<p>Prime Minister Narendra Modi today inaugurated India's first international exchange -- India INX -- at the International Financial Service Centre (IFSC) of GIFT City here, saying it will enable Indian firms to compete on equal footing with offshore firms.<br /><br /></p>.<p>A subsidiary of Bombay Stock Exchange, India INX is one of the world's most advanced technology platforms with a turn-around-time of 4 micro seconds which will operate for 22 hours a day, allowing international investors and NRIs to trade from anywhere across the globe.<br /><br />INX will trade initially in equity derivatives, currency derivatives, commodity derivatives including index and stocks. It plans to offer depository receipts and bonds later.<br /><br />Modi, after opening the exchange by sounding the virtual gong, termed it as a "momentous occasion for Indian financial sector".<br /><br />"My vision for Gift City is larger. In next 10 years from now, I see Gift City becoming a price-setter for at least a few of the largest traded instruments in the world, whether in commodities, currencies, equities, interest rate derivatives or any other financial instruments," Modi said.<br /><br />"I am sure the exchange will set new standards for quality of service and speed of transactions across time zone," the Prime Minister said.<br /><br />"This exchange is a part of IFSC of GIFT City. The concept of IFSC is simple yet powerful. It is to provide offshore talent with an onshore technological and regulatory framework," he said.<br /><br />"This has been done with a view to enable Indian firms to compete on an equal footing with offshore financial centres," Modi said. <br /></p>
<p>Prime Minister Narendra Modi today inaugurated India's first international exchange -- India INX -- at the International Financial Service Centre (IFSC) of GIFT City here, saying it will enable Indian firms to compete on equal footing with offshore firms.<br /><br /></p>.<p>A subsidiary of Bombay Stock Exchange, India INX is one of the world's most advanced technology platforms with a turn-around-time of 4 micro seconds which will operate for 22 hours a day, allowing international investors and NRIs to trade from anywhere across the globe.<br /><br />INX will trade initially in equity derivatives, currency derivatives, commodity derivatives including index and stocks. It plans to offer depository receipts and bonds later.<br /><br />Modi, after opening the exchange by sounding the virtual gong, termed it as a "momentous occasion for Indian financial sector".<br /><br />"My vision for Gift City is larger. In next 10 years from now, I see Gift City becoming a price-setter for at least a few of the largest traded instruments in the world, whether in commodities, currencies, equities, interest rate derivatives or any other financial instruments," Modi said.<br /><br />"I am sure the exchange will set new standards for quality of service and speed of transactions across time zone," the Prime Minister said.<br /><br />"This exchange is a part of IFSC of GIFT City. The concept of IFSC is simple yet powerful. It is to provide offshore talent with an onshore technological and regulatory framework," he said.<br /><br />"This has been done with a view to enable Indian firms to compete on an equal footing with offshore financial centres," Modi said. <br /></p>