New Delhi

NCDEX intends to set up an International Commodity and Derivatives Exchange at the GIFT city near Ahmedabad, the leading agri-commodity bourse said today after signing an agreement in this regard.

The proposed bourse would be subject to necessary approvals and operating guidelines for International Financial Services Centre (IFSC), NCDEX said in a statement.

The exchange said it has inked a memorandum of understanding in this regard with GIFT SEZ Ltd, a subsidiary of Gujarat International Finance Tec-City Company Ltd (GIFTCL) known as GIFT City.

“This MoU would help in attracting various international financial and commodity trading players and encourage global exchanges to set up base at GIFT IFSC,” GIFT City Group’s Chief Ramakant Jha said.

Speaking on the occasion, NCDEX Managing Director and CEO Samir Shah said: “This tie up will allow Indian and global entities to deal in financial products and services from India, making GIFT-India as one of the foremost International Financial Centres in the world.”

The Gift City, inaugurated on April 10, is five minutes drive from Gandhinagar. It is intended to be a global financial hub. It will have an international financial services centre which is a financial sector SEZ.

The Gift City, a joint venture company, has been promoted on a 50:50 basis by the Gujarat Urban Development Company Ltd and the Infrastructure Leasing and Financial Services Limited (IL&FS).

– PTI