Indian retail investors can invest in Japan, Australia, Euronext likely after March 31 under NSE IX ‘super broker’ model

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Indian retail investors are likely to gain access to additional overseas equity markets such as Japan, Europe's Euronext and Australia after March 31, as NSE International Exchange (NSE IX) expands its Global Access Provider (GAP) framework beyond the initial phase focused on US securities, according to people familiar with the rollout plans.

The Global Access structure enables resident investors to buy and sell foreign stocks through arrangements with multiple international brokers, a model aimed at simplifying overseas investing. The super broker model is aimed at reducing operational friction for resident investors seeking exposure to global equities.

“The global access provider is a platform of a super broker. We can give access to Japan’s stocks. We can give access to Euronext. We can give access to Australian stocks to Indian retail investors,” V Balasubramaniam, Managing Director and Chief Executive Officer of NSE International Exchange (NSE IX), told Moneycontrol in an interview, outlining the intended breadth of markets available through the platform. Euronext is a multi-country European stock exchange network that runs key equity markets.

He indicated that broader international expansion is expected once operational stabilisation of the US segment is completed.

The phased expansion beyond US securities is expected to follow completion of the platform’s initial stabilisation cycle. According to a person familiar with the development, the exchange is targeting a rollout after March 31 for enabling access to additional overseas markets.

T+1 settlement

The settlement cycle across these markets will follow a T+1 framework, enabling trades to be completed one business day after execution and reducing counterparty and settlement risks, he said.

T+1 settlement means trades are completed one business day after execution, enabling faster transfer of shares and funds while lowering settlement risk.

A central feature of the Global Access framework is the ability to offer fractionalised investing, allowing retail participants to purchase portions of high-priced global stocks instead of full shares — a mechanism widely used in developed markets but largely unavailable in traditional cross-border investing routes for Indian residents.

Under the proposed expansion, investors will be able to take exposure to equities listed in markets such as Japan, Euronext and Australia through value-based transactions facilitated by foreign broker partners integrated into the GAP structure.

Balasubramaniam described the architecture as one intended to replicate the ease of domestic trading experiences for international securities.

Tax treatment

Explaining cross-border taxation mechanics, he noted that withholding tax remains standard practice globally.

“All the countries when they deal with a foreign investor, they withhold the tax.”

Withholding tax refers to a mechanism where tax is deducted at source by the foreign jurisdiction or intermediary at the time income (such as dividends or certain capital gains) is paid to the investor, with the deducted amount later claimable for credit or adjustment under applicable Double Taxation Avoidance Agreements (DTAAs).

“There are double taxation treaties… If you have paid tax in some other country, then in your income tax return you can say this tax has been taken by them, so this can be adjusted.”

Balasubramaniam also dismissed the perception that overseas investing via GIFT City offers tax arbitrage for resident Indians.

“The government of India is not giving tax incentives for Indians to invest outside the country.”

Balasubramaniam emphasised that outbound investments made by resident Indians through Global Access do not carry any preferential tax regime and remain subject to prevailing tax laws.

“Outbound, there is no tax benefit for Indians. Whatever tax applies, applies,” he said.

He further clarified that the platform does not modify the taxation structure applicable to overseas investments.

“There is no special rule dispensation and taxation for outbound investments.”

Budget changes 2026 GIFT City incentives

Balasubramaniam also pointed to recent policy developments affecting GIFT City entities, particularly the extension of the tax holiday framework.

“GIFT City companies initially were given a 10-year tax holiday. Now once the Finance Bill is passed… that will become 20 years.”

The extension of the tax incentive window is expected to further enhance the attractiveness of the IFSC ecosystem for global financial institutions, intermediaries and issuers evaluating India-linked international structures.

While resident investors do not receive tax concessions, Balasubramaniam highlighted that the International Financial Services Centre (IFSC) framework offers structural advantages for foreign investors operating within GIFT City.

“Foreigners are exempted from capital gains. There is no taxation to be collected from them,” he said, referring to the tax treatment applicable within the IFSC framework.”

“They do not have to take a tax number… They pay taxes in their own country.”

These provisions, specific to the IFSC regulatory environment, have been positioned as a key factor behind rising offshore participation and liquidity migration to NSE IX products.