New Delhi, July 9 (IANS) The BSE on Saturday announced that it plans to start an international stock exchange in the Gujarat International Finance Tec-City (GIFT) in Gandhinagar.
“We are in the process of setting up a new international exchange in GIFT city, which will trade in equity derivatives, currency derivatives, interest rate derivatives, etc. in Gandhinagar soon. The regulatory process takes its time. These are regulatory procedures, our board has given approval, we will apply to Sebi,” said BSE managing director and CEO Ashishkumar Chauhan.
Chauhan was speaking at the launch of a commemorative stamp on completion of 140 years by BSE. It was set up on July 9, 1875.
“We intend to compete with Hong Kong and Singapore exchange so it (international exchange) will trade in equity derivatives, currency derivatives of not only India, but other countries also. First time international finance zone is being set up. We plan to offer all the asset classes. To ensure its success, we need to ensure that it is able to provide all activities under one roof,” he said.
“We plan to have a separate exchange, separate company that will be set up for the international exchange,” he added.
Chauhan said that BSE also has plans to set up a new commodity exchange as soon as the approvals are received.
“We have already applied to Sebi. As soon as we receive approval. We are looking at non-agri commodities – metals, oils and gas,” he said.
During the last 140 years of operations, BSE has helped create wealth of more than Rs 104 lakh crore ($1.5 trillion). Ranked as the largest stock exchange in the world in terms of number of companies listed with more than 5,400 equity shares, the BSE is also ranked as the fastest stock exchange in the world with 6 micro seconds response time.
Finance Minister Arun Jaitley who inaugurated the commemorative stamp said stock exchanges throughout the world have played an important role in economic transformation and have helped in genration of wealth for the economy at large.
He said that essence of all economic activities is investment which in turn comes from wherever sources it is available.
“India has grown well in last few years due to public investment and FDI (foreign direct investment) but best of private sector investment is yet to come,” the finance minister said.
He also indicated that the private sector can play a pivotal role in meeting the country’s infrastructure and industrialisation deficit.
“As we grow we are going to need lot of investment. There is infrastructure deficit and industrialisation deficit. The starting point is investment… to cover the deficit,” Jaitley said.
“PPP (public private partnership) can ensure that the deficit is met,” he added.