The Gift Two tower, right, and the India International Exchange (INDIA INX) building stand in Gujarat International Finance Tec-City (GIFT City), Gujarat, India (Photographer: Dhiraj Singh/Bloomberg)

NSE’s International Exchange Opens At Gujarat’s GIFT City

Gujarat Chief Minister Vijay Rupani on Monday inaugurated the international exchange of National Stock Exchange (NSE) at the International Financial Service Centre (IFSC) of GIFT city at Gandhinagar.

This global exchange, named NSE IFSC, became operational after Rupani and other dignitaries performed the bell ringing ceremony at 5:30 pm.

This is the second such exchange opened at IFSC. Earlier in January this year, Prime Minister Narendra Modi inaugurated BSE's international exchange – India INX – at IFSC.

In his address, NSE chairman Ashok Chawla said trading at this exchange will take place for 16 hours initially to facilitate trading around the world.

We will gradually increase the trading time in line with the market feedback. We will be offering a bouquet of products to global investors and marker participants, which will include derivatives on Nifty indices, Indian stocks, commodity and currency products.
Ashok Chawla, Chairman, NSE

In his speech, Rupani said Modi helped the Gujarat government to a great extent for developing IFSC after assuming office in 2014.

"GIFT City is Modiji's dream. After becoming PM, he helped us a lot to develop IFSC. As a result, BSE, NSE and SBI came here and started their operations. We are working hard to bring many other businesses, KPOs and BPOs. We are committed to fulfil Modiji's dream," said the chief minister.

Addressing reporters, Ravi Varanasi, chief of business development at NSE, said transactions worth $50 million took place at the NSE IFSC during the initial hours.