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New Delhi, May 8 () Two exchanges at International Financial Services Centre in Gift City, India INX and NSE IFSC, on Friday launched trading in rupee-USD derivative contracts to enable participants to hedge, trade and settle in the dollar.With the launch, trades that have been migrated to other international financial centres will now bring rupee trading home.Besides, trading of INR-USD futures and options will enable participants to hedge, trade and settle in USD with market rules and ecosystem at GIFT City IFSC that is at par with other global markets.The launch was done virtually by Finance Minister Nirmala Sitharaman, where she rang the bell electronically and declared Rupee-Dollar Futures and Options contract open for trading on India INX and NSE IFSC, both exchanges said in separate statements."We welcome today's launch of rupee-dollar trading from the International Exchanges at GIFT IFSC. This new reform will enable India to become a net exporter of financial services, being in sync with the vision of GIFT City as a platform for onshoring financial services business, presently being lost to other financial centres across the world," said Tapan Ray, MD and Group CEO at GIFT City.India INX Chairman Ashishkumar Chauhan said the launch of INR-USD contracts is a great initiative to onshore the offshore rupee-dollar markets."Introduction of rupee derivatives in IFSC is crucial for the development of Indian financial markets. Rupee derivatives in IFSC would help in creating a vibrant forex market in India. "This will also play an important role to bring offshore rupee market back to India and strengthen price discovery in Indian markets," NSE MD and CEO Vikram Limaye said.The move comes after Sitharaman in her budget speech said that in recent years, there has been a surge in trading volumes of the Indian rupee in the offshore financial centres."The government and the RBI have taken various measures to permit rupee derivatives to be traded in the International Financial Services Centre at GIFT city, Gujarat," she had added.IFSC platform offers access for the international investors and non-resident participants who currently participate in INR trading in various offshore markets and shall offer such participants, an additional trading venue at par with the other offshore market platforms. Long trading hours and USD settlement at IFSC would also help to improve access for overseas participants. This will, in turn, help these participants in hedging their rupee exposures effectively at IFSC.NSE IFSC Clearing Corporation (NICCL) would provide counter-party settlement guarantee for the trades executed on NSE IFSC Ltd.The major participants in rupee derivatives contracts at NSE IFSC would include Foreign Portfolio Investors (FPI), Corporations, IFSC Banking Units (IBUs) trading members, Global banks &amp; custodian and Non-Resident Indians.India INX and NSE IFSC are based in IFSC at Gujarat International Finance Tec-City. SP MR

India INX, NSE IFSC launch rupee-USD derivative trading

<ul><li><keyword id="4448888" type="PERSON" weightage="20" keywordseo="india-inx">India INX</keyword>, India’s first international exchange is all set to launch INR-USD futures and options contracts on May 8.</li><li>This is expected to help the Reserve Bank of India (RBI) reduce the volatility in the value of the Indian rupee and avoid a repeat of the 2013 taper tantrum when the rupee tumbled by 20%.</li><li>In April 2019, London surpassed Mumbai in Rupee trades, totaling $46.8 billion against $34.5 billion in India, essentially ceding control to foreign players. </li></ul>India’s first international exchange, India INX is all set to launch INR-USD futures and options contracts. This will help the Reserve Bank of India (RBI) in curbing the influence of foreign trade centers like Dubai and Singapore in the Rupee derivatives trade. Initially recommended by the Dr. Usha Thorat Committee in 2019, the Rupee derivatives trade was greenlit by RBI in November 2019. Now, BSE subsidiary India INX is gearing up to launch it at its exchange located in GIFT city in Gujarat. But what exactly does INR-USD futures and options contract mean and why is it important? We answer those questions here. <div type="Article" hostid="261" msid="75273796" title="Without RBI’s help, Rupee value might slump to 80 per dollar says report" mstype="2" mssubtype="0"></div> Why is this important? Allowing INR-USD contracts in IFSC allows the RBI to reduce foreign influence on the Indian rupee, and perhaps a repeat of the <a href="https://www.investopedia.com/terms/t/taper-tantrum.asp">2013 taper tantrum</a>. In 2013, foreign speculators sent the Indian rupee tumbling by 20%, almost leading to a financial crisis in India. This was triggered by a statement by the then-chairman of US Federal Reserve Ben Bernanke, who said the US would taper off its $85 billion a month bond purchase programme at some point. Reducing arbitrage opportunity between Indian and foreign centers will reduce volatility In 2019, London surpassed Mumbai to become the top center for trading in rupee, at $46.8 billion in April 2019 compared to $34.5 billion in India. Since 2016, rupee trading increased in other centers like Singapore, Hong Kong and the United States, too. “This may further narrow down the arbitrage between on-shore and off-shore markets and induce lower volatility in rupee emanating exclusively from off-shore markets,” Madhavi Arora, lead economist at Edelweiss Securities <a href="https://economictimes.indiatimes.com/markets/stocks/news/bringing-rupee-trading-home-india-takes-steps-to-deepen-markets/articleshow/71450762.cms?from=mdr">told</a> Economic Times. In the end, to an average Indian, reduced volatility in the Indian rupee will reduce the risk of inflation. <div type="Article" hostid="261" msid="75264639" title="Crude oil prices didn’t fall below zero, futures did – and here’s what it means" mstype="2" mssubtype="0"></div> What are futures and options contracts? Futures contracts are agreements to buy or sell an underlying stock at a future date. Essentially, a futures contract is a promise to buy or sell the asset at a future date. The amount to be paid will be decided based on the market prices on the date of expiry of the contract. Options contracts are of two types – call and put. Call options give the buyer the right to purchase a stock at a set price during the life of the contract. They are bought when the buyer expects the stock price to increase in the future. Put options give the buyer the right to sell a stock at a set price during the life of the contract. They are bought when the buyer expects the stock price to decrease in the future. How do currency futures and options contracts work? When it comes to currency contracts, buyers and sellers exchange one currency for the other. If you want to buy USD and have INR, you would need to find a seller who wants to sell USD in exchange for INR. For example, if you enter into a INR-USD futures contract to buy $100 at ₹75 per dollar on May 20, you will have to pay ₹7,500 and take delivery of $100, regardless of the exchange rate prevailing on May 20. Now, in currency futures and options, there is an element of speculation. This gives rise to the futures and options values increasing and decreasing based on the demand and supply. Speculators try to make a profit by betting on this difference. See also: <a href="https://www.businessinsider.in/business/news/without-rbis-help-rupee-value-might-slump-to-80-per-dollar-says-report/articleshow/75273796.cms">Without RBI’s help, Rupee value might slump to 80 per dollar says report</a> <a href="https://www.businessinsider.in/business/news/crude-oil-prices-didnt-fall-below-zero-futures-did-and-heres-what-it-means/articleshow/75264639.cms">Crude oil prices didn’t fall below zero, futures did – and here’s what it means</a> <a href="https://www.businessinsider.in/business/news/rupee-closes-down-by-9p-at-75-72-against-dollar-on-growth-concerns/articleshow/75577342.cms">Rupee closes down by 9p at 75.72 against dollar on growth concerns</a>

India INX all set to launch INR-USD futures and options contracts – here’s what it means and why it’s important

New Delhi, Feb 25 () Asian Development Bank (ADB) has listed its 10-year masala bonds worth Rs 850 crore on the global debt listing platform of India INX. The proceeds would be used to support local currency lending and investment in India, the BSE-owned exchange said in a release on Tuesday. India INX is the country's first international exchange, located at International Financial Services Centre, GIFT City in Gujarat. ADB's masala bonds are listed on both Luxembourg exchange and India INX. "This is the first time a foreign issuer and a supranational is doing a primary listing with India INX and we are excited to welcome ADB as a marquee issuer on our platform. This will help further in making GIFT IFSC a global hub for fund raising by Indian and Foreign issuers," India INX MD and CEO V Balasubramaniam said. ADB Treasurer Pierre Van Peteghem said "the listing rules and processes at India INX are modelled on global standards making time to market fast and efficient." ADB's bonds were distributed to investors in the Americas (21 per cent) and Europe (79 per cent) with 28 per cent placed with banks and 72 per cent with fund managers, India INX said. Since the launch of the bourse's global debt listing platform, medium-term notes worth USD 48 billion and bonds worth over USD 21 billion have been listed so far, according to the release. SRS ANUANU

ADB lists Rs 850 cr masala bonds on India INX

New Delhi, Dec 6 () BSE-owned India International Exchange (India INX) on Friday said it has listed state-owned ONGC's USD 300 million medium-term note issue on its debt listing platform.
The maiden issue is part of ONGC's medium term note (MTN) programme to raise up to USD 2 billion in overseas borrowings through debt-instrument.
The notes under the programme have been issued at a coupon rate of 3.375 per cent due in 2029, the release said.
India INX is the country's first debt listing platform that allows raising funds in any currency of choice by both foreign and Indian issuers from investors across the globe.
"We are happy to be part of India INX at IFSC, GIFT City to list ONGC's maiden issue of USD 300 million ... which offers opportunity to reach out to international investors to raise funds in a similar manner in other international markets in addition to providing single window facility for compliance reporting, " ONGC Chairman and managing director Shashi Shanker said in a statement.
Since the launch of global securities market, medium-term notes worth USD 47 billion and bonds worth USD 17.9 billion have been listed on the platform so far, India INX said.
India INX is India's first International Exchange set up at Gujarat International Finance Tech-City (GIFT City). SRS BAL
BAL

ONGC lists USD 300 mn MTN issue on India INX

New Delhi, Feb 17 () The BSE-owned India International Exchange (India INX) on Monday said it has listed two tranches of Indian Railway Finance Corporation's (IRFC) medium-term notes worth USD 1 billion on its debt listing platform. In the first tranche, bonds worth USD 700 million will be issued at a coupon rate of 3.249 per cent due in 2030 while the second tranche consists of bonds worth USD 300 million at 3.95 coupon rate due in 2050, India INX said in a release. The issue is part of IRFC's USD 2-billion Global Medium Term Note Programme, it added. India INX is the country's first debt listing platform that allows raising funds in any currency of choice by both foreign and Indian issuers from investors across the globe. Since the launch of the global securities market, medium-term notes worth over USD 46.5 billion and bonds worth over USD 21.1 billion have been listed on the platform so far, India INX said. India INX is India's first international exchange set up at the Gujarat International Finance Tech-City. SRS HRS

IRFC lists USD 1 bn medium-term notes on India INX

New Delhi, Jan 27 () BSE-owned India International Exchange (India INX) on Monday said it has listed state-owned Power Finance Corporation Ltd's global notes worth USD 750 million on its debt listing platform.
 The maiden issue is part of the company's global medium term note (MTN) programme to raise up to USD 5 billion in overseas borrowings through debt-instrument, the release said.
 The notes under the programme have been issued at a coupon rate of 3.95 per cent.
 "The growing volumes of listing on India INX further helps Government of India's vision of making IFSC a hub for Indian and global issuers and investors and reiterates our world class listing practice," said MD and CEO of India INX V. Balasubramaniam.
 India INX is the country's first debt listing platform that allows raising funds in any currency of choice by both foreign and Indian issuers from investors across the globe.
 Since the launch of global securities market, medium-term notes worth USD 46.5 billion and bonds worth USD 20.1 billion have been listed on the platform so far, it added.
 India INX is India's first International Exchange set up at Gujarat International Finance Tech-City (GIFT City).
 In a separate media release, Central Depository Services Ltd (CDSL) said it has so far opened over 2 crore demat accounts.
 CDSL is currently the largest depository in the country in terms of active demat accounts and currently accounts for 67 per cent of the new accounts added in 2019-20, it added.
 "CDSL became the first depository to open its branch in IFSC, GIFT City and continuing with many firsts, CDSL has now become the first Depository to reach the milestone of 2 crore active demat accounts," Nehal Vora, MD and CEO of CDSL said. SRS SHW
SHW

Power Finance Corporation lists USD 750 mn MTN issue on India INX

New Delhi, Jan 20 () Karti Chidambaram, son of former Union minister P Chidambaram, appeared before the Enforcement Directorate on Monday for questioning in the INX Media money-laundering case, officials said.
The investigating officer of the case recorded the statement of Karti, a Congress MP from Tamil Nadu's Sivaganga, under the Prevention of Money Laundering Act (PMLA).
He was last questioned in this case in October last year. 
The MP has been questioned multiple times by the agency in the past in connection with this case, in which his father and Congress leader P Chidambaram has also been quizzed.
The senior Chidamabaram had been arrested in this case by the CBI and the Enforcement Directorate (ED) last year and had to spend over 100 days in custody before he was released in early December. 
 Karti too was arrested in this case by the CBI.
It is understood that Karti is being questioned on some fresh leads obtained by the agency, besides being confronted him with the statements of other witnesses and accused in the case.
In 2018, the ED had attached Karti's assets worth Rs 54 crore that were located in India, the UK and Spain in connection with the INX Media case.
Agency sources had earlier alleged that P Chidambaram and Karti were the "beneficial owners" of several shell firms that were incorporated in India and abroad in connection with a Foreign Investment Promotion Board (FIPB) approval given to the INX Media group during the former's tenure as the Union finance minister.
The central agency's probe found that the alleged kickbacks so received by the father-son duo were used to meet their "personal expenses". 
 They put the money in over two dozen foreign accounts and purchased multiple immovable assets in countries such as Malaysia, the United Kingdom and Spain among others, according to the ED. NES NES TIR
TIR

INX Media PMLA case: ED questions Karti Chidambaram again

New Delhi, May 8 () Finance Minister Nirmala Sitharaman on Friday expressed hope that trading of rupee-dollar derivatives contracts in India will generate huge volumes, given the world class business environment and competitive tax regime at GIFT-IFSC. The minister on Friday launched INR-USD futures and options contracts on the two international exchanges -- BSE's India INX and NSE's NSE-IFSC, at GIFT-IFSC in Gandhinagar, Gujarat. "Given the world class business environment and competitive tax regime at GIFT-IFSC, it is expected that trading of INR-USD contracts may bring volumes to India," she said. The finance minister opened the trading facility by ringing the bell electronically through video conference. Trading volumes on India INX have been growing phenomenally ever since the exchange commenced trading activities in January 2017, BSE said in a statement. With a cumulative trading volume of USD 822 billion since launch and international debt medium-term note (MTN) program of about USD 48 billion, India's INR-USD derivative is expected to attract more participants to the IFSC and make India INX a leading centre for raising capital for issuers across the globe, it said. In a separate statement, the National Stock Exchange (NSE) said introduction of rupee derivatives in IFSC is crucial for the development of Indian financial markets. "Rupee derivatives in IFSC would help in creating a vibrant forex market in India. This will also play an important role to bring the offshore rupee market back to India and strengthen price discovery in Indian markets," it said. The major participants in rupee derivatives contracts at NSE IFSC shall include Foreign Portfolio Investors (FPIs), corporations, IFSC Banking Units (IBUs) trading members, global banks and non-resident Indians, it added. IFSC platform offers access for the international investors and non-resident participants who currently participate in INR trading in various offshore markets and shall offer such participants an additional trading venue at par with the other offshore market platforms. Long trading hours and USD settlement at IFSC would also help to improve access for overseas participants and this shall in turn help these participants in hedging their rupee exposures effectively at IFSC. "We welcome today's launch of Rupee Dollar derivatives trading from the International Exchanges at GIFT IFSC. This new reform will enable India to become a net exporter of financial services, being in sync with the vision of GIFT City as a platform for onshoring financial services business, presently being lost to other financial centres across the world," GIFT City MD and Group CEO Tapan Ray said. With the launch of INR-USD derivatives, the trades that have migrated to other international financial centres will now return, he said, adding, India International Exchange already trades 22 hours a day and the INR-USD futures and options contract will also be available for 22 hours to all participants across the globe. To provide a single window regulatory institution which would accelerate the development of India's first IFSC at GIFT City, the government established an International Financial Services Centres Authority to regulate all financial services in International Financial Services Centres (IFSCs). Currently, banking, capital markets and insurance sectors in IFSC are regulated by multiple regulators -- the RBI, Securities and Exchange Board of India (Sebi), and Insurance Regulatory and Development Authority of India (Irdai). The then finance minister Arun Jaitley in February 2018 proposed a unified regulator for the International Financial Services Centre (IFSC) at GIFT City in Gujarat. GIFT (Gujarat International Finance Tec-City) has been set up by the state government as India's first IFSC that brings together world class infrastructure, connectivity, people and technology on a single platform for businesses across the world. DP ABMABM

India can generate big volumes in rupee-dollar derivatives trading at GIFT-IFSC: FM

New Delhi, Feb 1 () With an aim to boost listing of bonds at IFSC exchange, the government has proposed to reduce the withholding tax rate to 4 per cent from 5 per cent on interest payment on bonds listed on its bourse.
 The move will attract more international investors at IFSC exchange.
 "In order to incentivise listing of bonds at IFSC exchange, I propose to further reduce the withholding rate from 5 per cent to 4 per cent on interest payment on the bonds listed on its exchange," Finance Minister Nirmala Sitharaman Sitharaman said in her Budget speech in Parliament.
 India International Exchange (India INX) MD and CEO V Balasubramaniam said that the budget announcement by the government to reduce the withholding tax from 5 per cent to 4 per cent for IFSC exchange listed bonds will be "an immense boost to all issuers and will immensely help them in attracting more international investors".
 Withholding tax is levied by countries on interest or dividends paid to a person who is resident outside that country.
 India INX has already listed medium-term note (debt) program worth USD 47 billion dollars (about Rs 3.33 lakh crore) with drawdown of USD 18.5 billion dollars till date.
 "This announcement should greatly incentivise issuers to choose India INX as the preferred platform for listing their international bonds and masala bonds," he added.
 The country's only International Financial Services Centre (IFSC) is in GIFT City near Ahmedabad in Gujarat.
 GIFT City is an emerging global financial and IT services hub, a first of its kind in India, designed to be at par with globally benchmarked business districts. It is supported by state-of-the-art infrastructure encompassing all basic urban infrastructure elements along with an excellent external connectivity.
 Companies from financial services, technology and all other services sector are targeted as potential occupants within the city. SP 
RVK

FM proposes to cut withholding tax to boost listing of bonds at IFSC exchange

New Delhi, May 13 () State-owned REC on Wednesday said it has raised USD 500 million (around Rs 3,773 crore) through issuance of overseas bonds. This is the first ever overseas bond issue by an Indian company since the COVID-19 crisis, according to deal advisors."REC has issued USD 500,000,000, 4.75 per cent Notes due 2023, on May 12, 2020," an REC statement said.According to the statement, the Notes (bonds) will mature on May 19, 2023 and all principal and interest payments will be made in US dollars. The settlement date for the Notes is expected to be May 19, 2020.The Notes represent direct, unconditional and unsecured obligations of the issuer and will rank pari passu among themselves and all other unsecured obligations of the issuer, the statement said. The Notes will be listed on London Stock Exchange's International Securities Market (ISM), Singapore Exchange (SGX-ST), India International Exchange (India INX) and NSE IFSC. The net proceeds from the sale of the Notes will be used for lending to the power sector. KKS AA ANUANU

REC raises USD 500 mn by issuing overseas bonds

New Delhi, Feb 3 () Markets regulator Sebi on Monday fixed position limit for market participants trading on exchanges at international financial services centres (IFSCs) for currency futures and options contracts involving the Indian rupee.
 This comes after the Reserve Bank of India (RBI) in October allowed rupee derivatives with settlement in foreign currency to be traded at IFSCs, a move aimed at deepening the local bourses by bringing rupee trading home.
 For trading members, foreign as well as institutional investors, Sebi in a circular said gross open position across all contracts should not exceed 15 per cent of the total open interest or USD 1 billion equivalent, whichever is higher.
 The limit is also applicable for trading members' positions on a proprietary basis as well as clients' position.
 For other clients, the regulator said gross open position across all contracts will be 6 per cent of the total open interest or USD 100 million equivalent, whichever is higher.
 "Stock exchanges shall impose appropriate penalties for violation of position limits by eligible market participants," the Securities and Exchange Board of India (Sebi) said.
 V Balasubramaniam, MD and CEO at India International Exchange (INX), said the move is a significant boost for IFSC and will offer an opportunity to decelerate rupee trading abroad with price discovery through exchanges at IFSCs.
 According to Sebi, the institutional investors include international banking units, insurance companies, asset management companies and other funds set up in IFSC, foreign banks set up in other offshore jurisdictions, foreign portfolio investors, supranational, multilateral and statutory institutions. SRS SP HRS

Sebi sets position limit for rupee derivatives trade at IFSC

New Delhi, Feb 11 () Leading stock exchange BSE on Tuesday reported a 10 per cent decline in consolidated net profit to Rs 44.93 crore in third quarter ended December 31, 2019. In comparison, the exchange had a net profit of Rs 50.07 crore in the year-ago period, BSE said in a regulatory filing to the stock exchanges. Total income declined to Rs 148.66 crore in the October-December period of the ongoing fiscal from Rs 177.11 crore in the same quarter previous financial year. On a standalone basis, BSE's net profit rose to Rs 98.50 crore in the quarter under review from Rs 52.36 crore in the October-December period of 2018-19. The exchange's total income dropped to Rs 124.94 crore from Rs 156.27 crore. The exchange's MD and CEO Ashishkumar Chauhan said the enactment of International Financial Services Centres Authority Bill, 2019 is significantly a positive step undertaken by the government for growth and development of IFSC GIFT City in Gujarat as a global financial hub. The legislative support on the taxation side and likely introduction of Rupee based currency derivatives in near future makes the business outlook of the BSE'' international exchange, India INX, very promising, he added. The International Financial Services Centres Authority Act has come into force from December 20, 2019 and provides for setting up a unified authority to regulate all financial services in IFSCs in the country. The move is aimed at setting up a world class unified regulator for international financial services combining powers and functions of Reserve Bank of India (RBI), markets watchdog Sebi, insurance regulator IRDAI and and pension regulator PFRDA. Currently, the banking, capital markets and insurance sectors in IFSC are regulated by multiple regulators such as RBI, Sebi, and IRDAI. SP SHWSHW

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