India International Exchange (INX) gets overwhelming support from members, clearing banks

| Updated: Dec 23, 2016 21:57 IST

New Delhi [India], Dec 23 (ANI): India International Exchange (INX), the wholly owned subsidiary of BSE and the first of its kind at IFSC, GIFT City Gujarat recognizes the tremendous response it is receiving from the members at BSE. Considering the specific requirement of SEBI for a separate Company for undertaking IFSC trading business, around 90 members have already applied for name from Ministry of Corporate Affairs out of which 84 members have already got the name approvals and 36 entities have been incorporated in GIFT City. The number of members is expected to increase further by next week. India INX and the India Clearing Corporation (ICC) has already set up a fully functional office with a data center and IT system at GIFT city. All systems and processes have been tested as of date. India INX and ICC had commenced mock trading from October 3, 2016. India INX and ICC has also commenced mock trading from India INX data center at GIFT City from December 17, 2016 and plans to continue to do mock trading on daily basis. The clearing banks like ICICI Bank, Yes Bank, Kotak Mahindra Bank and IndusInd Bank have agreed to become clearing banks for India INX and these banks have already commence their operation from Gift City. It is with an aim to provide single market structure to achieve synergies in terms of various operations and to facilitate ease of doing business. This means that in international exchanges, all asset classes equity, currencies, commodities and debt, including foreign-listed debt such as masala bonds, will be allowed for trading on a single platform. (ANI)