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India International Exchange, based at the Gujarat International Finance Tec-City, announced it will add international stocks to trading, including shares from major US-listed companies, via its wholly-owned subsidiary India INX Global Access IFSC. It proposes to offer stocks from the US, Canada, the UK, Europe, Australia and Japan, covering about 80 per cent of the investing universe.
On Monday, NSE International Exchange (NSE IFSC), a wholly-owned subsidiary of the National Stock Exchange of India, announced it will allow trading in select US Stocks. The offering will be in the form of unsponsored depository receipts, NSE IFSC said.
Eventually, India INX, BSE’s international arm, will provide access to over 130 exchanges across 31 countries worldwide covering global exchanges in America, Europe, Asia Pacific and Africa, in the first phase.
Some of the exchanges to be offered are NYSE, Nasdaq, LSE, Canadian Securities Exchange, Toronto Stock Exchange, BATs Europe, Euronext France and Tokyo Stock Exchange.
Ashishkumar Chauhan, Chairman, India INX said, under the LRS (Liberalised Remittance Scheme) route, resident individuals can use the India INX platform to transact and invest in global stocks. The addition of global stocks is a significant step that will bring further investment into the region from investors seeking contracts with a strong emphasis on liquidity and investability, he added.
No extra cost
India INX will roll-out the functional details in terms of product specifications and will also soon launch trading in international stocks. Members of India INX can access this facility at no additional membership costs.
Cost-efficient trading, leading technological platform and expansive product scope including stocks, indices, bonds, derivatives, and hybrids are just a few of the features that Indian investor can look forward to trading in international markets via India INX Global Access, it said.
Earlier, NSE IFSC said it has appointed BSO, a global pioneering infrastructure and connectivity provider, as its first official global connectivity partner.
The partnership will provide Asian, European and American trading firms with added infrastructure solutions helping future traders gain faster, more secure access to the Indian market via BSO’s global network, it added.