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April 17, 2015

NCDEX signs agreement with GIFT for Global Exchange Centre

National Commodity and Derivatives Exchange (NCDEX) proclaimed that it will start a global exchange centre in Gujarat International Finance Tec City (GIFT City).

NCDEX said it plans to set up this exchange centre in GIFT Special Economic Zone (SEZ) area. SEZ provides a variety of services and it is India’s first International Financial Services Centre (IFSC) developed by GIFT SEZ Ltd, a WOS(wholly-wned subsidiary ) of GIFT Company Ltd (GIFTCL).

 

NCDEX has signed MoU(Memorandum of Understanding) with GIFT SEZ for development of the exchange to provide a perfect platform for assisting intrading/ clearing &settlement of securities/ commodities/ currencies/ interest rates andother classes of assets and derivatives through the international investors/ discussion of needed approvals and operationalstrategies for IFSC.

Samir Shah, the Managing Director & CEO of NCDEX, said,NCDEX is India’s top online commodity exchange and it wished to move up the international commodities market by initialising a global exchange centre.There will be opportunity of dealing in financial products and services flanked by Indian and international unitsfrom India,as a result our country will also be represented as a major IFSC in the world. “GIFT intended to emerge at higher level with other international financial centres with the help of supportiveguiding principles being specified by company officials of IFSC”, said RamakantJha, MD & Group CEO, GIFT City.This accord would encourage to various international financial and commodity trading experts in setting up global exchanges at GIFT IFSC.

GIFT Special Economic Zone (SEZ) has been recognised by the Government as India’s first IFSC. At the inauguration of IFSC earlier in April 2015, Finance Minister Arun Jaitleyrevealed official norms for IFSC in India at a business conference in GIFT City. Senior heads of Indian and Foreign banks/ Asset Management Companies/ Insurance Companies/ Consultancy firms/brokerage firms/ Stock Exchanges/ private professionals as well as other professionalsassociated withBFSI space from India and outside Indiatook part in that event.
Higher-ranking officials from RBI (Reserve Bank of India), SEBI (Securities and Exchange Board of India)&IRDA (Insurance Regulatory and Development Authority of India) also publicized their respective rules and regulations at this conference. He said that, Gujarat is appreciable for its innovative work in creating a global smart city (GIFT City) in India

 

 

 

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