Mumbai: BSE’s India International Exchange (India INX) at GIFT city, Gandhinagar, on Wednesday got capital market regulator Securities and Exchange Board of India (Sebi)’s approval to launch futures contracts in gold, silver and copper.
These would be the first commodity derivatives products to be traded on the international exchange at the International Financial Services Centre (IFSC) in GIFT City, Gandhinagar. India INX demand to trade in other commodity derivatives is still pending with the Sebi.
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India INX managing director & CEO V. Balasubramaniam said the clearance “will enable India INX to start trading on these global commodity products and compete with other internationally established exchanges". “This is in line with the Prime Minister Narendra Modi’s vision to see India emerge as a price setter in at least 10 products in the currency, commodity, equity and fixed income derivatives," he added.
India INX, the wholly-owned subsidiary of Asia’s oldest bourse BSE, had commenced trading at Gujarat International Finance Tech (GIFT) city on 16 January, this year.
The exchange so far was offering derivatives in equities, currency and interest rates at par with other global financial hubs. India INX had few months back filed for Sebi’s approval to launch trading in commodity.