NSE aims to launch NSE IFSC within next 2 months, President Ravi Varanasi tells Anil Singhvi in an EXCLUSIVE chat

In an exclusive conversation with Zee Business Managing Editor Anil Singhvi, NSE President, and Chief Business Development Officer Ravi Varanasi decodes the idea behind the NSE IFSC through which a domestic retail investor can get an opportunity to trade in international stocks going forward.

In this regard, Varanasi said that after a lot of deliberations and planning the company chose the DR (Depository Receipts) route, which it felt was one of the best avenues and easy to operate. He added that the NSE has been planning this for quite a long time wherein Indian investors can buy global stocks.

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This route would also come under the ambit of regulators and exchange would oversight it, NSE President says

“We have been in communication with international brokers and brokerages, while NSE has already had a conversation with domestic brokers, depository banks and others for the implementation of NSE IFSC,” NSE President tells Singhvi. 

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Varanasi says, Indian brokers are excited about this new avenue, however, they will take time to come on the Gift City platform, wherein the international brokers already have a presence. 

Varanasi says that the domestic brokerages will have to create a 100 per cent subsidiary that would sit in Gift City part from depository accounts that will be required to be opened in Gift City, when probed about how this would work. The Demat accounts will have to be opened with international brokerages till that happens, he further said.

The NSE President said that he believed that in the coming months' retail domestic investors will be able to add international stocks in their portfolio. The date has not been fixed yet for the launch, but he expected it to get enrolled in another two months.