange and also allow companies incorporated outside India to list in the international financial services centre.
Speaking about the developments taking place at GIFT, Ajay Pandey, MD & Group CEO of GIFT Company Ltd, said: “As Vibrant Gujarat Global Summit is about connecting India to the world, it gives us immense pleasure to showcase the IFSC potential of India this year. Our objective is to engage prospective investors and inform them about business opportunities in banking, insurance and capital markets in an IFSC based in India.” GIFT IFSC has already crossed business transactions worth over $1.5 billion, he added.
A seminar on Business Potential of IFSC in India scheduled on January 11 will be addressed by Finance Minister Arun Jaitley, Reserve Bank of India Governor Urjit Patel and Deputy Chief Minister of Gujarat Nitin Patel.
The session on capital markets will also include reputed speakers like MD and CEO of BSE Ashishkumar Chauhan, MD and CEO of NSE Ravichandran, Senior MD of Chicago Mercantile Exchange William Knottbelt and CEO of Dubai Gold and Commodities Exchange Gaurang Desai.
