BSE hopes to make IFSC exchange operational soon
Asia’s first ever bourse, the Bombay Stock Exchange, which has entered the recently launched International Financial Services Centre (IFSC) in Ahmedabad, is hoping to start operations within 9-12 months, an official said.
“We are hoping to start the exchange at IFSC in the coming 9-12 months and waiting for the remaining pending regulations to be cleared, managing director and CEO of BSE, Ashish Kumar Chauhan, told mediapersons here on Saturday on the sidelines of an event organised by the Confederation of Indian Industry (CII).
He said while the requisite regulations from the Insurance Regulatory and Development Authority (IRDA), the Securities and Exchange Board of India (SEBI) and the Reserve Bank of India (RBI) have been released to start the operations, they are yet to hear about the companies act and taxation.
The BSE has tied up with Deutsche Borse – the owner of MNI Index – to come up with the exchange at the financial special economic zone in Ahmedabad which is poised to be global investor-friendly.
The BSE Brokers Forum has invested Rs.150 crore on three lakh sq.ft of space at IFSC in Gujarat. It is considering increasing the space to five lakh sq ft.
The centre aims at creating an IFSC on the lines of Dubai, Singapore and Hong Kong.