The National Commodity & Derivatives Exchange Ltd (NCDEX) on Thursday signed an Memorandum of Understanding (MoU) to establish an international commodity and derivatives exchange within India’s first International Financial Services Centre (IFSC) at GIFT City, Gandhinagar. NCDEX is the third exchange after BSE and NSE to sign an MoU with GIFT City.
GIFT SEZ Ltd — a wholly owned subsidiary of Gujarat International Finance Tec-City Company Ltd (GIFTCL) or GIFT City — and NCDEX signed the MoU at Gandhinagar for setting up an exchange that will provide an electronic platform for trading, clearing and settlement of securities, commodities, interest rates, currencies, other classes of assets and derivatives to international investors within the IFSC.
“NCDEX wishes to tap the global commodities market by setting up an International Exchange at India’s first IFSC in GIFT City. This tie up will allow Indian and international entities to deal in financial products and services from India, making GIFT-India as one of the foremost International Financial Centres in the world,” Samir Shah, MD & CEO, NCDEX stated in a statement issued here.
GIFT SEZ has been notified as India’s first International Financial Services Centre by the Government of India. Recently, Union finance minister Arun Jaitley had unveiled regulatory norms for International Financial Services Center (IFSC) at an event held in Gandhinagar.
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