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Trading turnover at BSE's India INX climbs all time high of USD 24.07Bn

Published: Jan 15, 2021

By TIOLCORPLAWS News Service

MUMBAI, JAN 15, 2021: INDIA International Exchange (India INX) scaled an all-time high daily trading turnover of over USD 24.07 billion on its derivative segment on Thursday, with a market share of over 97.19% in GIFT IFSC, the exchange said.

The BSE's India INX is the country's first international exchange, based in the International Financial Services Centre (FSC) at Gujarat International Finance Tec (GIFT) City.

"Trading turnover on the BSE's India International Exchange has been growing exponentially ever since it commenced trading activities on January 16, 2017," an official statement said.

The exchange's average daily trading turnover has crossed over the USD 13.07-billion mark this month, around 28% growth in average daily trading turnover as compared to the previous month. The cumulative trading turnover crossed USD 1.74 trillion driven by a substantial jump in market participation.

"This increased trading activity validates the new products and initiatives taken by India INX and reflects growing interest in the IFSC among the broking fraternity. Even during the COVID-19 pandemic and lockdown, India INX was operational for 22 hours nonstop and has maintained its leadership as the No. 1 exchange in IFSC GIFT City," the statement added.

The exchange is targeting to list over USD 1 trillion of debt on its platform over the next decade and becoming the preferred platform for such bonds issued by Indian corporates, said BSE CEO Mr Ashish Kumar Chauhan.

On Thursday, the Export-Import Bank of India (India Exim Bank) and the State Bank of India (SBI) listed their foreign currency bonds aggregating USD 1 billion and USD 600 million, respectively, on the exchange.

"I am sure over the next decade or so, we will be hopefully listing over USD 1 trillion of debt and probably even more of equity, REITs (Real Estate Investment Trust), InvITs (Infrastructure Investment Trust) and many other instruments," Mr Chauhan said at the bell ringing ceremony of Exim Bank.

India Exim Bank raised 10-year money via foreign currency bonds at the lowest every interest rate of 2.25% per annum, and it was oversubscribed by more than 3.5 times. Meanwhile SBI also issued bonds of five and a half tenor at a record low coupon of 1.8%.

India Exim Bank has already listed USD 6.65 billion bonds under its USD 10 billion Global Medium-Term Note (GMTN) programme on India INX, while SBI has listed USD 2.6 billion on the Global Securities Marketing platform.

The aggregate MTNs established on the India INX platform since its launch in 2018 is worth over USD 48.5 billion, with listing of bonds aggregate to USD 24.5 billion.

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