Bombay Stock Exchange (BSE’s) wholly owned subsidiary India International Exchange on 17 January commenced trading at International Financial Service Centre (IFSC), Gujarat International Finance Tech (GIFT) City, Gujarat.
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On 9 January 2017, Prime Minister Narendra Modi had inaugurated India International Exchange at GIFT City.
International Exchange is India’s first international exchange. Technology offerings at International Exchange will facilitate co-location of members in its own Data Centre at GIFT IFSC as well as algo trading including that of High Frequency Traders (HFTs). The Exchange will offer the same state of the art T7 trading platform used by BSE with a speed of 4 microseconds – fastest in the world, functioning 22 hours a day, five days a week.
The exchange provides advantages in terms of tax structure and supportive regulatory framework. These include benefits in security transaction tax, commodity transaction tax, dividend distribution tax and long term capital gain tax waivers and no income tax for the first five years.
Traders were inducted on the new platform of the international exchange from October 3, 2016 and mock trading from the data centre at GIFT City began on December 17, 2016.
Speaking at the event, V. Balasubramaniam, MD & CEO, India INX, said, ” We are confident of our state-of-the-art new facility, which will act as a gateway to raise capital for the country’s infrastructure and development needs.