Mumbai: Leading stock exchange NSE has got regulator Sebi's approval to set up an international exchange at Gujarat International Finance Tec (GIFT) city.
NSE IFSC Ltd, the global exchange promoted by the National Stock Exchange, has received in-principle approval from the Securities and Exchange Board of India (Sebi), to set up operations at Gift city, an NSE official told PTI.
Gujarat's GIFT City, is being developed as the country's first International Financial Services Centre (IFSC).
Several products from the currency, commodity and equity segments are expected to get listed on the new exchange which may also introduce other innovative products in line with Sebi regulations.
Being a global exchange, NSE IFSC is expected to remain operational for a longer period than the NSE during a trading day and all trades will be cleared and settled through NSE IFSC Clearing Corporations Ltd.
The regulator has recently issued norms allowing international exchanges to operate up to 23 hours in GIFT and settle trades at least twice a day.
The stock exchange's closest competitor BSE has already launched an international exchange namely India International Exchange which is expected to go live post Makar Sankranti.
The exchange was inaugurated by Prime Minister Narendra Modi earlier this week.
Disclaimer: You are responsible for your own investments. Niveza.in does not guarantee the accuracy or completeness of information on the site, nor does Niveza.in assume any liability for any loss that may result from reliance by any person upon any such information or recommendations. Such information recommendations are for general information only. Nothing contained herein is an offer to sell nor solicitation to buy any securities.