- NSE International Exchange plans access to shares in 30 global markets for Indians
- Platform currently offers US stocks; expansion expected in three to six months
- Trades in USD with zero stamp duty, STT, and capital gains tax for non-residents
The NSE International Exchange (NSE IX) plans to give Indian investors access to shares across 30 global markets, according to a release issued by the bourse on Wednesday.
The window to invest in those global markets will be accessible in the next three to six months, NSE IX's Managing Director and CEO V Balasubramaniam said, according to multiple media reports.
Speaking about the recently launched NSE IX Global Access platform, Balasubramaniam said the exchange currently allows trading in US stocks and is working to expand the offering. “We currently offer US stocks and plan to add more markets over the next three to six months,” he reportedly said.
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“Discussions are underway to include more markets, particularly from the G7 nations, including countries in Europe, Japan and the United Kingdom," he added.
The global access platform enables overseas equity investments through a fully digital onboarding process and does not require a demat account. The exchange follows a T+1 settlement cycle, according to Balasubramaniam.
'Tax Exemption'
According to NSE IX, the exchange will "offer zero stamp duty, zero Securities Transaction Tax (STT), and zero Capital Gains Tax (for non-residents)", according to the release.
The bourse will facilitate "dollar-denominated trading", eliminating currency conversion risks. "All trades, margins, and settlements are in USD," it stated.
NSE IX further noted that the trading facility will be "operational for 21 hours a day across two sessions, capturing market moves in Asia, Europe, and the USA."
The transactions will come under the preview of a unified regulator. This will be "regulated and governed by single authority International Financial Services Centres Authority (IFSCA)."
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Separately, in January, NSE IX entered into a strategic partnership with the Finance Industry Development Council (FIDC), a self-regulatory body for non-banking financial companies (NBFCs) recognised by the Reserve Bank of India.
Under the partnership, NBFCs operating in GIFT IFSC will be able to raise funds through the NSE IX platform, including by listing debt and other financial instruments. NSE IX operates as an international multi-asset exchange at GIFT City.
The collaboration is aimed at widening access to debt and equity products within the IFSC ecosystem and supporting the long-term and perpetual funding needs of NBFCs.
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