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Sujai Adithya
Business Development and Banking & Financial Services Expert
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What is INX?

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Sujai Adithya
Business Development and Banking & Financial Services Expert

On January 9, 2017, Prime Minister Narendra Modi gifted India its first International Stock Exchange Market. This initiative of the Indian government has taken India a step ahead in the global stock market and it was a proud moment for all the Indian. In this article we will discuss the key points of INX because in the upcoming bank exams this will be the hot topic for discussion and one or two objective type questions will be surely based on INX.

Features of INX:

  • Speed - It is world's fastest stock exchange in terms of response. The highly advanced technology based stock exchange will work on four microsecond response time. 
  • Working Hours - To match the pace of global economy and stock market, INX will remain open for 22 hours a day. The stock exchange will open at 4 am and will close at 2 am. This time span is matched with Japan and US's stock exchange time. Japan Stock exchange open at 4 am according to Indian time and US Stock exchange closes at 2 am according to Indian time.
  • Investment Targets - Bombay Stock Exchange has kept the target of investing 500 crores in the market within three years.
  • Employees - To function perfectly, the staff of BSE has relocated to Gujrat. 100 BSE employees have shifted to INX. There is a team of local and foreign personnel too. 
  • Trading - INX will trade in securities and products along with Indian Rupee. It will indulge in the trading of equity shares of companies incorporated outside India, depository receipts, debt securities, currency and interest rate derivatives, index-based derivatives, commodity derivatives. For the first six months, it will offer only derivative products.
  • Security - To prevent money laundering and to manage risks and money manipulation, INX has a robust security system. 

The INX Media case is related to alleged irregularities in the Foreign Investment Promotion Board (FIPB) clearance to media group INX Media receiving overseas funds to the tune of Rs 307 crore during the Congress-led United Progressive Alliance (UPA) government.

In January 2008, the Financial Intelligence Unit (FIU-IND) of the finance ministry had flagged a foreign direct investment (FDI) of over Rs 305 crore by three Mauritius-based companies in INX Media Pvt Ltd, then owned by Peter and Indrani Mukerjea. The Income Tax department handed over the case to the Enforcement Directorate (ED), which in 2010 registered a case against INX Media for alleged Foreign Exchange Management Act (FEMA) violations.

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