NSE IX Urges SEBI to Finalize Direct Listing Guidelines for Indian Companies in GIFT IFSC

NSE International Exchange (NSE IX) Update

Key Developments

• NSE IX Managing Director and CEO, V Balasubramaniam, has stated that the exchange is in discussions with the Securities and Exchange Board of India (SEBI) to obtain approval for direct listings of Indian companies on International Financial Services Centres (IFSC) exchanges.
• The discussions aim to enable listed Indian companies to participate in direct listings on IFSC exchanges, pending the issuance of final operating guidelines by SEBI.

Regulatory Framework

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• The IFSC framework has allowed unlisted Indian public companies to pursue direct listings since 2024-2025 for global access.
• Listed Indian companies' participation hinges on SEBI notifying specific operational guidelines to facilitate direct listings on IFSC exchanges.

NSE IX's Internationalization Efforts

• NSE IX is working to make the Gujarat International Finance Tec-City (GIFT) an international financial ecosystem, enabling companies from India and abroad to list on the exchange.
• The exchange has made significant progress in internationalizing GIFT, with 88% incremental market share in inbound business captured as of December 31, 2025, alongside a 99% overall trading share.

Recent Milestones

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• NSE IX has listed Asia's first blue bond, complementing last year's first international green bond from Sri Lanka.
• The exchange has also secured a Memorandum of Understanding (MoU) with the Colombo Stock Exchange, aligning with the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) focus.
• The first foreign equity listing is imminent, with a company from Cyprus expected to list on NSE IX.

Global Access Platform

• NSE IX has launched the Global Access platform, which enables 30-second video KYC, fractional investing, low costs, and U.S. market access first, expanding to over 30 global markets in 3-6 months.
• The platform has seen a strong start, with 2,000 clients enrolling in a single day during the soft launch.