International Financial Services Centre Started

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The National Stock Exchange of India launched its international exchange, NSE IFSC, at GIFT International Financial Services Centre (IFSC) at GIFT City in Gandhinagar.

The newly launched exchange kicked off trading in popular index derivatives contracts on Nifty 50, Nifty Bank and Nifty IT.

Gujarat International Finance Tec-City or GIFT is an under-construction central business district between Ahmedabad and Gandhinagar in the Indian state of Gujarat.

An IFSC caters to customers outside the jurisdiction of the domestic economy. Such centres deal with flows of finance, financial products and services across borders.

The exchange will offer derivatives contracts in gold and silver, and currency derivatives on leading global currency pairs of EURO-USD and GBP-USD.

The stock derivatives will include futures and options on 10 Indian stocks, including Axis Bank, HDFC Bank, ICICI Bank, Infosys, L&T, Maruti, Reliance Industries, SBI, Tata Motors and TCS.

The clearing and settlement of all trades executed on NSE IFSC will be managed by the NICCL.

ICICI Bank and Kotak Bank are the two clearing banks onboard for funds settlement.

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