India International Exchange Opened

IAS Prelims 2023

Prime Minister Narendra Modi inaugurated the India International Exchange (India INX) in Gandhinagar, Gujarat during the Vibrant Gujarat Global Summit 2017.

Promoted by Bombay Stock Exchange, it is expected to herald a new era in the country’s financial sector by facilitating trading in equities, commodities, and masala bonds, among others, by catering to both eastern and western markets.

India INX would offer derivatives trading in commodities, equities, currency and interest rates at par with other global financial hubs. It will commence operations from January 16 after securing regulatory approvals for trading in international securities.

India INX is a wholly-owned subsidiary of Asia’s first stock exchange, BSE, which, in the second phase would offer depository receipts and bonds trading.

India INX would be a game-changer in India’s financial sector. It will support the government’s Skill India Campaign by training 20,000 youths in the financial sector. It will also adopt best global financial practices and eco-system.

BSE Chairman is Sudhakar Rao.