The idea is to cater to 25-30 markets: V. Balasubramaniam, MD and CEO, NSE IX
V. Balasubramaniam, MD and CEO, NSE IX, says the exchange is scaling to become a debt and equity platform for companies across Asian, African and smaller European markets.
- May 19, 2026,
- Updated May 19, 2026 1:47 PM IST
Since the Nifty derivatives moved from Singapore to GIFT City, we have seen volumes and trading grow. What is the scene now?
Compared to last year, this March, we did about 30-50% more volumes. Most of the offshore interest on India is moving towards GIFT. On an average, we are doing $15 billion-plus.
We have seen a lot of development with respect to funds being launched. You have had ambitions to become the go-to platform for inbound and outbound investments. How do you see this panning out?
We want to be the preferred financial partner and venue for both investment and hedging needs, be it inbound or outbound. Till now, our focus was on the inbound part, but three months back, we set up a fully owned subsidiary called the NSE IX Global Access. We became the first holder of the global access provider licence. We have been testing it and will go for a full launch soon. We want the platform to support a few million users.
So, people can invest in US markets directly from here?
The US is already live. We should be able to add more in another couple of months. The idea is to cater to 25-30 more markets.
How is the regulatory part being managed from an investor perspective?
The global access provider regime framework which IFSCA has come up with is very exhaustive in terms of covering all the aspects. They have enabled any intermediary to take a global access provider licence.
We are negotiating the best possible cost, so when the platform scales up, we are going to pass on the benefits to our customers.
Recently, Cyprus-based Ellinas Finance became the first company to list on NSE IX. What's the goal here as you scale up?
As envisaged, GIFT City will play the role of a regional financial centre and eventually be counted amongst the top international financial centres. We have been primarily acting as a hub for Indian companies wanting to raise overseas money. We have had a lot of success as far as the bond fund-raising is concerned.
Now, the story is slowly shifting to equities and expanding our footprint to other countries. So, last year, we did the first foreign bond of DFCC Bank in Sri Lanka. We have got Alliance, the largest NBFC in Sri Lanka; they also listed their bonds.
As far as Cyprus is concerned, it is a gateway to Europe. So, last year, we signed an MOU with the Cyprus Stock Exchange. As part of the cooperation, we wanted Cyprus companies to list in GIFT City. Elinas Finance is the largest NBFC in Cyprus. Similarly, we are talking to one of the large banks in Cyprus for a listing.
Do you see domestic equity raising picking up over time in GIFT?
There are a lot of things which are to be streamlined and smoothened. One of the big issues is video KYC of non-resident investors. Non-resident investors are basically foreign investors. If you want to get subscription from them, you will need to create methodology where we can take their passports or some local tax number or whatever as a validation source.
@thenachiket
Since the Nifty derivatives moved from Singapore to GIFT City, we have seen volumes and trading grow. What is the scene now?
Compared to last year, this March, we did about 30-50% more volumes. Most of the offshore interest on India is moving towards GIFT. On an average, we are doing $15 billion-plus.
We have seen a lot of development with respect to funds being launched. You have had ambitions to become the go-to platform for inbound and outbound investments. How do you see this panning out?
We want to be the preferred financial partner and venue for both investment and hedging needs, be it inbound or outbound. Till now, our focus was on the inbound part, but three months back, we set up a fully owned subsidiary called the NSE IX Global Access. We became the first holder of the global access provider licence. We have been testing it and will go for a full launch soon. We want the platform to support a few million users.
So, people can invest in US markets directly from here?
The US is already live. We should be able to add more in another couple of months. The idea is to cater to 25-30 more markets.
How is the regulatory part being managed from an investor perspective?
The global access provider regime framework which IFSCA has come up with is very exhaustive in terms of covering all the aspects. They have enabled any intermediary to take a global access provider licence.
We are negotiating the best possible cost, so when the platform scales up, we are going to pass on the benefits to our customers.
Recently, Cyprus-based Ellinas Finance became the first company to list on NSE IX. What's the goal here as you scale up?
As envisaged, GIFT City will play the role of a regional financial centre and eventually be counted amongst the top international financial centres. We have been primarily acting as a hub for Indian companies wanting to raise overseas money. We have had a lot of success as far as the bond fund-raising is concerned.
Now, the story is slowly shifting to equities and expanding our footprint to other countries. So, last year, we did the first foreign bond of DFCC Bank in Sri Lanka. We have got Alliance, the largest NBFC in Sri Lanka; they also listed their bonds.
As far as Cyprus is concerned, it is a gateway to Europe. So, last year, we signed an MOU with the Cyprus Stock Exchange. As part of the cooperation, we wanted Cyprus companies to list in GIFT City. Elinas Finance is the largest NBFC in Cyprus. Similarly, we are talking to one of the large banks in Cyprus for a listing.
Do you see domestic equity raising picking up over time in GIFT?
There are a lot of things which are to be streamlined and smoothened. One of the big issues is video KYC of non-resident investors. Non-resident investors are basically foreign investors. If you want to get subscription from them, you will need to create methodology where we can take their passports or some local tax number or whatever as a validation source.
@thenachiket