GIFT City achieves first overseas equity listing milestone as Cyprus firm Ellinas Finance prepares for NSE IX admission

GIFT City achieves first overseas equity listing milestone as Cyprus firm Ellinas Finance prepares for NSE IX admission

• Ellinas Finance to list on NSE IX at GIFT City
• MoUs signed with Taiwan, Mauritius exchanges for cross-border ties
• New agreements aim to boost dual listings and market connectivity

Did our AI summary help?

A Cyprus-based financial services company, Ellinas Finance, is set to become the first overseas equity admitted to the NSE International Exchange (NSE IX) at GIFT City, marking an early step in the IFSC's efforts to facilitate cross-border listings.

The move follows a Memorandum of Understanding signed in June 2025 between NSE IX and the Cyprus Stock Exchange (CSE) at Global Securities Market Conclave 2.0. Ellinas Finance, already listed on the CSE's alternative market, has initiated the formal process for a secondary listing on NSE IX. Exchange officials confirmed the admission is expected next week, with the primary listing on the CSE remaining unchanged.

V Balasubramaniam, Managing Director and CEO of NSE International Exchange, described it as the first cross-listing achieved in GIFT City, building on the MoU's focus on dual listings, product innovation, and bilateral market ties. Cyprus has been a notable source of foreign direct investment into India, with cumulative inflows of $15.3 billion and recent commitments around $1.5 billion over six months. The country also ranks as a financial innovation hub in Southern Europe and holds the current EU Council presidency.

In a separate development, the Taiwan Stock Exchange (TWSE) exchanged an MoU with India International Exchange (India INX) and NSE IX. The agreement emphasizes information sharing, joint promotion, and exploration of cross-border products such as ETF listings and global access initiatives. With NSE, BSE, and TWSE ranking among the top global exchanges by market capitalisation, the partnership aims to strengthen Asian market linkages and provide investors with broader choices through technology-driven platforms.

Another MoU was signed between AFRINEX (Mauritius) and India INX. AFRINEX, a multi-currency and multi-asset exchange positioning itself as a gateway between Africa and global markets, described the agreement as the first in a series of collaborations. It targets facilitation of Indian instruments into African markets and vice versa, covering product development, information exchange, and expertise sharing. The exchange highlighted existing involvement of Indian companies and openness to further partnerships bridging India and Africa.