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NCDEX signs MoU with GIFT City

17 Apr 2015 Evaluate

National Commodity and Derivatives Exchange (NCDEX), India’s leading online commodity exchange, has announced a tie up with Gujarat International Finance Tec City (GIFT City) for setting up an International Commodity and Derivatives Exchange.

NCDEX intends to establish this exchange in GIFT SEZ area, a multi-services Special Economic Zone (SEZ) being developed as India’s first International Financial Services Centre (IFSC) by GIFT SEZ Ltd, a wholly-owned subsidiary of GIFT Company Ltd (GIFTCL).

GIFT SEZ and NCDEX signed a Memorandum of Understanding (MoU) for developing the exchange to provide electronic platform for facilitating trading, clearing and settlement of securities, commodities, interest rates, currencies, other classes of assets and derivatives by international investors, subject to necessary approvals and operating guidelines for IFSC.