News APP

NewsApp (Free)

Read news as it happens
Download NewsApp

Available on  gplay

Home  » Business » Foreign investors to increase participation in NSE IX

Foreign investors to increase participation in NSE IX

By Gurdip Singh
November 05, 2024 15:43 IST
Get Rediff News in your Inbox:

Trading turnover on NSE IX has been witnessing an uptrend and this momentum is likely to continue thanks to the growing global interest in the overall India growth trajectory, MD & CEO of NSE International Clearing Neeraj Kulshrestha has said.

NSE IX

Photograph: Courtesy, NSE IX

Speaking at the Singapore Fintech Festival (SFF) on Monday Kulshrestha said foreign investors are likely to further increase their participation in GIFT City NIFTY.

 

The concerns relating to the relocation of NSE Nifty to NSE IX in GIFT City in July 2023, have been overcome as the volumes have continued to grow post the transition from $60 billion with Open interest trade of $9 billion in July 2023, to $100 billion and Open interest of $20 billion-plus in October 2024, reflecting a strong confidence in the India growth story, Kulshrestha said.

"The potential of continuous volume growth 'is bound to happen',” he said, adding that more than 140 funds are now registered in the dollar-denominated investment flow in the duty-free zone.

NSE IX is an International multi-assets exchange set up at GIFT City in June 2017 and recognised by the International Financial Services Centre Authority (IFSCA).

The access to invest and trade in GIFT City is much easier, he added.

"People are investing in NIFTY which is an aggregation of 50 large companies of the country and this is the best way to participate in the India Growth story," he said on the sidelines of the ongoing SFF week which began on Monday.

More and more products are being planned for listing on the GIFT City, including Equity, Sovereign Green bonds and derivatives on other key indices for building GIFT City into an ecosystem of international repute.

"An aggressive pace of product development is underway, especially building on the boost in volume seen for NIFTY," said a trader on condition of anonymity.

Get Rediff News in your Inbox:
Gurdip Singh
Source: PTI© Copyright 2024 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.
 

Moneywiz Live!