Leading stock exchange BSE said it has decided to begin mock trading sessions for its international stock exchange in Gujarat International Finance Tec-City (GIFT) from October 3.
BSE had signed a pact with GIFT SEZ Ltd in January last year to set up BSE International Exchange and BSE International Clearing Corporation at the GIFT city — India’s first International Financial Services Centre (IFSC).
“BSE has already commenced the process for setting up the exchange and clearing corporation and incorporated two companies viz BSE International Exchange (IFSC) Ltd and BSE International Clearing Corporation (IFSC) Ltd,” the exchange said in a notice.
“As part of the process the exchange intends to start mock trading with effect from October 3, 2016,” it added.
The details of mock trading environment, along with connection and trading parameters, shall be communicated subsequently by the exchange.
BSE in its IPO papers has said that following the requisite regulatory approvals, the international exchange will provide an electronic trading platform that facilitates domestic companies to raise capital in foreign currency by issuing foreign currency denominated bonds and providing a trading platform to trade in such securities.
It will also help Indian startups to raise equity from foreign investors by getting listed as well as provide companies incorporated outside India to raise money in foreign currencies by the issuance and listing of their equity shares, on the international exchange.