Ahmedabad: Chief minister Bhupendra Patel launched trading in USD-denominated BSE sensex derivatives at the India International Exchange (India INX) in GIFT International Financial Services Centre (IFSC) on Monday. This new product allows global investors to trade and settle BSE sensex derivatives in US dollars, increasing international trader and investor participation.
The 22-hour trading window aims to further integrate India’s financial market with the global system.
At the launch, Patel stated that GIFT City is becoming a financial services hub. “Around 450 fintech companies have a base here. The recent union budget also has incentives for GIFT International Financial Services Centre (IFSC),” he said.
Sundararaman Ramamurthy, MD and CEO of BSE, said: “BSE is Asia’s first exchange and BSE sensex is the first market index. The launch of BSE sensex derivatives at India INX represents a key step in broadening access to India’s benchmark index for global investors. In the past 20 months, you have seen that BSE sensex derivatives traded around 40 billion contracts.”
Vijay Krishnamurthy, MD & CEO of India INX, said: “India INX provides global investors with a wide range of investment opportunities in a regulated, tax-efficient, and technologically advanced environment. With the launch of BSE sensex derivatives, India INX reinforces its commitment to deepening liquidity, enhancing market access, and positioning GIFT IFSC as a premier global financial centre. There will be no transaction charges, Securities Transaction Tax (STT), GST or capital gains tax for sensex derivatives at GIFT city. Global investors and non-resident Indians can trade here.”