India International Exchange will soon facilitate buying and selling of shares of foreign stocks, including major US-listed companies, through its platform.

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In an interview to CNBC-TV18, V Balasubramaniam, MD & CEO of the exchange said, “We are a subsidiary of the Bombay Stock Exchange (BSE). Around 3 years back, we created our subsidiary platform under INX, all the India INX global access and we got recognition from the Securities and Exchange Board of India (SEBI). This was primarily to provide outbound access. So typically in India, we look at inbound access, where foreign investors come and invest in India as foreign portfolio investment (FPI).”

“Therefore, we decided to create a route through International Financial Services Centre (IFSC), where investors from India can also look at investing in international markets,” he said.

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On equity markets access, Balasubramaniam said, “Effectively, we are almost covering about 95 percent of the world universe in terms of listed stocks, listed bonds, as well as listed mutual funds. And this is direct access unlike many fund of funds and many other methods which are available to the retail investor.”

“We are working with some of the banks in India, who have a presence in IFSC through their international banking unit. We are trying to work with them in terms of creating a seamless experience, just like the way internet banking is done by a click of a button and you can do a funds transfer from one account to another,” he said.

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“We are trying to create a similar kind of Liberalised Remittance Scheme (LRS) experience for moving the money from their local branch in India to the international bank in the Gujarat International Finance Tec-City (GIFT City). So if that happens, then LRS will also become as seamless and as easy,” said Balasubramaniam.

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(Edited by : Abhishek Jha)