India INX signs MoU with Kling Block Chain IFSC Pvt. Ltd. to explore launch of Digital Asset based products.
India INX has signed MoU with Kling Block Chain IFSC Pvt. Ltd. to explore and launch Digital asset-based products. King Block Chain IFSC Pvt. Ltd. is a 50:50 Joint Venture between Cosmea Holdings and Kling Trading India Pvt. Ltd.
In recent times, Digital assets have gained mainstream traction in the global capital market landscape. Joint application has been filed with IFSCA under Regulatory Sandbox regarding launch of these new age assets.
Commenting on this, Shri V. Balasubramaniam, MD & CEO, India INX said, “India INX at GIFT IFSC is looking at exploring launch of Digital Asset based products and has already made an application to IFSCA under Regulatory Sandbox. This is a part of our product innovation initiative for benchmark our offerings with other international finance centers. We will be launching products in these new age assets in complete compliance with the prevailing laws after receiving all required regulatory approvals.”
India INX, BSE’s international arm, commenced its trading activities on January 16, 2017 and is India’s first International Exchange set up at GIFT IFSC. It is one of the world’s most advanced technology platforms with a response time of 4 micro seconds and allows trading for 22 hours a day, in a range of financial market products such as index and single stock derivatives, commodity derivatives, currency derivatives and debt securities, to allow international investors to trade from anywhere across the globe. The Exchange provides a state-of-the-art electronic platform to facilitate trading, clearing and settlement of the widest range of global benchmark products across all major asset classes, including securities, equity derivatives, precious metals, base metals, energy and bonds. The average daily turnover at the exchange for the quarter ended December 2021 is USD 4.76 Bn. with around 91 % market share among the exchanges at IFSC. India INX all time high turnover is USD 30.3 Bn. on March 10, 2021. The Exchange also has tier-III equivalent data center colocation facility for its Members. India INX introduced the Global Securities Market (GSM) platform, which is a pioneering concept in India, offering issuers an efficient and transparent method to raise capital. The platform offers a debt listing framework at par with other global listing venues such as London, Luxembourg, Singapore etc. The Exchange provides competitive advantage in terms of tax structure and supportive regulatory framework that is comparable with any other global financial center. These include waiver of several taxes like securities transaction tax, commodities transaction tax, dividend distribution tax, capital gains tax, GST etc. Further, as an entity set up at IFSC, additional tax waivers are applicable viz. graded income tax holiday for ten years out of fifteen years, one-time subsidy on IT capex spend, no stamp duty etc.
INX achieved USD4.46 Trillion total turnover and USD 30.30Bn highest daily trading turnover. USD 58.6+ Bn of MTN established and USD 33.4+Bn of listed bonds.