First Overseas Listing on NSE IX Signals Push for Global Fundraising Hub

GIFT City’s international exchange platform NSE IX has achieved its first foreign equity listing with Cyprus-based Ellinas Finance completing its debut on the exchange, a development Managing Director and Chief Executive Officer V Balasubramaniam described as a “red letter day” for the ecosystem.

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Speaking about the listing, Balasubramaniam said the exchange aims to create an additional international fundraising route for companies without competing with India’s domestic exchanges.

He stated that NSE IX does not intend to divert liquidity away from Indian markets and instead wants to function as a complementary platform for companies seeking access to overseas capital pools.

Depository Connectivity Seen as Next Key Step

Balasubramaniam said the next major requirement for scaling cross-border and dual listings would be connectivity between depositories.

According to him, the exchange already has operational links with international settlement systems including Euroclear and Clearstream, but broader integration is required to enable seamless dual listings between domestic exchanges and GIFT City’s international exchange.

India’s International Financial Services Centre framework currently allows Indian companies to undertake separate listings in GIFT City for global investors. However, companies listed on domestic exchanges do not yet have a direct mechanism for parallel listings on international exchanges operating within GIFT City.

Balasubramaniam said global financial centres commonly operate on such structures where companies maintain domestic listings while simultaneously accessing foreign investor pools through overseas exchanges.

Focus on International Investors

He said Indian companies seeking capital solely from international investors could use NSE IX as a dedicated platform, while foreign companies could access Indian investors through the Liberalised Remittance Scheme route.

Balasubramaniam added that dual listings offer companies a wider investor base and pointed to earlier American Depository Receipt and Global Depository Receipt issuances by Indian firms as examples of similar capital-raising structures.

The comments came after Ellinas Finance, described as Cyprus’ largest non-banking financial company, completed the first foreign equity listing on NSE IX. The listing followed a memorandum of understanding signed between NSE IX and the Cyprus Stock Exchange during Prime Minister Narendra Modi’s Cyprus visit in June 2025.

GIFT City Expands Global Ambitions

Balasubramaniam said the listing demonstrated that GIFT City could evolve into an international fundraising destination for companies across Asia, Europe and Africa.

He also said the derivatives segment had already gained traction among global investors. According to him, GIFT Nifty volumes are currently twice the size of domestic Nifty volumes, while open interest is nearly three times higher.

Beyond equities, NSE IX has also witnessed overseas debt fundraising activity, including sustainable bond issuances by a Sri Lankan development financial institution.

Balasubramaniam said several foreign-owned companies with operations in India have shown interest in raising capital through GIFT City. He added that international financial centres take time to build credibility and investor participation, with long-term adoption depending on operational execution and market confidence.