NSE IX renews call for SEBI to finalise long-pending direct listing guidelines for Indian companies in GIFT IFSC

GIFT City

• NSE IX awaits SEBI's final guidelines for direct Indian listings
• Asia's first blue bond listed on NSE IX, marking a key milestone
• NSE IX's Global Access platform enrolls 2,000 clients in one day

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NSE International Exchange (NSE IX) Managing Director and CEO, V Balasubramaniam spoke that the exchange is again in discussions with SEBI to check for it's approval on enabling direct listings of Indian companies on IFSC exchanges. Ahe said that the final operating guidelines from SEBI remain awaited despite earlier commitments from the Honorable Finance Minister.

Speaking at the Global Securities Markets Conclave 2.0, Balasubramaniam said, "Honorable FM had said that Indian companies should be able to do direct listing on the IFSC exchanges also. And I think there was a working group which was also set up, and we contributed quite a lot in terms of the efforts there. But it's still waiting for the final operating guidelines to be issued by SEBI, which hopefully once it starts, I think there could be a lot more companies which could really look at using the IFSC ecosystem and the stock exchanges to list."

While the IFSC framework (via IFSCA regulations, MCA rules, and FEMA amendments) has allowed unlisted Indian public companies to pursue direct listings since around 2024-2025 for global access, listed Indian companies' participation hinges on SEBI notifying specific operational guidelines.

Balasubramaniam tied this to NSE IX's broader efforts to internationalize GIFT: "One of the big drivers which we had is to enable companies not only from India, but also companies from abroad to actually come into GIFT and make truly GIFT an international financial ecosystem."

He noted strong progress on inbound business, with NSE IX capturing 88% incremental market share in that segment till December 31, 2025, alongside its dominant 99% overall trading share.

Complementing the regulatory appeal, he spotlighted fresh inbound milestones: - Asia's first blue bond listing: "Today we are very happy to announce that we just got the first blue bond also to be listed on NSEIX. So, in fact, I am told this is Asia's first blue bond."

This builds on last year's first international green bond from Sri Lanka and aligns with BIMSTEC focus, including a same-day MoU with Colombo Stock Exchange.

First foreign equity listing imminent: "We are getting probably the first company from Cyprus which will also do a list on to us. So that becomes the first foreign equity listing which is going to happen on us."

On outbound investments, Balasubramaniam highlighted the Global Access platform's strong start: "Just yesterday we opened the soft launch, and I'm told by my team that already 2,000 clients have already enrolled in a single day." The platform enables 30-second video KYC, fractional investing, low costs, and U.S. market access first, expanding to over 30 global markets in 3-6 months.

Also Read | NSE IX ‘Global Access’ soft launch sees 2,000 clients enrolled in a single day

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