NSE GIFT City Exchange Set to Launch India’s First Foreign Currency Equity Listing This Quarter

Mumbai, 8 July 2025: NSE International Exchange (NSE IX), operating from Gujarat International Finance Tec-City (GIFT City), is preparing to introduce India’s first-ever equity listing denominated in a foreign currency. Expected to launch within the current quarter, this move is seen as a strategic step to strengthen India’s position in the global financial ecosystem.

Initial Listings to Target Unlisted Companies with Global Linkages

The debut offerings will primarily involve unlisted companies, including Indian firms with foreign ownership and overseas-based entities—especially from regions like Silicon Valley and Delaware. According to V. Balasubramaniam, CEO of NSE IX, five to six companies are currently gearing up for their listings. Although specific names remain undisclosed, the initiative is positioned to offer an alternative to conventional domestic exchanges for firms with international ambitions.

GIFT City’s Global Ambitions Gain Momentum Through Strategic Listing Push

The listing plan aligns with the broader vision for GIFT City, championed by Prime Minister Narendra Modi, to rival global financial hubs such as Dubai and Hong Kong. The special financial zone offers compelling advantages, including tax exemptions and relaxed regulatory norms, making it attractive for companies aiming to raise capital in foreign currencies.

Cost-Efficient Capital Access for Indian Firms Expanding Globally

One of the key benefits of foreign currency listings at GIFT City is the potential reduction in currency conversion and hedging costs. This structure is expected to aid Indian companies expanding overseas by offering them a cost-effective and streamlined alternative to global capital raising, while maintaining operations within India’s regulatory environment.

Regulatory Alignment Underway to Open Doors for Indian Firms Abroad

NSE IX is working in close coordination with the Securities and Exchange Board of India (SEBI) and International Financial Services Centres Authority (IFSCA) to address pending regulatory requirements. Once these are resolved, already-listed Indian companies may also gain access to raise funds through follow-on public offerings (FPOs) or offers for sale (OFS) in foreign currency, such as the US dollar.

Investor-Friendly Tax Framework Expected to Draw Global Interest

The platform’s appeal is further strengthened by the absence of securities transaction tax (STT) and capital gains tax, making it a favourable destination for foreign institutional investors. Indian companies have historically tapped into global capital markets through American Depository Receipts (ADRs) and other instruments, raising over $20 billion in IPOs last year alone.

Landmark Move Could Redefine Cross-Border Capital Raising from Indian Soil

By enabling companies to list and raise funds in foreign currency from Indian territory, NSE IX is laying the groundwork for a new era of global market access. The upcoming listings will not only boost GIFT City’s stature but also offer Indian firms a powerful mechanism to attract international investors, without leaving Indian jurisdiction.

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