GIFT City Reaches Key Milestone with First International Equity Listing

Overview

• A Cyprus-based financial services company, Ellinas Finance, is set to become the first overseas equity admitted to the NSE International Exchange (NSE IX) at GIFT City, marking an early step in the IFSC's efforts to facilitate cross-border listings.
• This milestone, facilitated by a June 2025 MoU between NSE IX and the Cyprus Stock Exchange, positions India's GIFT City as a critical gateway for international capital flows.
• Additionally, TWSE and AFRINEX (Mauritius) signed MoUs with India INX and NSE IX to strengthen cross-border listings, product collaboration, and global capital market connectivity across Asia and Africa.

The Dual Listing Gateway

• Ellinas Finance, a Cyprus-based financial services firm, is scheduled to list its equity shares on NSE IX, creating a direct link between the Cyprus Stock Exchange and India's International Financial Services Centre (IFSC).
• The dual listing will help Ellinas expand its investor base across two jurisdictions, improving liquidity and global visibility. For GIFT City, this milestone signals its growing ability to attract international issuers beyond domestic offerings.
• Additionally, the launch of NSE IX’s Global Access platform, enabling trading in US stocks and soon over 30 global markets, strengthens its position as a global investment gateway.

TWSE Signs MoU with India INX and NSE IX

• In a separate development, the Taiwan Stock Exchange (TWSE) exchanged an MoU with India International Exchange (India INX) and NSE IX.
• The agreement emphasizes information sharing, joint promotion, and exploration of cross-border products such as ETF listings and global access initiatives.
• With NSE, BSE, and TWSE ranking among the top global exchanges by market capitalisation, the partnership aims to strengthen Asian market linkages and provide investors with broader choices through technology-driven platforms.

AFRINEX (Mauritius) signs mou with India INX

• Another MoU was signed between AFRINEX (Mauritius) and India INX. AFRINEX, a multi-currency and multi-asset exchange positioning itself as a gateway between Africa and global markets, described the agreement as the first in a series of collaborations.
• It targets facilitation of Indian instruments into African markets and vice versa, covering product development, information exchange, and expertise sharing.
• The exchange highlighted existing involvement of Indian companies and openness to further partnerships bridging India and Africa.

Conclusion

• The listing of Ellinas Finance on NSE IX, along with strategic MoUs signed with the Taiwan Stock Exchange (TWSE) and AFRINEX (Mauritius), marks a structural shift in GIFT City’s global positioning.
• Through collaboration with the Cyprus Stock Exchange, India INX and NSE IX are establishing a credible cross-border capital market ecosystem.
• The expansion of the Global Access platform further strengthens this framework by providing connectivity to multiple international markets. With regulatory clarity and infrastructure maturity improving, GIFT City is emerging as a preferred secondary listing destination for overseas issuers.
• This momentum enhances liquidity, diversifies product offerings, and expands the global investor base. Over time, these developments position GIFT City as a strategic bridge linking Europe, Asia, and Africa within India’s IFSC framework.