The NSE International Exchange (NSE IX) in GIFT City, which currently has 60 brokers members, expects to add 40 more over the next two months, says NSE managing director & CEO Ashish Chauhan. Addressing a news conference at the launch of the new GIFT NIFTY logo in Gandhinagar, Mr Chauhan said that GIFT NIFTY index will hopefully replace the Singapore Exchange based SGX NIFTY in public perception in the months to come. The SGX NIFTY, which opens for trade at 6:30 am, sets the tone for the Indian markets, which open at 9:15 am.
Addressing the news conference, International Financial Services Centre (IFSC) Authority chairman Injeti Srinivas said the new GIFT NIFTY logo is part of the rebranding of the erstwhile SGX NIFTY. “By doing this we will be connecting with global investors who do not engage directly with the Indian capital markets so far and prefer to use the Participatory Note route. The regulations at GIFT IFSC are aligned with international norms and we offer a very competitive tax regime,” he said.
The GIFT (acronym for Gujarat International Financial Tech) City IFSC offers exemption from income tax, security and commodity transaction tax, dividend distribution tax and capital gains tax. The exchange allows for trading in equity shares of companies incorporated outside of India, debt securities, depository receipts and currencies.
Along with the new logo, NSE IX also launched www.nseix.com, a new website. V Balasubramaniam, managing director of the NSE IX in Gandhinagar, compared the rebranding to bringing home the Kohinoor diamond. “This is the first step towards major changes. Instead of the Singapore Exchange, we want to become the price setters,” he said. The GIFT NIFTY50 index will include separate indexes for NIFTY Bank50, Fin50 and IT50.