An international exchange targeting foreign investors is India’s attempt to take on the $48 billion worth of offshore trade and business activities from Singapore, Dubai and Hong Kong, which already have such exchanges in place. Photo: MintMumbai/Ahmedabad: Asia’s oldest stock exchange BSE Ltd has deputed its chief business officer V. Balasubramanian to head its new international exchange in Gujarat that will compete with similar bourses in Singapore and Hong Kong. Balasubramanian, who will be managing director and chief operating officer of India International Exchange (INX), will be joined by 70-80 officials from Mumbai, BSE’s managing director and chief executive officer Ashish Chauhan said. An international exchange targeting foreign investors is India’s attempt to take on the $48 billion worth of offshore trade and business activities from Singapore, Dubai and Hong Kong, which already have such exchanges in place. BSE has already received applications from around 90-100 brokers to shift to GIFT for trading and 50 have already taken registration.

Source: Mint January 09, 2017 16:30 UTC