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International exchange to be set-up in Gift City

Business Standard:  July 18, 2016

Ahmedabad: BSE is planning to trade currency, metals and energy at its upcoming international commodity exchange at the International Finance Tec-City (Gift City) in Gandhinagar.

Speaking at an interactive session with Young Indians (Yi), Ahmedabad Chapter of CII at Ahmedabad, Managing Director and Chief Executive Officer of BSE, Ashish Chauhan said, "The exchange is in process to setting up international exchange at the Gift City in Gandhinagar. It will be a trading platform for globally traded things like energy, currency and metals etc."

BSE board has given its approval and it will apply to the regulator, Securities and Exchange Board of India (Sebi) to set up a commodity derivative segment.

According to Chauhan, the new exchange will also help global companies raise finance from other overseas investors.

BSE has also decided to form a separate company for the purpose, which will be its full-time subsidiary. The process of the new company is going on.

Chauhan said, "To operate and maintain all the things related to international stock exchange, we are forming new company. Name of the company is yet not decided."

Chauhan said that BSE also has plans to set up a new commodity exchange as soon as the approvals are received.

This exchange at the Gift City will start during Vibrant Gujarat summit that will be organised by Gujarat government in January, 2017.

During the last 140 years of operations, BSE has helped create wealth of more than Rs 104 lakh crore ($1.5 trillion). Ranked as the largest stock exchange in the world in terms of number of companies listed with more than 5,400 equity shares, it is also ranked as the fastest stock exchange in the world with 6 micro seconds response time.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.