 "NCDEX to set up global exchange at GIFT City")
NCDEX intends to develop an international standard commodity and derivatives exchange providing electronic platform for facilitating trading, clearing and settlement of securities, commodities, interest rates, currencies, other classes of assets and derivatives by global investors in IFSC in GIFT City subject to necessary approvals and operating guidelines for the International Financial Services Centre.
Samir Shah, managing director and CEO of NCDEX said, “NCDEX wishes to tap the global commodities market by setting up an international exchange at India’s first IFSC in GIFT City.”
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Investment and starting time is yet to be decided by the company as MoU has been just signed, a company official replied on mail.
“We welcome NCDEX at GIFT City to establish an international commodity and derivatives exchange. This MoU would help in attracting various international financial and commodity trading focused players and encourage global exchanges to set up base at GIFT IFSC,” said Ramakant Jha, managing director and group CEO, GIFT City.
GIFT SEZ has been notified as an International Financial Services Centre by Government of India as India’s first International Financial Services Centre.
Jha said, “With the operating guidelines being issued by MoF, GoI and other regulators for IFSC, our aim is to make GIFT at or above par with other globally benchmarked financial centres.”
Gujarat International Finance Tec-City (GIFT City) is India’s first global financial hub. Part of GIFT City is notified as multi-service SEZ with International Financial Service Centre (IFSC) status which is catering to India's large financial services potential by offering global firms, world-class infrastructure and facilities.
It is estimated that GIFT would provide 500,000 direct and an equal number of indirect jobs which would require 62 million square feet of commercial, residential and social facilities with total investment of about Rs 78000 crore over next 10 years.