84 BSE members get govt nod to set up shop at IFSC
As many as 84 trading members with BSE have received approval from the Ministry of Corporate Affairs to set up businesses at international financial services centre (IFSC) in Gujarat’s GIFT city. 90 trading members had applied with Ministry of Corporate Affairs to establish shops at IFSC, of which 84 have got the clearance. These members are expected to trade through India International Exchange (India INX), an arm of leading domestic bourse BSE, which is expected to go ‘live’ early next month. In a statement, India INX said IFSC has got “tremendous response from the members at BSE”.“Considering the specific requirement of Sebi for registering a separate company for undertaking IFSC trading business, around 90 members have already applied for name from the ministry out of which 84 members have already got the name approvals and 36 entities have been incorporated in Gujarat International Finance Tec (GIFT) city,” the statement said. “The number of members is expected to increase further by next week,” it added. India INX also said that ICICI Bank, Yes Bank, Kotak Mahindra Bank & IndusInd Bank would be functioning as clearing banks for the exchange and have already commenced their operation from Gift City. India INX and the India Clearing Corporation (ICC) has set up a fully functional office with a data centre and IT system at GIFT city. All systems and processes have been tested as of date. India INX and ICC had commenced mock trading from October 3, 2016. Besides, India INX and ICC has also commenced mock trading from India INX data centre at GIFT City from December 17, 2016 and plans to continue to do mock trading on daily basis.