MEDIA COVERAGE. NSE signs MoU with India s first International Financial Services Centre (IFSC) at GIFT City to set up an International Exchange

Transcription

1 MEDIA COVERAGE On NSE signs MoU with India s first International Financial Services Centre (IFSC) at GIFT City to set up an International Exchange

2 PUBLICATION NAME : Mint EDITION : All Editions PAGE : 18

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29 Online Coverage On NSE signs MoU with India s first International Financial Services Centre (IFSC) at GIFT City to set up an International Exchange

30 No Website URL 1 Reuters India 2 The Economic Times 3 Business Standard 4 Mint 5 The Hindu Business Line 6 Financial Chronicle 7 The Week 8 The Hindu 9 The Indian Express 10 The Pioneer 11 Zee News 12 Rediff 13 The Echo of India 14 Desh Gujarat E-plans-international-exchange-at-GIFT-SEZ.html &contentId= Journey Line

31 REUTERS INDIA NSE plans to set up international exchange in Gujarat (Reuters) - The National Stock Exchange (NSE) has agreed to set up an international exchange at a planned special economic zone in Gujarat, the exchange said on Thursday. The international bourse will offer trading in equities, interest rates and currencies among other asset classes, NSE said. The exchange will function from the Gujarat International Finance Tec-City, a special economic zone being developed as India's first international financial services centre, it said.

32 THE ECONOMIC TIMES NSE plans to set up international exchange in Gujarat MUMBAI: The National Stock Exchange (NSE) has agreed to set up an international exchange at a planned special economic zone in Gujarat, the exchange said on Thursday. The international bourse will offer trading in equities, interest rates and currencies among other asset classes, NSE said. The exchange will function from the Gujarat International Finance Tec-City, a special economic zone being developed as the country's first international financial services centre, it said.

33 BUSINESS STANDARD NSE plans to set up international exchange in Gujarat MUMBAI (Reuters) - The National Stock Exchange (NSE) has agreed to set up an international exchange at a planned special economic zone in Gujarat, the exchange said on Thursday. The international bourse will offer trading in equities, interest rates and currencies among other asset classes, NSE said. The exchange will function from the Gujarat International Finance Tec-City, a special economic zone being developed as India's first international financial services centre, it said.

34 BUSINESS STANDARD NSE follows BSE with plan to set shop in Gujarat's GIFT city Sources say SEZ may get 'deemed foreign territory' status, which will benefit investors seeking exposure to Indian markets through NSE's international exchange The country's biggest bourse, the National Stock Exchange (NSE), plans an international exchange at Gujarat's 'GIFT City', the country's first proposed international financial services centre. The exchange signed a memorandum of understanding (MoU) on Thursday with the GIFT City project developers in Ahmedabad, in the presence of Gujarat's finance minister, Saurabh Patel. NSE's rival, BSE Ltd, had signed a similar undertaking with the Gujarat government last month. "NSE intends to develop an international standard exchange, providing an electronic platform for facilitating trading, clearing and settlement of securities, and shall explore the possibility of starting trading facilities in different asset classes like equities, interest rates and currencies, among others, and their derivatives, subject to fulfilment of existing laws and guidelines," the bourse stated. The GIFT Special Economic Zone is an equal joint venture between a state government undertaking, Gujarat Urban Development Company, and IL&FS. This international exchange is to be set up inside the SEZ. According to those in the sector, the SEZ is pinning hopes on tax concessions in the Union Budget. Sources say the SEZ is expected to be granted the status of a 'deemed foreign territory', which could prove beneficial for investors seeking exposure to Indian markets through the international exchange. "We at NSE would like to be a part of the vision of the government to develop an International Financial Services Centre in India. This will help the nation to compete with other similar global destinations," said Chitra Ramkrishna, managing director of NSE. The international finance centre is also aimed at curbing the export of India's capital markets. Th country is estimated to have lost 50 per cent market share to foreign bourses in the India-related rupee and index products market. The trading volume for the rupee and India-based indices products is pegged at a little over $100 billion, said BSE last month. Ramakant Jha, managing director, GIFT City, said the SEZ aimed to be "above par with other globally benchmarked financial centres".

35 MINT NSE plans to set up international exchange in Gujarat The exchange will function from the Gujarat International Finance Tec-City, a special economic zone Mumbai: The National Stock Exchange (NSE) has agreed to set up an international exchange at a planned special economic zone in Gujarat, the exchange said on Thursday. The international bourse will offer trading in equities, interest rates and currencies among other asset classes, NSE said. The exchange will function from the Gujarat International Finance Tec-City, a special economic zone being developed as India s first international financial services centre, it said.

36 MINT NSE plans international exchange at GIFT SEZ The international bourse will offer trading in equities, interest rates and currencies among other asset classes Gandhinagar: National Stock Exchange of India Ltd (NSE) has announced it is setting up an international exchange in a special economic zone (SEZ) being developed as the country s first International Financial Services Centre (IFSC) by Gujarat International Finance Tec-City Co. Ltd (GIFT). The announcement comes ahead of the Union Budget which is expected to detail guidelines for IFSCs, which could facilitate offshore banking, currency convertibility and incentives to insurance and other financial services companies to operate from the SEZ, Mint reported on 12 January. NSE s agreement with GIFT, signed on Thursday, involves the setting up of an international bourse that will offer trading in equities, interest rates and currencies among other asset classes. This comes around a month after BSE Ltd signed a similar deal with GIFT, entailing an investment of Rs.150 crore. The two exchanges will work towards moving the centre of gravity of key trading segments back to India. In the absence of an IFSC in India, India has lost roughly 50% market share in the two most important India-related products: with rupee and Index being mostly traded on foreign platforms instead of onshore trading in such products, a GIFT statement released on 12 January had said. Chitra Ramkrishna, managing director (MD) and chief executive officer (CEO), NSE, said: We at NSE would like to be a part of the vision of the government to develop an international financial services centre in India. This will help the nation compete with other similar destinations. This will allow Indian and international entities to deal in financial products and services from India, making GIFT- India as one of the foremost international financial centres in the world. Ramkrishna said details like investment amount or the scale of operation will be worked out soon, with the new rules to finance SEZs expected soon. GIFT, one of Prime Minister Narendra Modi s pet projects when he was chief minister of Gujarat and now projected as the first of 100 smart cities the government plans to build across India, is seen as India s reply to the international finance centres of Dubai, Singapore and Hong Kong. It is estimated that GIFT will provide 500,000 direct, and an equal number of indirect, jobs, which would require 62 million sq. ft of commercial, residential and social facilities, with a total investment of about Rs.78,000 crore over the next 10 years. GIFT Co. is a 50:50 joint venture (JV) between Infrastructure Leasing and Financial Services Ltd (IL&FS) and the state government-owned Gujarat Urban

37 Development Co. (GUDC). Of the 880 acres allotted to GIFT City, about 250 acres is earmarked for the IFSC. This will be treated as an SEZ. Ramakant Jha, MD and group CEO, GIFT City, said, We welcome NSE at GIFT City to establish an international exchange. With the operating guidelines being issued by the ministry of finance, government of India, for IFSC, our aim is to make GIFT at or above par with other globally benchmarked financial centres. This MoU (memorandum of understanding would help in attracting various international services and, thereby, create an eco-system for operation of an international exchange in the country. The government, in consultation with the Reserve Bank of India, may also have to tweak the Foreign Exchange Management Act (FEMA) to accommodate the special needs of an IFSC. The National Institute of Public Finance and Policy (NIPFP) submitted a concept note to the ministry of finance on 6 February detailing the objectives and the policy framework for setting up finance SEZs in India. The 21-page report, titled Policy Framework for Finance SEZ, highlights the steps and short-term actions that may be adopted to start finance SEZ. It suggests that till the time the Indian Financial Code (which would provide a comprehensive framework for a world-class financial system) is not enacted, a specialized law for a financial SEZ can be passed. Another alternative, it says, is to notify new guidelines as per the SEZ Act, 2005, as applicable to finance SEZ. The rationale for such a project, the concept note says, is the fact that an estimated Rs.1,334 crore per day, or Rs.2 trillion per year, for trading in rupee derivatives trading, is going to locations outside India. The report proposes exchanges based in such SEZs can compete for global customers with the DGCX in Dubai or the SGX in Singapore. The report suggests that taxation inside finance SEZ has to be rationalized. GIFT s Jha is also hoping for an alternative dispute resolution system, similar to the special court in Dubai financial service centre. Pradip Shah, who runs IndAsia, a corporate finance, private equity, and investment advisory, says that IFSCs will give a huge boost to the nation s gross domestic product. He said that 12-13% of the UK s gross domestic product (GDP) comes from financial services, the highest such measure in all G7 economies. Ireland set up an IFSC in 1987 and it employs 32,700 people directly and contributes 7.8% to the Irish GDP, added Shah, who was the founder-managing director of Crisil Ltd, India s first and largest credit rating agency. He also assisted in the founding of Housing Development Finance Corp. Ltd (HDFC), India s first retail housing finance company, in The US offers Delaware as a convenient location for registering firms 945,000 are registered there, generating revenues of such a scale that Delaware levies no sales tax. Switzerland, according to Shah, manages $2.1 trillion of offshore money; Britain and its Channel/Caribbean islands manage $1.9 trillion, while Singapore has $1.3 trillion of offshore assets under its care.

38 THE HINDU BUSINESS LINE NSE to set up global exchange at IFSC-GIFT in Gandhinagar In an attempt to become India's first International Financial Services Centre (IFSC), GIFT City is set to house a second international exchange in Gandhinagar. National Stock Exchange of India Ltd (NSE) on Wednesday signed a memorandum of understanding with GIFT SEZ Ltd, a subsidiary of Gujarat International Financial Tec-City (GIFT City), to set up an international exchange in the GIFT SEZ area being developed as India's first IFSC. The new exchange will provide an electronic platform for facilitating trading, clearing and settlement of securities, and will also explore the possibility of starting trading facilities in different asset classes including equities, interest rates, and currencies, among others. "We consider the recognition of GIFT SEZ as an IFSC by the Centre, as a step forward to serve the financial industry at large. We have expressed our intention to set up the International Exchange at GIFT SEZ, we are yet to finalise details about the area required and the quantum of investment planned for it," said Chitra Ramkrishna, MD and CEO, NSE, after signing the MoU here. Notably, NSE will be the second exchange after Bombay Stock Exchange (BSE) to set up an International Exchange at GIFT. In January this year, BSE had announced investment of up to Rs. 150 crore along with its associates and members to set up an exchange in a built-up area of up to 300,000 sq ft. "We are in talks with other international exchanges including the New York Stock Exchange (NYSE), Exchanges from Dubai, Singapore and the London Stock Exchange (LSE), among others," said Ramakant Jha, MD & Group CEO, GIFT City. Gujarat Finance Minister, Saurabh Patel said, "India has lost market share in several financial products due to the absence of a platform such as IFSC. We are taking all the steps required to fast-track the development of GIFT City. For Gujarat, which commands about 30 per cent share in the overall capital market of the country, GIFT City provides an ideal platform." The exchange will cater to international and other investors willing to operate from GIFT SEZ-IFSC in GIFT City. Of the overall investment target of Rs. 78,000 crore, GIFT City has attracted investments worth Rs. 9,000 crore by developing about 12.6 million square feet of area for various companies. According to Jha, six-seven companies mostly from the financial sector have started their operations at GIFT.

39 FINANCIAL CHRONICLE NSE follows BSE plan to set up Gujarat s GIFT city The National Stock Exchange (NSE) will set up an international exchange in GIFT SEZ area, a multiservices special economic zone being developed as India s first international financial services centre (IFSC) by GIFT SEZ, a wholly-owned subsidiary of Gujarat International Finance Tec-City or GIFT City. The GIFT SEZ and NSE signed a memorandum of understanding (MoU) in the presence of Saurabhbhai Patel, finance minister of Gujarat, at Gandhinagar. The GIFT SEZ has been notified as the first international financial services centre by the central government. Chitra Ramkrishna, MD & CEO, NSE said, NSE being a world class institution wants to be a part of this initiative. We consider recognition of GIFT SEZ as IFSC by Govt of India as a major step forward to serve the financial industry at large. We, at NSE, would like to be a part of the vision of the government to develop international financial services centre in India. This will help the nation compete with other similar destinations. This will allow Indian and international entities to deal in financial products and services from India, making GIFT-India as one of the foremost international financial centres in the world. NSE intends to develop an international standard exchange providing electronic platform for facilitating trading, clearing and settlement of securities, and will explore possibility of starting trading facilities in different asset classes like equities, interest rates, currencies, among others and their derivatives subject to fulfillment of existing laws and norms as are being issued by the government and the regulators, a joint release by the GIFT SEZ and NSE said.

40 THE WEEK NSE to set up global exchange in GIFT City Gujarat International Finance Tec-City (GIFT City) got a shot in the arm on February 26 with National Stock exchange (NSE), India's leading stock exchange, deciding to set up an international exchange in the GIFT City. MD and CEO of NSE Chitra Ramakrishna and MD and Group CEO of GIFT City Ramakant Jha singed an MoU in Gandhinagar in the presence of Gujarat finance minister Saurabh Patel. The MoU was signed with India's first International Financial Services Centre (IFSC) at the Gift City. A pet project of Prime Minister Narendra Modi, when he was the chief minister of Gujarat, the GIFT City is coming up at a cost of Rs 78,000 crore. When completed, it is expected to provide five lakh direct and an equal number of indirect jobs. It would require 62 million square feet of commercial, residential and social facilities over next 10 years. During the Vibrant Gujarat Global Investors Summit, earlier this year, Bombay Stock Exchange had signed a MoUs to set up international exchange at the GIFT City. Patel said they had already allotted 12.6 million square feet area and generated Rs 9,000 crore. He said that the MoU would go a long way in establishing country's first international exchange with participation of global institutions. Chitra pointed out that they considered recognition of GIFT SEZ as IFSC by government of India as a major step forward to serve the financial industry at large. She further said that they would like to be a part of the government's vision to develop international financial services in India. Jha, in his address, said that the initiative would be a starting point to compete with other countries of the world as far as the financial markets are concerned.

41 THE HINDU NSE to set up international exchange in Gujarat The National Stock Exchange (NSE), on Thursday, signed a memorandum of understanding with the Gujarat International Finance Tec-City to establish an international exchange at the city-based financial hub. The GIFT Special Economic Zone, spread over 886 acres, is being developed as India s first International Financial Services Centre (IFSC). The expected investment in this 'multi-service' SEZ is to the tune of Rs.78,000 crore, and an estimated five lakh persons are claimed to get direct employment in this mega commercial centre. NSE Managing Director and CEO Chitra Ramkrishna said the national entity wished to have its footprint in the international arena and be part of the government to develop IFSC in India. This will help the nation compete with other similar destinations. This will allow Indian and international entities to deal in financial products and services from India, making GIFT-India one of the foremost IFSCs in the world, she said. Underscoring GIFT s strength of offering sustainable and long-term infrastructure for business, Ms. Ramkrishna said, Just as we talk of infrastructure for the citizens for smart cities, when it comes to offering infrastructure for the commercial occupants, technology can play an important role. This does not mean just high-end technology, but technology that enables its commercial occupants to be efficient and optimise costs for their businesses. GIFT is a vision of how infrastructure can provide for businesses and boost the economy. GIFT City Managing Director and Group CEO Ramakant Jha said while the GIFT SEZ had been notified as an IFSC by the Union Government, the Centre had to frame operating guidelines. State Finance Minister Saurabh Patel said the international exchange would attract a lot of international investors. In the last six months, many companies, banks and insurance firms had expressed their wish to set shop at GIFT, he said. This will allow Indian and international entities to deal in financial products and services from India.

42 THE INDIAN EXPRESS NSE to set up international exchange in GIFT City soon A month after Bombay Stock Exchange (BSE) decided to establish India s first international exchange at Gujarat International Finance Tec-City (GIFT City) campus in Gandhinagar, the National Stock Exchange followed suit and signed a memorandum of understanding (MoU) with GIFT City on Thursday for setting up a similar exchange in the GIFT SEZ area. Chitra Ramkrishna, MD & CEO of NSE, signed the MoU with Ramakant Jha, MD of GIFT City, at the Chief Minister s Office complex. Though the amount of investment and the quantum of space that NSE plans to occupy in GIFT was not made public, state Finance Minister Saurabh Patel, who was present at the event, said, NSE will create a platform for facilitating trading, clearing and settlement or securities and shall explore possibility of starting trading facilities in different asset classes like equities, interest rates, currencies, among others and their derivatives subject to fulfilment of existing laws and guidelines as are being issued by the government and the regulators. Patel said that over Rs 9,000 crore of investments have already flowed into the GIFT City project that was conceptualised by Narendra Modi when he was the chief minister of the state. Once operational, International Financial Services Centre (IFSC) at GIFT can fulfil trading needs of domestic and foreign traders, subject to regulator s guidelines. Moreover, many institutions and people may opt to hedge their underlying risks in foreign currency denominated products from India, Patel added.

43 THE PIONEER NSE TO SET UP INDIA'S 1ST INT'L EXCHANGE IN GANDHINAGAR India's leading stock exchange, National Stock Exchange (NSE) plans to establish country's first international exchange in Gujarat International Fin-Tec SEZ (GIFT SEZ), situated on the outskirts of the State capital Gandhinagar. Chitra Ramkrishna, managing director and CEO of NSE signed an MoU with GIFT SEZ Ltd., a whollyowned subsidiary of Gujarat International Finance Tec - City Company Limited (GIFTCL), known as GIFT City on Thursday in the presence of Gujarat's Finance Minister Saurabh Patel. "Presence of NSE at GIFT City for operating international exchange is the testimony to the recognition of GIFT City emerging as a preferred destination for international financial services in the country. This MoU would go a long way in establishing country's first international exchange with participation of Global Institutions. Gujarat Government with the help of Central Government is taking all necessary steps to fast track the development of GIFT City which will transform state of Gujarat and India as a whole and create large number of jobs," said Patel. NSE plans to develop an international standard exchange providing electronic platform for facilitating trading, clearing and settlement of securities, and shall explore possibility of starting trading facilities in different asset classes like equities, interest rates, currencies, among others. "Being a world class institution, NSE wants to be a part of GIFT SEZ. We would like to be a part of the vision of the Government to develop International Financial Services Centre (IFSC) in India. This will allow Indian and international entities to deal in financial products and services from India, making GIFT-India as one of the foremost international financial centres in the world," said Ramakrishna. She further said that world class infrastructure of GIFT would help to provide better facilities to NSE customers currently source from outside India. Ramakant Jha, MD & Group CEO, GIFT City said that the MoU with NSE would help in attracting various international services and thereby create an eco system for operation of international exchange in the country.

44 "In the absence of an IFSC in India, the country has reportedly lost market share in few financial products. Overseas venues like SGX (in Singapore), DGCX (in Dubai) and CME (in Chicago, and worldwide), and the global OTC and NDF markets, have been very successful in this trading," said a senior official with GIFT City By establishing international exchange in GIFT IFSC, if even a small slice of this trading comes back to India through the international exchange set up in IFSC-GIFT by NSE, it would be a substantial achievement for India, he said, adding that it will also help international companies raise finance from other international investors within the International Finance Centre which can compete on rules, regulations and ease of business with other international finance centres such as Hong Kong, Singapore, Dubai and London.

45 ZEE NEWS NSE to set-up an international exchange in Gujarat's GIFT City New Delhi/Gandhinagar: Leading bourse NSE on Thursday said it will set-up an international exchange in Gujarat's GIFT City, to be developed as the country's first International Financial Services Centre (IFSC). Announcing the MoU with NSE in this regard, GIFT City MD and Group CEO Ramakant Jha said that operating guidelines for an IFSC are being issued by the Union Finance Ministry, which will help in attracting various international services to GIFT City (Gujarat International Finance Tec-City). The new exchange will provide an electronic platform for facilitating trading, clearing and settlement of securities, and will also explore the possibility of starting trading facilities in different asset classes like equities, interest rates, currencies, among others. NSE signed a memorandum of understanding (MoU) with GIFT SEZ, a wholly owned subsidiary of GIFT City, at Gandhinagar, the exchange said in a statement issued here. Earlier, BSE had inked a pact with GIFT City for setting- up an international exchange in Gujarat last month. GIFT City was conceptualised as a pet project of the Gujarat government when Prime Minister Narendra Modi was the state's chief minister. The exchange can cater to international and other investors willing to operate from GIFT SEZ-IFSC in GIFT City. According to its website, "GIFT city aspires to cater to India's large financial services potential by offering global firms a world-class infrastructure and facilities. "It aims to attract the top talent in the country by providing the finest quality of life all with integrated townships, IFSC and multi speciality special economic zone (SEZ)." The city is 12 km away from the Ahmedabad International Airport and 8 km from Gandhinagar.

46 "We consider the recognition of GIFT SEZ as IFSC by the Government of India, as a major step forward to serve the financial industry at large. We at NSE, would like to be a part of the vision of the government to develop an IFSC in India," NSE MD and CEO Chitra Ramkrishna said. There have been several attempts in the past to develop IFSCs in India on the lines of global financial hubs like Singapore, Hong Kong and Dubai. Several countries around the world have successfully unlocked their financial services potential by establishing hubs, which over time have become IFSC. These financial services centres help provide suitable regulatory regimes and create a business environment to promote talent and help increase capital flow. As these financial services centres develop, they create significant economic value for their domestic economies.

47 REDIFF NSE to set up an international exchange in Gujarat's GIFT City Leading bourse NSE on Thursday said it will set-up an international exchange in Gujarat's GIFTCity, to be developed as the India's first International Financial Services Centre (IFSC). Announcing the MoU with NSE in this regard, GIFT City MD and Group CEO Ramakant Jha said that operating guidelines for an IFSC are being issued by the Union Finance Ministry, which will help in attracting various international services to GIFT City (Gujarat International Finance Tec-City). The new exchange will provide an electronic platform for facilitating trading, clearing and settlement of securities, and will also explore the possibility of starting trading facilities in different asset classes like equities, interest rates, currencies, among others. NSE signed a memorandum of understanding (MoU) with GIFT SEZ, a wholly owned subsidiary of GIFTCity, at Gandhinagar, the exchange said in a statement. Earlier, BSE had inked a pact with GIFTCity for setting up an international exchange in Gujarat last month. GIFT City was conceptualised as a pet project of the Gujarat government when Prime Minister Narendra Modi was the state's chief minister. The exchange can cater to international and other investors willing to operate from GIFT SEZ-IFSC in GIFTCity. According to its website, "GIFT city aspires to cater to India's large financial services potential by offering global firms a world-class infrastructure and facilities. "It aims to attract the top talent in the country by providing the finest quality of life all with integrated townships, IFSC and multi speciality special economic zone (SEZ)." The city is 12 km away from the AhmedabadInternationalAirport and 8 km from Gandhinagar. "We consider the recognition of GIFT SEZ as IFSC by the Government of India, as a major step forward to serve the financial industry at large. We at NSE, would like to be a part of the vision of the government to develop an IFSC in India," NSE MD and CEO Chitra Ramkrishna said. There have been several attempts in the past to develop IFSCs in India on the lines of global financial hubs like Singapore, Hong Kong and Dubai. Several countries around the world have successfully unlocked their financial services potential by establishing hubs, which over time have become IFSC. These financial services centres help provide suitable regulatory regimes and create a business environment to promote talent and help increase capital flow. As these financial services centres develop, they create significant economic value for their domestic economies.

48 THE ECHO OF INDIA NSE signs MoU with IFSC at GIFT City National Stock Exchange (NSE), intends to establish an International Exchange in Gift Sez area, a multi-services Special Economic Zone (SEZ) being developed as India s first International Financial Services Centre (IFSC) by Gift Sez Ltd. a wholly owned subsidiary of Gujarat International Finance Tec- City Company Ltd (GIFTCL) known as GIFT City. GIFT SEZ and NSE signed the Memorandum of Understanding (MoU) in the presence of Saurabhbhai Patel, Finance Minister of Gujarat today at Gandhinagar. NSE intends to develop an International standard Exchange providing electronic platform for facilitating trading, clearing and settlement of securities, and shall explore possibility of starting trading facilities in different asset classes like equities, interest rates, currencies, among others and their derivatives subject to fulfillment of existing laws and guidelines as are being issued by the government and the regulators. Mr Patel said, Developing the country's first International Financial Services Centre (IFSC) in the Global Financial Hub at GIFT City has been the vision of Prime Minister Narendra Modi. Presence of NSE at GIFT City for operating international exchange is the testimony to the recognition of GIFT City emerging as a preferred destination for International Financial Services in the country. This MoU would go a long way in establishing country s first International Exchange with participation of Global Institutions. Chitra Ramkrishna, MD & CEO, NSE said, We consider the recognition of GIFT SEZ as IFSC by the Government of India, as a major step forward to serve the financial industry at large. We at NSE, would like to be a part of the vision of the government to develop an International Financial Services Centre in India. This will help the nation to compete with other similar global destinations. Ramakant Jha, MD & Group CEO, GIFT City said, With the operating guidelines being issued by MoF, GoI for IFSC, our aim is to make GIFT at or above par with other globally benchmarked financial centres. This MoU would help in attracting various international services and thereby create an eco system for operation of International Exchange in the country.

49 DESH GUJARAT NSE to set up International Exchange in GIFT SEZ, MoU signed National Stock Exchange (NSE), India s leading stock exchange, intends to establish an international exchange in GIFT SEZ area, a multi-services Special Economic Zone(SEZ) being developed as India s first International Financial Service Centre(IFSC) by GIFT SEZ Ltd, a wholly-owned subsidiary of Gujarat International Finance Tec-City Company Ltd(GIFTCL) known as GIFT City. GIFT SEZ and NSE signed the Memorandum of Understanding(MoU) in the presence of Shri Saurabhbhai Patel, FInance Minister of Gujarat today at Gandhninagar. NSE intends to develop an international standard exchange providing electronic platform for facilitating trading, clearing and settlement of securities, and shall explore possibility of starting trading facilities in different asset classes like equities, interest rates, currencies, among others and their derivatives subject to fulfillment of existing laws and guidelines as are being issued by the government and the regulators. The exchange can cater to international and other investors willing to operate from GIFT SEZ-IFSC in GIFT City. GIFT SEZ has been notified as an international financial service centre by Govt of India as India s first IFSC. Int he absence of an ISFC in India, the country has reportedly lost market share in few financial products. Once operationalsed, IFSFC GIFT can fulfill trading needs of domestic and foreign traders, subject to regulator s guidelines. Moreover, many institutions and people may opt to hedge their underlying risks in foreign currency denominated products from India. For instance, the trading volumes of the rupee and India-based indices are estimated at over USD 100 billion a day. Overseas venues like SGX (in Singapore), DGCX( at Dubai) and CME ( in Chicago, and worldwide), and the global OTC and NDF markets, have been very successful in this trading. By establishing international exchange in GIFT IFSC, if even a small slice of this trading comes back to India through the international exchange set up in IFSC-GIFT by NSE, it would be a substantial achievement for India. It will also help international companies raise finance from other international investors within the international finance centre which can compete on rules, regulations and ease of business with other international finance centres wuch as Hong Kong, Singapore, Dubai and London. Welcoming this major development for Gujarat, Shri Saurabhbhai Patel said Developing country s first IFSC at GIFT has been the vision of Shri Narendra Modi. Presence of NSE at GIFT for operating

50 international exchange is the testimony to the recognition of GIFT City emerging as a preferred destination for IFS in the country. This MoU would go a long way in establishing country s first international exchange with participation of global institutions. Gujarat govt with the help of Central govt is taking al necessary steps to fast track the development of GIFT City which will transform state of Gujarat and India as a whole and create large number of jobs. In fact it may be recalled that this is the second MoU that NSE has signed in Gujarat in less than 100 days. The first MoU was with the Gujarat govt on financial education at school level. Ms. Chitra Ramkrishna, MD & CEO, NSE said, NSE being a wold class institution wants to be a part of this initiative. We consider recognition of GIFT SEZ as IFSC by Govt of India as a major step forward to serve the financial industry at large. We at NSE, would like to be a part of the vision of the govt to develop international financial service centre in India. This will help the nation to compete with other similar destinations. This will allow Indian and international entities to deal in financial products and services from India, making GIFT-India as one of the foremost international financial centres in the world.

51 JOURNEY LINE NSE to set-up an international exchange in Gujarat s GIFT City New Delhi/Gandhinagar: Leading bourse NSE on Thursday said it will set-up an international exchange in Gujarat's GIFT City, to be developed as the country's first International Financial Services Centre (IFSC). Announcing the MoU with NSE in this regard, GIFT City MD and Group CEO Ramakant Jha said that operating guidelines for an IFSC are being issued by the Union Finance Ministry, which will help in attracting various international services to GIFT City (Gujarat International Finance Tec- City). The new exchange will provide an electronic platform for facilitating trading, clearing and settlement of securities, and will also explore the possibility of starting trading facilities in different asset classes like equities, interest rates, currencies, among others. NSE signed a memorandum of understanding (MoU) with GIFT SEZ, a wholly owned subsidiary of GIFT City, at Gandhinagar, the exchange said in a statement issued here. Earlier, BSE had inked a pact with GIFT City for setting- up an international exchange in Gujarat last month. GIFT City was conceptualised as a pet project of the Gujarat government when Prime Minister Narendra Modi was the state's chief minister. The exchange can cater to international and other investors willing to operate from GIFT SEZ-IFSC in GIFT City. According to its website, "GIFT city aspires to cater to India's large financial services potential by offering global firms a world-class infrastructure and facilities. "It aims to attract the top talent in the country by providing the finest quality of life all with integrated townships, IFSC and multi speciality special economic zone (SEZ)." The city is 12 km away from the Ahmedabad International Airport and 8 km from Gandhinagar. We consider the recognition of GIFT SEZ as IFSC by the Government of India, as a major step forward to serve the financial industry at large. We at NSE, would like to be a part of the vision of the government to develop an IFSC in India," NSE MD and CEO Chitra Ramkrishna said. There have been several attempts in the past to develop IFSCs in India on the lines of global financial hubs like Singapore, Hong Kong and Dubai. Several countries around the world have successfully unlocked their financial services potential by establishing hubs, which over time have become IFSC. These financial services centres help provide suitable regulatory regimes and create a business environment to promote talent and help increase capital flow. As these financial services centres develop, they create significant economic value for their domestic economies.