BSE setting up an international exchange at GIFT City will be a landmark in the IFSC’s growth : Niranjan Hiranandani
AHMEDABAD/ MUMBAI, 15 JULY 2016: The International Financial Services Centre (IFSC) which is coming up within the Gujarat International Finance Tec-City (GIFT City), Ahmedabad, will drive global business growth for India’s Banking Financial Services and Insurance sector (BFSI), and create a hub which will power the global growth story for the Indian BFSI sector, said Mr Niranjan Hiranandani, MD, Hiranandani Communities. “The growth story will not just be restricted to global banking and finance, it will also include international insurance, reinsurance and stock broking, apart from Information Technology (IT) and Information Technology enabled Services (ITeS),” he added.
Recently, the Bombay Stock Exchange (BSE) Managing Director and CEO Ashish Kumar Chauhan mentioned that BSE having received approval from its Board for setting up of an international exchange in Gujarat's GIFT City. He added that the BSE ‘will apply to the regulator, SEBI’, in this regard.
Mr Niranjan Hiranandani described this as a positive development for the IFSC @ GIFT City. “Media reports mention the BSE ‘ringing its bell’ at its international bourse, which will be located within GIFT City during the Vibrant Gujarat Summit in January 2017. What is exciting is that this is not just about equities, the BSE international stock exchange @ GIFT City has plans to offer all asset classes which will include equity derivative, currency derivate, interest rate derivative, and international and domestic commodities," he said.
The new exchange will also help global companies raise finance from other overseas investors. “In the days following the announcement, we have seen enhanced interest in terms of space being sought at the Hiranandani project, ‘Signature’, which is all set to be the first commercial tower ready for fit-outs by the year-end,” said Mr Niranjan Hiranandani. “Just as the BSE’s international exchange is scheduled to ‘ring the bell’, we are also planning to launch ‘Signature’ in January 2017, during the Vibrant Gujarat Summit,” he added.
Sharing information about the fast-pace of progress as regards construction at ‘Signature’, Mr Niranjan Hiranandani said the IFSC would not just provide Indian BFSI sector with an ideal platform to mark their presence in the global markets, but also provide a platform for commodities. “The IFSC @ GIFT City has widened its ambit to also include the IT and ITeS sector, international insurance, reinsurance and Arbitration,” he added.
‘Signature’ is a 400,000 sq ft, 16 storied commercial building, in which 50,000 sq ft of space has been booked by Kotak Mahindra Bank, as also by other leading organizations from the BFSI sector. It dove-tails perfectly into the vision of GIFT City, which offers global firms world-class infrastructure and facilities. GIFT City aims to attract the top talent in the country by providing the finest quality of life all with integrated townships, IFSC and multi-specialty special economic zone (SEZ), he added.
“We have welcomed some of India’s biggest players from the BFSI segment to ‘Signature’, the remaining spaces are being picked up. Now, we are evaluating enquiries for space in ‘Signature’ from leading players in equity, commodity as also the insurance sectors. GIFT City is a project which will create leading-edge infrastructure, services and platforms and offer Financial Services Enterprises a significant competitive advantage to operate regionally and globally - with the corresponding success story for Ahmedabad’s real estate as well,” Mr Niranjan Hiranandani concluded.
Niranjan Hiranandani is Founder & MD, Hiranandani Group. His recent initiative is Hiranandani Communities. He is the Founder and First President (Maharashtra), National Real Estate Development Council (NAREDCO), which works under the aegis of Ministry of Housing & Urban Poverty Alleviation, Government of India.