0:00
Contract to trade 22 hours at GIFT-IFSC
Minister for Finance and Corporate Affairs Nirmala Sitaraman has launched INR-USD Futures and Options contracts on the two International Exchanges, viz BSE’s India INX and NSE’s NSE-IFSC, at GIFT International Financial Services Centre at Gandhinagar on 8 May 2020 through video conference.
The launch of INR-USD contracts at the exchanges in GIFT-IFSC is a step to bring business to India which has over the past decade has moved to international financial markets, said the Finance Ministry.
It is clearly beneficial in terms of economic activity and employment gains for India.
Trade in the contracts will be available 22 hours across all time zones for all global participants from GIFT IFSC.
Given the world class business environment and competitive tax regime at GIFT-IFSC, it is expected that trading of INR-USD contracts may bring volumes to India, said the Ministry.
This would also bring larger global participation in India through IFSC and connect India’s IFSC globally, it added. fiinews.com
