NSE IX Urges SEBI to Finalize Direct Listing Guidelines for Indian Firms at GIFT IFSC

NSE International Exchange has reiterated its request for the Securities and Exchange Board of India to publish the pending operating guidelines that will allow Indian companies to list directly on the GIFT International Financial Services Centre. 

NSE IX Urges SEBI to Finalise Direct Listing Guidelines for Indian Firms in GIFT IFSC 

During the Global Securities Markets Conclave 2.0 on February 27, 2026, Managing Director and CEO V Balasubramaniam stated that the exchange is awaiting SEBI’s final operating guidelines. He noted that earlier commitments from the Finance Minister have not yet translated into a formal framework, leaving listed Indian companies unable to use the IFSC for direct listings. 

The existing IFSC framework, supported by IFSCA regulations, MCA rules and FEMA amendments, already permits unlisted public companies to pursue direct listings. However, listed companies require specific SEBI guidelines to participate. 

Impact on GIFT City’s Market Share 

Balasubramaniam highlighted that NSE IX has captured 88% incremental market share in inbound business up to December 31, 2025, and holds 99% overall trading share on the platform. He linked the pending guidelines to the exchange’s broader goal of positioning GIFT as a truly international financial ecosystem. 

Recent Milestones at NSE IX 

The exchange recently announced Asia’s first blue bond listing and is preparing for the first foreign equity listing from a Cyprus‑based firm. Additionally, the Global Access platform recorded 2,000 client enrollments on its soft launch day, offering video KYC, fractional investing and low‑cost access to US markets before expanding to over 30 global markets. 

Read More: National Stock Exchange Chief Flags Need for Derivatives Eligibility Norms! 

Regulatory Context 

While the IFSC framework enables direct listings for unlisted entities, SEBI’s operating guidelines remain the final hurdle for listed Indian firms. The exchange continues to engage with SEBI and the working group established by the Finance Ministry to expedite the process. 

Conclusion 

NSE IX’s repeated appeal underscores the importance of SEBI’s pending guidelines for enabling direct listings of Indian companies in the GIFT IFSC. The development is expected to influence the growth of inbound and outbound market activity on the platform. 

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