India’s International exchange is live for online trading at GIFT city, “ForexSQ.com” experts say the India’s bourse BSE is ready now for online currency trading or shares trading, Investors now can buy or sell Indian’s stocks online with top brokers in India.
India International exchange online currency trading starts
[sam id=”8″ codes=”true”]
India International Exchange, the wholly-owned subsidiary of Asia‘s oldest bourse BSE, on Monday officially commenced trading at Gujarat International Finance Tech (GIFT) city.
The first trade took place between Globe IFSC and Edelweiss IFSC, a statement by India International Exchange (India INX) said.
Union Minister of State for Finance and Corporate Affairs Arjun Ram Meghwal initiated the maiden transaction on the India’s first international exchange at International Financial Service Centre (IFSC) in GIFT city.
Technology offerings at INX will facilitate co- location of members in its own data centre at GIFT IFSC as well as algo trading including that of high frequency traders.
The international exchange is offering T7 trading platform, the same technology that is currently used by BSE.
The platform has a speed of 4 microseconds fastest in the world and would function 22 hours a day, five days a week.
“We are confident of our state of the art new facility, which will act as a gateway to raise capital for the countrys infrastructure and development needs,” India INX Managing Director and CEO V Balasubramaniam said.
“In addition, it will also provide cross-border opportunities of investment with a comparatively low cost of transaction in the worlds most technologically advanced platform,” he added.
India INX and the India Clearing Corporation (ICC) have already set up a fully functional office with a data centre and IT system at GIFT city.
Traders were inducted on the new platform of the international exchange from October 3, 2016, while the clearing banks like ICICI Bank, Yes Bank, Kotak Mahindra Bank and IndusInd Bank have agreed to align themselves with India INX have also been operating from Gift City.
India INX provides a competitive advantage in terms of tax structure and supportive regulatory framework. These include exemptions from security transaction tax, commodity transaction tax and long term capital gain tax waivers as well as waiver from income tax levy for the first five years. BSE’s closest competitor, NSE, is also expected to launch its international exchange sometime next week.