BSE, along with its associates and members, would invest up to Rs150 crore to set up an international exchange that will help global companies raise funding from other overseas investors
The BSE (erstwhile Bombay Stock Exchange), the country's oldest stock exchange on Monday said it will set-up an international exchange in Gujarat with an investment of Rs150 crore.
This exchange will be set up in Gujarat International Finance Tec-City (GIFT) being developed by Gujarat government as the country's first international financial services centre (IFSC).
BSE, along with its associates and members, will invest upto Rs150 crore to set up this international exchange. The new exchange will also help global companies raise finance from other overseas investors.
"This will help India to compete with other destinations ... Making GIFT as one of the foremost International Financial centres in the world such as Hong Kong, Singapore, Dubai and London," BSE Managing Director and CEO Ashish Chauhan said in a statement.
The new exchange will provide an electronic platform for facilitating trading, clearing and settlement of securities, commodities, currencies, other classes of assets and derivatives by international investors.
BSE had signed a memorandum of understanding (MoU) with GIFT SEZ Ltd at the Vibrant Gujarat Global Summit.
As per the agreement, "BSE will establish an international exchange in GIFT SEZ-IFC, a multi-services special economic zone (SEZ) being developed as India's first International Financial Services Centre by Gujarat International Finance Tec-City Company Ltd."
Earlier, BSE Brokers' Forum entered into an agreement with GIFT City for setting up their operations and shifting their back-end operations in the domestic finance enclave.
BSE Brokers' Forum has been allotted 4.5 lakh square feet of development rights with total investments expected at be about Rs200 crore.