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India International Exchange

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India International Exchange
India International Exchange logo
TypeStock Exchange
LocationGujarat International Finance Tec-City, Gandhinagar, Gujarat, India
Founded2017
OwnerMinistry of Finance, Government of India.
Key peopleMayank Jain (Company Manager)
Currency₹ (Indian rupee)
Websiteindiainx.com

The India International Exchange Limited (India INX) is India's first international stock exchange which is launched as a subsidiary of the Bombay Stock Exchange (BSE).[2] It is located at the International Financial Services Centre, GIFT City in Gujarat.[3]

It was inaugurated by the Prime Minister of India, Narendra Modi, on 9 January 2017.[4] The trading operations began on 16 January 2017. It operates on EUREX T7, an advanced technology platform. India INX claims that it is the world's fastest exchange, with a turn-around time of 4 microseconds.[5] It operates 22 hours a day, six days a week.[6] These timings facilitate international investors and Non-Resident Indians to trade from anywhere across the globe at their preferred time.

History

Prime Minister Narendra Modi in 2017 at the India International Exchange inauguration ceremony in GIFT City.[6][2]

India International Exchange (INX) is India's first international exchange, located at the International Financial Services Centre (IFSC) in Gujarat International Finance Tec-City (GIFT City). It was launched by the BSE (Bombay Stock Exchange) in January 2017 with the aim of providing a world-class trading platform for international investors.[citation needed]

INX offers trading in various asset classes, including equities, currencies, and commodities. It operates for 22 hours a day, allowing investors from different time zones to trade at their convenience. The exchange is regulated by the Securities and Exchange Board of India (SEBI) and offers several tax benefits to investors.[7]

Chronology

Operations

In early 2020, the Asian Development Bank raised $118 million from offshore rupee-linked 10-year bonds. The bonds were listed on India INX.[22] India INX offers access to the full range of stocks and exchange-traded funds available in US markets. The daily average volume in foreign stocks in India INX during the month of January 2022 was $5,242. By May it had risen to $42,954 and to $195,139 in June 2022. During the last week of June, the daily average volume was $462,036.[23]

Indices

India International Exchange (IFSC) Limited, also known as India INX, is a wholly-owned subsidiary of BSE (Bombay Stock Exchange) Ltd. It is India's first international exchange located at the International Financial Services Centre (IFSC) in Gujarat International Finance Tec-City (GIFT City). India INX offers a wide range of products, including equity derivatives, currency derivatives, and commodity derivatives.

Some of the key indices that are traded on India INX are:[24][25]

  1. India INX 50: It is a benchmark index designed to measure the performance of the top 50 stocks listed on India INX. The index is based on free-float market capitalization and includes companies from various sectors.
  2. India INX Quality 30: This index consists of the 30 top-performing companies based on quality parameters such as return on equity, earnings growth, and leverage.
  3. India INX Midcap: It tracks the performance of the mid-cap segment of the Indian equity market.
  4. India INX Bankex: This index includes the most liquid and large Indian banking stocks listed on India INX.
  5. India INX Gold: This index tracks the performance of the gold spot price in USD per troy ounce.
  6. India INX Infrastructure Index: This index includes companies that are engaged in infrastructure-related activities such as construction, engineering, and real estate development.
  7. India INX Consumer Durables Index: This index tracks the performance of the consumer durables sector in India, which includes companies that produce household appliances, electronics, and other durable goods.
  8. India INX IT Index: This index includes companies in the information technology sector, which is a major contributor to the Indian economy.
  9. India INX Energy Index: This index tracks the performance of the energy sector in India, which includes companies involved in oil and gas exploration, refining, and distribution.
  10. India INX Pharma Index: This index includes companies in the pharmaceutical sector, which is a major contributor to the Indian economy and has a significant global presence.
  11. India INX Small Cap Index: This index tracks the performance of the small-cap segment of the Indian equity market.

Listing requirements

India International Exchange (IFSC) Ltd. (India INX) follows the listing requirements set by the Securities and Exchange Board of India (SEBI), which are as follows:[26][27]

  1. Minimum net worth: The issuer company should have a minimum net worth of ₹100 crores (approximately USD 13 million).
  2. Profit track record: The issuer company should have a profit track record of at least three years preceding the date of application.
  3. Minimum issue size: The minimum issue size should be ₹100 crores (approximately USD 13 million).
  4. Shareholding pattern: The shareholding pattern should comply with SEBI regulations, and the promoter's minimum contribution should be 20% of the post-issue paid-up capital.
  5. Corporate governance: The issuer company should have a sound corporate governance structure and comply with SEBI regulations in this regard.
  6. Financial disclosure: The issuer company should disclose all relevant financial information, including audited financial statements and other relevant documents.
  7. Listing agreement: The issuer company should sign a listing agreement with India INX and comply with all the obligations under the agreement.
  8. Other regulatory requirements: The issuer company should comply with all other regulatory requirements set by SEBI and other relevant authorities.

See also

References

  1. ^ "India INX Contact us". www.indiainx.com. Retrieved 23 March 2023.
  2. ^ a b "PM Narendra Modi launches India's first international stock exchange". India Today. 13 January 2017. Retrieved 16 January 2017.
  3. ^ Upadhyay, Jayshree P.; Maulik, Pathak (9 January 2017). "V. Balasubramanian to head India International Exchange". Live Mint. Retrieved 16 January 2017.
  4. ^ "Modi inaugurates India's first international stock exchange at Gift city". The Times of India. 9 January 2017. ISSN 0971-8257. Retrieved 23 March 2023.
  5. ^ "About India INX". India INX. Retrieved 11 February 2020.
  6. ^ a b "PM Modi to inaugurate 16-storey international exchange in Gujarat to rival Singapore, Dubai". India Times. Indo-Asian News Service. 9 January 2017. Retrieved 16 January 2017.
  7. ^ "India Inx-India International Exchange IFSC Ltd, GIFT City, SEZ". www.indiainx.com. Retrieved 23 March 2023.
  8. ^ "National Stock Exchange to launch international exchange at GIFT city tomorrow ,India News, Business News | Zee Business". www.zeebiz.com. Retrieved 23 March 2023.
  9. ^ "India International Exchange starts trading at GIFT City ,India News, Business News | Zee Business". www.zeebiz.com. Retrieved 23 March 2023.
  10. ^ a b IANS (20 March 2018). "BSE's India Inx's cumulative trading turnover crosses $24 bn". Business Standard India. Retrieved 23 March 2023.
  11. ^ "India INX launches gold kilogram futures". India Today. Retrieved 23 March 2023.
  12. ^ "India INX launches gold kilogram futures". Business Standard India. Press Trust of India. 8 August 2017. Retrieved 23 March 2023.
  13. ^ "India INX launches gold kilogram futures". www.dnaindia.com. Retrieved 23 March 2023.
  14. ^ "India INX launches gold, silver futures in dollar". www.thehindubusinessline.com. 26 August 2020. Retrieved 23 March 2023.
  15. ^ "BSE, India INX become first Indian exchanges to sign MoU with Moscow Exchange". ANI News. Retrieved 23 March 2023.
  16. ^ "BSE, India INX sign MoU with Moscow Exchange ,India News, Business News | Zee Business". www.zeebiz.com. Retrieved 23 March 2023.
  17. ^ "Moscow Exchange - BSE, India INX becomes the first Indian exchanges to sign an MoU with Moscow Exchange". Moscow Exchange. Retrieved 23 March 2023.
  18. ^ "BSE's intl exchange ties up with DGCX". Business Standard India. Press Trust of India. 7 December 2016. Retrieved 23 March 2023.
  19. ^ "India INX Markets". www.indiainx.com. Retrieved 23 March 2023.
  20. ^ "India INX Global Access commences trading in LME at GIFT IFSC". www.thehindubusinessline.com. 22 May 2019. Retrieved 23 March 2023.
  21. ^ "India INX signs MoU with Kling Block Chain IFSC" (PDF). India International Exchange.
  22. ^ "ADB raises $118 million from rupee-linked bonds". The Economic Times. 26 February 2020. Retrieved 23 March 2020.
  23. ^ Borate, Neil; Kaul, Abhinav (5 July 2022). "NSE's international exchange finds few takers for US stocks". Mint. Retrieved 17 December 2022.
  24. ^ "India INX Markets". www.indiainx.com. Retrieved 23 March 2023.
  25. ^ "India Inx-India International Exchange IFSC Ltd, GIFT City, SEZ". www.indiainx.com. Retrieved 23 March 2023.
  26. ^ "India Inx-India International Exchange IFSC Ltd, GIFT City, SEZ, Listing". www.indiainx.com. Retrieved 23 March 2023.
  27. ^ "India INX Membership". www.indiainx.com. Retrieved 23 March 2023.

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