INX, which is India’s first ever International Stock Exchange, has been inaugurated by Prime Minister Narendra Modi at Gujarat International Financial Tec (GIFT) city which is also India’s first smart city. India International Exchange or INX, which is just owned subordinate of Bombay Stock Exchange (BSE), will allow traders to buy and sell stocks for 22 hours in a day.
The INX is following the International trading timings. The unique stock exchange will start when trading at Japanese stock exchange starts, and ends when US Stock Exchange Stops. So, after a gap of 2 hours, the seller can resume their stock trade, and literally push it to a never-ending journey.
During the inauguration event, PM Modi said, “The India INX will create new values in quality of service and speed of transactions in different time zones. I have been already told that the international stock exchange would work for 22 hours a day. It will work form sunrise to sunset.”
Exchange at India’s 1st International Stock Exchange will commence from January 16, 2017.
Benefits of India INX
- This International Stock Exchange has built inside the International Financial Services Centre (IFSC) at GIFT city in Gujarat.
- Apart from International Investors both Indians and NRIs will use the services of INX to trade at any time they want from anywhere.
Currently, INX will allow stock market investors to trade equity derivatives, currency derivatives, commodity derivatives including index and stocks at INX. As per trade analysts, this INX will enable mixture of more FDI in the country, and will enable cross-border investment.
INX Exchange Best Facilities
- It will be world’s fastest exchange in terms of response time, with median trade speed of 4 micro seconds
- It will work for 22 hours in a day
- BSE will be investing 500 Crore in this Exchange over next 3 Years
- 100 Employees may be worked in INX Exchange
- Outside India INX Exchange will trade equities and other related products of companies
- It has high security with international standards
What Benefits Investors will get if they invest at INX
The Government has announced several tax benefits for those who start investing through INX. Some benefits include
- Security Transaction tax Benefits
- Less Commodity Transaction Tax
- Benefits in Dividend Distribution Tax
- Waiver in Long Term Capital Tax
- No Income Tax for a fixed period of time