BSE Ltd, which operates Asia's oldest bourse in Mumbai, has approached the Securities and Exchange Board of India (Sebi) seeking approval to launch products in country's first international financial centre in Gujarat on January 9.
The exchange approached Sebi on Tuesday a day after the regulator released regulations for the international financial centre. A source close to the development told DNA Money, "We are planning to launch single stocks futures and Sensex-based index which will be announced in next two weeks."
The new international stock exchange that BSE is setting up at Gujarat International Finance-Tech City (GIFT) at Gandhinagar will provide an electronic platform for facilitating trading, clearing and settlement of securities, commodities, interest rates, currencies, other classes of assets and derivatives by international investors.
BSE hopes to launch a new index based on Sensex in the next 10-15 days.
The exchange is planning to launch commodities products as well. As per Sebi regulations, non-agri products can be launched. One of the sources said the exchange would launch non-agri products on January 9, including gold, silver, crude and base metal products.
"In the international financial centre, there are incentives in tax measures. There will be no commodities and securities transaction taxes that are major cost of trades," said a source, adding that a lot of domestic hedgers have shown keen interest due to zero transaction tax in commodities in the GIFT city.
As per regulations, there will be a single market structure to achieve synergies in terms of various operations and to facilitate ease of doing business. So, the same margin could be used in all segment including debt, equity, commodities and currency.
Market experts expect the volume in currency segment to be the highest in international financial centre following commodities and equities.
As of now, around hundred brokers have already registered with BSE for the international financial centre.
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