NSE IFSC Ltd and the London Stock Exchange have signed a memorandum of understanding to explore cross-border listings, trading and new financial products, strengthening the financial-market infrastructure developing at Gujarat International Finance Tec-City, or GIFT City. The agreement was signed on Wednesday and covers equities, bonds, exchange-traded funds and derivatives linked to FTSE Russell indices.
The proposed collaboration will examine dual and cross-listings in equities, fixed-income securities and ETFs. The two exchanges will also explore trading in existing financial products and the development of NSEIX-linked derivatives tied to FTSE Russell indices. These areas would create additional connections between companies, investors and market platforms in India and the UK, subject to the relevant processes and approvals.
The MoU also includes discussions on new equity indices, cross-border trading connectivity and market-data distribution. The announcement does not specify a launch date for any of the proposed products or confirm that a particular company will list under the arrangement. It establishes a framework for the exchanges to examine potential areas of cooperation.
NSE IFSC is based in GIFT International Financial Services Centre, an international financial-services hub in Gujarat. According to the announcement, the exchange offers single-stock and index derivatives, currency derivatives, depository receipts and global stocks. Its primary-market products include equity shares, debt securities, real estate investment trusts and infrastructure investment trusts.
NSE IFSC managing director and chief executive V Balasubramaniam said the agreement was intended to open opportunities in capital-market connectivity and financial-services integration between India and the UK. He said the proposed collaboration could enable trading in both directions, improve liquidity and widen the investor base.
Balasubramaniam also pointed to the respective positions of the two exchanges. NSEIX’s presence in the GIFT IFSC ecosystem and the London Stock Exchange’s established market position, he said, could help deepen financial-market links between the two countries.
Dame Julia Hoggett, chief executive of London Stock Exchange plc and head of digital and securities markets at London Stock Exchange Group, said the agreement would help connect the two markets and create opportunities for companies and investors. Her statement did not provide details of specific issuers, instruments or trading mechanisms that could emerge from the collaboration.
The initiative follows the India-UK Comprehensive Economic and Trade Agreement, cited in the announcement as part of the context for the cooperation. Its immediate significance for GIFT City lies in the attempt to connect an India-based international financial centre with one of the world’s established exchange markets through potential listings, trading links, indices and market-data channels.
The next steps will involve the two exchanges exploring the proposed areas of cooperation. Any resulting listings, products, indices, connectivity arrangements or data-distribution agreements would need to be announced separately.
