MARKETS & INVESTING | Staff Reporter, Singapore

Indian PM to open an international exchange to rival Singapore

The exchange seeks to grab some of India’s $48 billion in offshore banking activities.

According to a report from Bloomberg, Prime Minister Narendra Modi is set to inaugurate an international exchange in Gujarat state’s new finance zone, seeking to grab some of India’s $48 billion in offshore banking activities from Singapore, Dubai and Hong Kong.

The India International Exchange, at the bottom of a 16-storey building that dominates the finance zone, will get Modi’s blessing on Monday and start trading single stock and equity index futures on Jan. 16. It will add gold, silver, copper, oil and the rupee “soon,” Bombay Stock Exchange Chief Executive Officer Ashishkumar Chauhan said in an interview. Ninety-six brokerage firms have registered in the zone, envisaged by Modi when he was chief minister of the state.

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