BSE’s India INX gets SEBI nod for listing framework of debt securities

BSE’s India International Exchange (India INX), country’s first international exchange, received approval from the Securities and Exchange Board of India (SEBI) on the framework for the listing of debt securities.

MD & CEO, V. Balasubramaniam said, “We are delighted to receive approval for listing of international debt securities. This marks a landmark in India's effort to foray into international financial services. For the first time in India's IFSC at GIFT City, Indian and foreign issuers can now issue masala bonds, eurobonds and foreign currency bonds from India INX.”

The exchange had approached the regulator in October for its approval on the listing of debt securities.

India INX will also be the first Indian exchange to offer clearing and settlement of debt securities through International Central Securities Depositories. Earlier this year, the exchange had set up its clearing and settlement capabilities for international securities through Clearstream and is already in talks with Euroclear.

International issuers too may prefer to list their foreign currency bonds with India INX in time to come.

With the approval for debt listing, India INX expects a significant increase in its daily trading volumes. Currently, the exchange is clocking an average of $100 million of trading volume every day.  

“We are working towards offering a transparent and robust listing framework at par with other international listing venues. India INX is a wholly owned subsidiary of BSE which is a market leader in primary markets in India. So, our platform will provide an additional comfort of trust to the Indian issuers when they opt to raise funds internationally,” Balasubramaniam added. 

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