GIFT City Achieves Milestone with First Foreign Listing on NSE IX
GIFT City's first foreign listing admitted to marks 'red letter day' for NSE IX, says MD & CEO
Image: Moneycontrol
GIFT City, India’s International Financial Services Centre, celebrated its first foreign equity listing with Cyprus-based Ellinas Finance on NSE IX. This event marks a significant step towards establishing a dual listing framework that complements India's domestic markets, allowing companies to raise funds from international investors without detracting from local exchanges.
- 01Ellinas Finance is the first foreign company to list on NSE IX, following a Memorandum of Understanding signed in June 2025.
- 02NSE IX aims to provide a supplementary fundraising avenue for Indian companies to tap into international capital without competing with domestic exchanges.
- 03The establishment of depository connectivity is seen as crucial for enabling meaningful dual and cross-border listings.
- 04Balasubramaniam emphasized that GIFT City is designed to coexist with India's domestic capital markets, creating a 'one country, two systems' approach.
- 05The listing is part of a broader vision for GIFT City to become a fundraising hub for companies in Asia, Europe, and Africa.
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The recent listing of Cyprus-based Ellinas Finance on NSE IX marks a pivotal moment for GIFT City in India, as it represents the first foreign equity listing on this platform. V Balasubramaniam, MD and CEO of NSE IX, described the event as a 'red letter day' for the exchange, which aims to create an international fundraising ecosystem that complements India's domestic markets rather than compete with them. He highlighted the importance of developing depository connectivity to facilitate dual and cross-border listings effectively.
The listing follows a Memorandum of Understanding signed during Prime Minister Narendra Modi's visit to Cyprus in June 2025, showcasing GIFT City as a viable venue for international fundraising. Balasubramaniam noted that this development aligns with the government's vision for GIFT City to serve as a fundraising destination for companies not only in Asia but also in Europe and Africa. He emphasized that the exchange is already witnessing increased interest from foreign firms and is operationally prepared to support international listings.
As GIFT City evolves, it aims to enhance its role in global capital markets while providing Indian companies with additional avenues for raising funds from international investors.
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The successful listing of Ellinas Finance on NSE IX could encourage more foreign companies to consider GIFT City as a viable option for fundraising, potentially increasing investment and economic activity in the region.
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