NSE International Exchange

NSE International Exchange (NSE IX), formerly known as NSE IFSC Limited, is an international stock exchange established by the National Stock Exchange of India (NSE) within the International Financial Services Centre (IFSC) at Gujarat International Finance Tec-City (GIFT City), Gandhinagar, Gujarat, India. The exchange provides a platform for trading international financial products, including equity derivatives, currency derivatives, depository receipts, debt securities, exchange-traded products, and other financial instruments. NSE IX is regulated by the International Financial Services Centres Authority (IFSCA) and serves as India's principal international exchange.

History

The Government of India established the International Financial Services Centre (IFSC) framework to develop GIFT City as an international financial hub capable of competing with established global financial centres.

NSE IFSC Limited was incorporated in 2016 as a wholly owned subsidiary of the National Stock Exchange of India to operate an international exchange within the IFSC. Trading commenced in 2017.

In 2023, the exchange was renamed NSE International Exchange (NSE IX) to reflect its expanding international role. The exchange gained international prominence following the migration of offshore SGX Nifty contracts to GIFT Nifty futures traded on NSE IX.

Objectives

The principal objectives of NSE IX include:

facilitating international capital market activities;
providing global access to Indian financial markets;
promoting GIFT City as an international financial centre;
supporting offshore trading within India;
attracting international investors;
offering diversified financial products.

Ownership

NSE IX is a subsidiary of the National Stock Exchange of India.

The exchange operates within the regulatory framework established for India's International Financial Services Centres.

Regulation

NSE IX is regulated by the International Financial Services Centres Authority (IFSCA), the unified financial regulator responsible for supervising financial institutions operating within India's International Financial Services Centres.

The exchange operates under a regulatory framework designed to align with international financial market practices.

Markets

NSE IX facilitates trading across multiple market segments, including:

equity derivatives;
currency derivatives;
stock index derivatives;
debt securities;
depository receipts;
exchange-traded products;
structured financial products.

The range of listed products continues to expand in response to market demand.

Products

Financial instruments traded on NSE IX include:

GIFT Nifty futures;
stock index derivatives;
single-stock derivatives;
currency futures;
currency options;
bonds;
global depository receipts;
exchange-traded funds.

The exchange also supports listing and trading of various international financial instruments permitted under the IFSC regulatory framework.

Trading platform

NSE IX utilizes electronic trading systems designed to provide:

order-driven trading;
automated order matching;
real-time market data;
risk management;
clearing and settlement support.

Trading infrastructure is designed to support domestic and international market participants.

Participants

Participants on NSE IX include:

foreign portfolio investors;
institutional investors;
banks;
broker-dealers;
proprietary trading firms;
asset management companies;
market makers.

Participation is subject to applicable regulatory requirements.

Trading hours

The exchange provides extended trading hours that overlap with major global financial markets, enabling international investors to trade products linked to Indian financial markets beyond the operating hours of domestic exchanges.

Relationship with other exchanges

Exchange	Primary focus
National Stock Exchange of India	Domestic Indian securities market
NSE International Exchange	International financial products within India's IFSC
Bombay Stock Exchange	Domestic Indian securities market

Although affiliated with the National Stock Exchange of India, NSE IX operates under a distinct regulatory and operational framework applicable to the IFSC.

Importance

NSE IX contributes to India's financial markets by:

strengthening GIFT City as an international financial centre;
facilitating cross-border capital market activity;
expanding international access to Indian financial products;
supporting offshore derivatives trading within India;
promoting financial market innovation.

The exchange plays an important role in India's strategy to internationalize its capital markets.

Impact

NSE International Exchange has become the principal international exchange operating within India's International Financial Services Centre. Its role expanded significantly following the introduction of GIFT Nifty, which relocated offshore NIFTY 50 derivatives trading from Singapore to GIFT City. By providing international investors with access to a broad range of financial products under a globally oriented regulatory framework, NSE IX has strengthened India's presence in international capital markets and contributed to the development of GIFT City as a global financial hub.