Gujarat CM Patel launches Sensex F&O contracts at GIFT City

Gandhinagar, Feb 3 (PTI) Gujarat Chief Minister Bhupendra Patel on Monday launched Sensex Futures & Options contracts on the India International Exchange at Gujarat International Finance Tec-City (GIFT City) here.

Patel launched the Sensex Futures & Options contracts on India INX with a bell ringing ceremony.

He said the launch of US Dollar-based Sensex Futures & Options contracts on India INX will make it easier for global investors to invest in the Indian market.

"Not only this, it also provides an opportunity for Indian financial markets to connect more closely with the global investment system," he said.

The chief minister said the new launch will give more strength to India, which is moving towards becoming the third-largest economy in the world under the leadership of Prime Minister Narendra Modi.

"People present here are confident that Modi 3.0 is moving rapidly in the direction of making India the world's third-largest economy," he said.

MD and CEO of India INX, Vijay Krishnamurthy called the launch a "historic milestone" and a "defining moment of India's financial journey." "With this launch, investors worldwide can now hedge, trade and invest in India's most-trusted index in US dollars, right from the world-class GIFT City platform of India INX," he said.

Backed by cutting-edge technology and seamless execution, this initiative strengthens its position as a global financial hub, he said.

Patel said that GIFT City, which was launched with a far-reaching vision of Prime Minister Narendra Modi, has today become a centre of attraction for fintech worldwide, with more than 450 fintechs operational, making the GIFT City the country's fintech hub.

The prime minister is working to make GIFT City the global fintech hub, he said.

He said GIFT International Financial Services Centre (GIFT IFSC) and India International Bullion Exchange (IIBX) are successfully operational here. Apart from this, banking, insurance, asset management and capital market services are also operated.

The chief minister said that the provisions announced in the Union Budget "will result in creating a more robust financial ecosystem in IFSC and a stronger global identity of GIFT City." On this occasion, Sundararaman Ramamurthy, MD and CEO of BSE Limited, said that it was PM Modi's aim, objective, dream that GIFT City should become the fundamental determiner in the currency, commodity market, futures market, and equities, become a price setter, a global financial centre.

"Whatever is happening today is an effort to achieve that goal. Anyway, many facilities have been given in GIFT City -- tax incentives, simple regulation, whatever you ask for, you get it here," he said.

A lot of progress has been made and will continue to happen, which creates competition for foreign investors, Ramamurthy said.

"We believe that with the support of all of you, it will move forward, and Sensex will become a medium for this. This is our objective," he added. PTI KA PD ANU

Source: PTI