NSE International Exchange (NSE IX): India's Gateway to the Global Market

India ─ the world's fourth largest economy and stock market ─ is also aspiring to be global rather than being local and has undergone a significant transformation in recent years. In 2015, Indian PM Modi established the GIFT City (Gujarat International Finance Tec-City) as an enabler in positioning the country as a global financial hub ─ India’s answer to Singapore & Dubai. Located in Gandhinagar, Gujarat, GIFT City; it was the first operational Smart City and International Financial Service Centre (IFSC). 

Subsequently, in 2017, India’s number one stock exchange, NSE (National Stock Exchange of India Limited), established NSE IX (NSE International Exchange) ─ formerly known as NSE IFSC. It’s a universal multi-asset exchange for both local & global investors, dealing in USD. NSE IX is regulated by the IFSCA (International Financial Services Centres Authority). The transaction currency is USD. Local (Indian) investors can invest in USD under the RBI’s LRS (Liberalised Remittance Scheme) up to $250,000 per FY.

Apart from NSE IX, India’s GIFT City also has two other similar exchanges, serving both local & global investors in USD.

• India INX (India International Exchange) ─ A wholly owned subsidiary of BSE (Bombay Stock Exchange); established in 2017 ─ Equity Index F&O, Single Stock F&O, FX Derivatives, Commodity Derivatives (including precious metals, base metals and energy), debt securities (local & global bonds), and Equity & Depository receipts listings
• IIBX (India International Bullion Exchange) ─ India’s answer to Dubai or even COMEX, established in 2022 by a consortium led by NSE, BSE, MCX, and also NSDL & CDSL ─ focuses exclusively on bullion/precious metals (Gold & Silver)

In India, NSE IX, India INX and IIBX were established to bring back offshore trading through legal or even illegal Foreign Trading platforms (FTPs). NSE IX was also incorporated to compete with SGX (Singapore) and Dubai Exchanges amid the growing popularity of the 16/5 SGX Nifty Future. Now, GIFT Nifty Future takes the place of SGX Nifty Future, especially in the overnight U.S. session and morning Asian Session (pre-NSE). The cost of doing trading (transactions) is globally competitive. NSE IX is headquartered in GIFT City, Gujarat, and functions as an offshore-style exchange within India's regulatory framework. Unlike domestic exchanges, NSE IX caters to global participants, including foreign investors seeking exposure to Indian indices and equities in direct USD, thereby reducing currency hedging risk.

Some of the special features of NSE IX include

• Transaction/settlement currency: USD
• Normal Trading Hours (IST): 06:30-15:40 (Session-1) and 16:35-02:45 (almost 22 hours in two trading sessions)
• No STT, no stamp duty, no GST on trading fees (brokerages), no capital gains tax (for NRIs, subject to certain conditions)

NSE IX. Products and Services

NSE IX offers a diverse range of financial instruments across multiple segments: All USD-denominated

• Equity Index Derivatives: Flagship products include F&O on Indian Equities
• Nifty 50-GIFT Nifty ─ formerly SGX Nifty; rebranded after the NSE-SGX Connect launch
• F&O on other sectoral and thematic indices like
  • Nifty Bank
  • Nifty Financial Services
  • Nifty IT
  • Nifty Next 50
  • Nifty Midcap Select
  • Nifty India FPI 150
• Single Stock F&O on individual Indian stocks (mostly blue-chip large caps)
• Currency Derivatives: Pairs involving major global currencies like EURUSD, GBPUSD, USDJPY, USDINR, USDCHF, AUDUSD
• Precious Metals (Commodity Derivatives): Gold and Silver (LBMA)
• Debt (corporate bonds) and Fixed Income: Bonds, including innovative sustainable instruments like green, blue and Masala bonds.
• International Sustainable Exchange Platform (ISX): Focused on ESG-linked products
• Depository Receipts (DRs) and Listings: Global Equities, debt securities, REITs, InvITs, and depository receipts (e.g., GDRs—like DRL)
• Nifty Bharat Bond Indices—the first fixed-income derivatives in IFSC exchanges.

NSE-IX-some of the landmark achievements in recent years

• Listing of Sri Lanka's first blue bond in early 2026, marking Asia's first such instrument and the first blue bond traded in India's IFSC. 
• This dual listing with the Colombo Stock Exchange underscores NSE IX's push into sustainable finance and cross-border collaboration.
• In 2024-2025, NSE IX received U.S. SEC class relief, enabling U.S. clients to trade equity index options.
• Launched remote trading participants and crossed $1 trillion in notional turnover. 
• The monthly turnover reached over $106 billion in late 2025, and open interest peaked at significant levels, indicating increasing market participation.

The Global Access Platform: A Game-Changer for Indian Investors

Launched in late February 2026, the Global Access platform (GAP) may be NSE IX's most significant outbound investment initiative. It allows resident Indian investors and also NRIs to directly invest in international stocks and ETFs without needing a foreign brokerage account. Phase 1 focuses on the U.S. market, providing access to over 50 large-cap blue-chip stocks such as Apple, Microsoft, Amazon, Tesla, and NVIDIA, and ETFs. The GAP is expected to expand further to over 30 global markets, including the U.K., Japan, and Europe, by 2026. The soft launch saw strong adoption, with approximately 2,000 clients enrolling on day one. This positions NSE IX as a regulated, cost-effective gateway for portfolio diversification, reducing reliance on informal channels or foreign brokers.

Key features include:

• Fractional investing/trading (say 0.10 lot NVIDIA) for broader accessibility 
• Fully digital onboarding, including quick video KYC 
• Trading via web browser or mobile app.
• Compliance with LRS limits and FEMA regulations.
• No separate demat account required for the initial phases 

The GAP platform operates through NSE IX's subsidiary structure, ensuring clearing and settlement within India's ecosystem while aligning trading hours with target markets (e.g., U.S. sessions).

Conclusions

India’s Capital Market Regulator SEBI may soon allow direct listings of Indian companies in GIFT City IFSC exchanges ─ a long-pending reform that could unlock meaningful capital inflows. Thus, NSE IX now stands as a pivotal IFSC exchange in India’s ambition to become a global financial powerhouse. In an era of increasing globalisation, NSE IX exemplifies how strategic infrastructure can empower domestic participants with matching U.S. trading hours, usually the main source of all global volatilities around the year.