New Delhi: The India International Exchange (India INX) Tuesday said it will soon facilitate buying and selling of shares of foreign stocks, including major US-listed companies, through its platform.
It has proposed to offer stocks from the US, Canada, the UK, Europe, Australia, and Japan, covering about 80 per cent of the investing universe, the BSE-owned India INX said in a statement.
The Exchange said it will roll-out the functional details in terms of specifications about the products and will also soon launch trading in international stocks.
Eventually, India INX will in the first phase provide access to over 130 exchanges across 31 countries worldwide covering global exchanges in America, Europe, Asia-Pacific, and Africa.
Among the exchanges to be offered access are — NYSE, Nasdaq, LSE, Canadian Securities Exchange, Toronto Stock Exchange, BATs Europe, Euronext France and Tokyo Stock Exchange.
India INX said it will add international stocks to trading via its wholly-owned subsidiary India INX Global Access IFSC Ltd.
“Under the LRS route, resident individuals can use the India INX platform to transact and invest in global stocks in an easy and convenient manner,” India INX Chairman Ashishkumar Chauhan said.
He added that the addition of global stocks is a significant step that will bring further investment into the region from investors seeking contracts with a strong emphasis on liquidity and investability.
Under the liberalised remittance scheme (LRS) framework, an Indian can only remit up to USD 2,50,000 outside India in a financial year.
Members of India INX can access this facility at no additional membership costs.
India INX is the country’s first international exchange based in the international financial services centre (IFSC) at Gujarat International Finance Tec-City (GIFT City).
Monday, the NSE International Exchange (NSE IFSC) said trading in select US stocks will soon be facilitated through its platform.
PTI