The National Stock Exchange (NSE) of India, the world's largest derivatives exchange by trading volume, along with the MCX and securities depositories will set up market infrastructure institutions in the GIFT city.
The market infrastructure institutions comprise International Bullion Exchange, Clearing Corporation and Depository.
"National Stock Exchange of India, the Multi Commodity Exchange of India (MCX), India INX International Exchange (IFSC) (India INX), National Securities Depository (NSDL) and Central Depository Services (CDSL) have signed a memorandum of understanding for setting up market infrastructure institutions at Gujarat International Finance Tec-City (GIFT)," said the exchange in its statement.
The setting up of market infrastructure institutions is in line with the Government of India objective to make India a price setter in bullion through GIFT International Finance Service Centre (IFSC) and in accordance with the International Financial Services Centres Authority (Bullion Exchange) Regulations, 2020, and other applicable laws, the exchange added.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
