NSE IX Secondary Trading Launch Awaits Key Regulatory Infrastructure

NSE IX's active secondary trading launch is pending finalisation of depository connects by regulators. CEO Balasubramaniam Venkataramani revealed this after the first foreign equity listing by Cyprus-based Ellinas Finance on the exchange.

The active secondary trading on the NSE International Exchange (NSE IX) is set to launch once market regulators finalise critical operational infrastructure. Speaking on the sidelines of a historic bell-ringing ceremony at the National Stock Exchange (NSE) in Mumbai, Balasubramaniam Venkataramani, Managing Director and CEO of NSE IX, revealed that the activation of trading remains dependent on establishing functional depository connects.

The high-profile interaction took place following the landmark event celebrating the first-ever foreign equity listing on NSE IX and GIFT IFSC by Cyprus-based Ellinas Finance Public Company Limited. Held under the aegis of a Memorandum of Understanding (MoU) between NSE IX and the Cyprus Stock Exchange, the ceremony was graced by Nearchos Petrides, Chief Executive Officer of Ellinas Finance, alongside Ashish Kumar Chouhan, Managing Director and CEO of the National Stock Exchange (NSE).

Trading Launch Awaits Infrastructure Clearance

Speaking on the current structural state of the milestone cross-listing, Venkataramani clarified that while the equity admission establishes a vital international foothold for Euro-Mediterranean capital in India, the actual launch of secondary market liquidity requires behind-the-scenes clearance. "As far as trading is concerned, there are more pieces which have to be worked out, especially the depository connects. Our regulator, IFSCA, is seized of that matter, and that is something which will happen," Venkataramani stated.

He further noted that secondary trading is poised to seamlessly synchronise with the company's next round of primary market funding from Indian offshore investors.

NSE IX Addresses Derivative Market Concerns

The NSE IX chief also forcefully pushed back against broader domestic market anxieties regarding regulatory tightening. When asked about recent concerns raised by the Securities and Exchange Board of India (SEBI) regarding surging retail participation in high-volume derivatives, Venkataramani emphasised that the offshore exchange operates under an entirely segregated risk paradigm that completely ring-fences the domestic retail ecosystem.

"On the derivative side, we only cater to offshore investors. There are no Indian residents who are participating as far as derivatives are concerned, so those specific fears are definitely not there," Venkataramani asserted. Highlighting the robust scale of the international bourse, he noted that the signature Gift Nifty futures contract maintains an exceptionally healthy institutional footprint, averaging between USD 5 billion and USD 5.5 billion in daily trading volume--nearly double the volume of India's domestic spot market. (ANI)

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