Sebi chairman Ajay Tyagi on Friday took stock of functioning of securities markets at GIFT City International Financial Services Centre. Besides, he promised full support for GIFT City (Gujarat International Finance Tec-City) IFSC, the National Stock Exchange (NSE) said in a release. GIFT IFSC Chairman Sudhir Mankad and officials of stock exchanges and clearing corporations gave an update to Tyagi about the steps taken for more effective functioning and development of the securities market at the financial centre.
Tyagi reviewed ‘the progress made in the last six months towards effective functioning of securities markets in GIFT IFSC’. Further, he discussed the progress of the NSE IFSC, its growth plans and steps taken by it to attract market participants, the NSE said. India International Exchange MD and CEO V Balasubramanian said that the bourse had the opportunity to showcase progress made in the past few months.
“The Sebi has been a supportive collaborator in these past months. We are working together to create an ecosystem that not only provides the best alternative to the global market systems but also encourages international investors to come to India. We also deliberated on the new initiatives that we have mapped for the exchange over the coming months,” he added.
GIFT IFSC (International Financial Services Centre) has been set up to enable Indian entities to compete on an equal footing with offshore financial centres and provide facilities and regulations comparable to other leading international financial centres in the world. GIFT City is the first IFSC in the country.
