This will allow Indian and international entities to deal in financial products and services from India.

The National Stock Exchange (NSE), on Thursday, signed a memorandum of understanding with the Gujarat International Finance Tec-City to establish an international exchange at the city-based financial hub.

The GIFT Special Economic Zone, spread over 886 acres, is being developed as India’s first International Financial Services Centre (IFSC).

The expected investment in this 'multi-service' SEZ is to the tune of Rs.78,000 crore, and an estimated five lakh persons are claimed to get direct employment in this mega commercial centre. NSE Managing Director and CEO Chitra Ramkrishna said the national entity wished to have its footprint in the international arena and be part of the government to develop IFSC in India.

“This will help the nation compete with other similar destinations. This will allow Indian and international entities to deal in financial products and services from India, making GIFT-India one of the foremost IFSCs in the world,” she said.

Underscoring GIFT’s strength of offering sustainable and long-term infrastructure for business, Ms. Ramkrishna said, “Just as we talk of infrastructure for the citizens for smart cities, when it comes to offering infrastructure for the commercial occupants, technology can play an important role. This does not mean just high-end technology, but technology that enables its commercial occupants to be efficient and optimise costs for their businesses. GIFT is a vision of how infrastructure can provide for businesses and boost the economy.”

GIFT City Managing Director and Group CEO Ramakant Jha said while the GIFT SEZ had been notified as an IFSC by the Union Government, the Centre had to frame operating guidelines.

State Finance Minister Saurabh Patel said the international exchange would attract a lot of international investors. In the last six months, many companies, banks and insurance firms had expressed their wish to set shop at GIFT, he said.