Mumbai, June 16 Calling it a landmark development, Ashish Kumar Chauhan, Managing Director and CEO of the National Stock Exchange (NSE), said on Monday that the new agreement between NSE International Exchange (NSE IX) and the Cyprus Stock Exchange (CSE) marks a new chapter in the India–Cyprus financial cooperation.
“This partnership opens doors for outreach programmes and other future engagements, leveraging GIFT City as an international financial hub,” he said in a statement.
The NSE IX, based at GIFT City in Gujarat, signed a significant memorandum of understanding (MoU) with the Cyprus Stock Exchange.
The agreement lays the foundation for dual and cross listings of financial instruments, joint development of innovative financial products, and collaboration in research, training, and capacity-building initiatives.
The MoU was signed in Limassol, Cyprus, during Prime Minister Narendra Modi’s official visit, and was attended by Cyprus President Nikos Christodoulides and other dignitaries at the roundtable event, titled ‘Advancing a Strategic Economic Partnership.’
The agreement also aims to boost fintech engagement, promote investor access across India and Europe, and enhance knowledge exchange between the two countries’ financial ecosystems. It underscores India’s growing push to position GIFT City as a global financial services powerhouse.
Prime Minister Modi welcomed the collaboration and said, “I am pleased to know that the Cyprus Stock Exchange and NSE have agreed to collaborate in Gujarat’s GIFT City.”
V Balasubramaniam, MD and CEO of NSE International Exchange, called the agreement a strategic move to build strong cross-border market infrastructure.
“With our shared vision of enhancing international financial connectivity, this MoU will drive long-term value for investors and institutions across Europe and India,” he said.
The pact is expected to bring new opportunities for innovation and growth in the financial sectors of both nations while strengthening their capital market linkages, according to the NSE statement.
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