Unlocking Global Debt Markets: A Deep Dive into Debt Listing on NSE International Exchange (NSE IX) at GIFT City

INTRODUCTION India has rapidly emerged as a hub for global finance, and leading this charge is the NSE International Exchange (NSE IX), based in the Gujarat International Financial Tec-City (GIFT City) IFSC. For both Indian and foreign entities, listing debt securities on NSE IX has created remarkable opportunities for raising global capital with efficiency, cost savings, and transparency. This blog explores what makes NSE IX a unique venue for debt listings, its value proposition, and how issuers can leverage the platform for success.

A futuristic skyline of GIFT City, showcasing its role as a global financial hub with integrated digital connections and economic growth potential.

What is NSE IX?

NSE IX is a fully owned subsidiary of the National Stock Exchange of India, operational at GIFT City since June 2017. Its mission is to serve as the primary financial gateway for global investors—whether they seek to invest in India or raise funds worldwide.

Over time, NSE IX has won accolades like the “Emerging Market Exchange of the Year” (FOW Asia 2022) and "Most Innovative Contract of the Year" (FOW London 2023), highlighting its global standing.

Why List Debt Securities on NSE IX?

1. Access to Global Capital

·       Issuers can reach a diverse, global pool of investors, including institutional, . . . sovereign, and retail participants.

·       Access to multiple currencies for fundraising, such as USD, EUR, INR, and more.

2. Wide Range of Eligible Issuers

·       Indian and foreign companies

·       IFSC-based entities

·       Supranational, multilateral, or statutory institutions

·       Municipalities, statutory bodies, and those whose securities are guaranteed by sovereigns

3. Product Breadth

·       Foreign currency bonds

·       Masala (INR-denominated) bonds

·       Green, social, and sustainable bonds (ESG)

·       Supranational, sovereign, and municipal bonds

·       Medium-Term Notes (MTN), sustainability-linked bonds, REITs, and InvITs

4. Dual Edge: Value and Compliance

·       Low cost: One of the most competitive listing and regulatory fee regimes in the world, with no annual listing fees.

·       Tax-efficient: Just 9% withholding tax on interest paid, benefiting both issuers and investors.

·       No minimum market capitalization required for issuers.

·       Transparent disclosures and compliance with global standards—use of IND . AS/US GAAP/IFRS allowed.

5. Specialized ESG Platform

·  Separate platform for green/social/sustainable bonds for enhanced ESG visibility.

·  External review and framework alignment mandatory, inspiring investor trust.

The Debt Listing Process: Simplicity at Its Core

1. Pre-Submission Consultation

·  Issuers are encouraged to reach out to the NSE IX listing team for guidance on eligibility, documentation, and regulatory queries.

2. Document Submission

·  Application form, listing agreement, offer documents, supporting documents, and undertakings.

3. Review & Feedback

· The NSE IX listing team carries out a thorough review and requests clarifications if needed.

4. Fast Approval

·  Once all requirements are met, NSE IX issues an in-principal approval—often . within a single business day.

5. Admission to Trade

·  Upon approval, the securities are listed and admitted for trading on NSE IX, visible to global investors.

What Are ESG Bonds and Why Do They Matter?

NSE IX has championed the sustainability agenda by offering a dedicated ESG debt listing platform. Here’s why it matters:

· Recognized Framework: Bonds must comply with established green/social/sustainable frameworks.

· Independent Review: Issuers must appoint third-party reviewers for credibility.

· Disclosure: Ongoing reporting and transparency are built into listing requirements.

· Visibility: Enhanced exposure to global ESG-focused investors and funds.

Who Has Already Listed on NSE IX?

Some of the largest and most respected issuers globally and in India have tapped into NSE IX’s debt market:

·       Foreign Currency Bonds: HDFC Bank, Bank of Baroda, Axis Bank, ICICI Bank, REC, NTPC, Power Finance Corporation, Adani, and more.

·       ESG Labelled Bonds: REC, IREDA, Adani Renewables, Axis Bank, IIFL Finance, DFCC Bank Sri Lanka (first foreign corporate green bond), etc.

·       Masala Bonds: Shriram Transport Finance, Indian Oil, NTPC, Adani, and others.

Success Stories: Real Testimonials

“Listing on NSE IX made the process fast and cost effective… A vibrant ecosystem that matches global financial centers.”— Chairman, India Infoline Group

“This landmark issuance reflects our commitment to GIFT City as an international financial center. The process was efficient and investor response strong.”— CEO, Axis Bank

Key Benefits for Issuers

Feature	NSE IX Advantage
Cost Efficiency	Lower fees, zero annual fees
Tax Benefits	9% withholding tax on interest
Global Visibility	Access to international investors
Regulatory Simplicity	Quick, clear approval process
ESG Focus	Dedicated sustainable finance platform
No Minimum Market Cap	Flexible for small and large issuers
Reporting Support	Ongoing disclosures sourced from NSE

Simple Steps to List Your Debt Securities

1.     Contact NSE IX Debt Listing Team: For pre-listing consultations and document guidance.

2.     Prepare and Submit Documentation: Include all required forms, agreements, and external reviews (for ESG bonds).

3.     Verification and Approval: NSE IX team reviews and provides feedback, ensuring global market practices are met.

4.     Listing and Trading: Once approved, securities are available to trade for a global investor base the very next business day in many cases.

Get Started: Contact Details

·       Email: bd@nseix.com

·       Phone: +91-79-66743615 / 542

·       Office: Unit No.1201, Brigade International Financial Centre, 12th Floor, Block-14, Road 1C, Zone-1, GIFT SEZ, Gandhinagar, Gujarat, India 382355

Conclusion: Raising Capital the Smart Way

Whether you are a corporation, bank, infrastructure body, or a green energy project, NSE IX at GIFT City offers a seamless, global-standard, and cost-effective platform for listing your debt securities. Benefit from international visibility, tax and compliance advantages, and a supportive ecosystem—designed for tomorrow’s financial opportunities.

Take advantage of India’s future-ready debt market and elevate your fundraising with NSE IX today. For more information and updates, visit the official NSE IX website or reach out to the dedicated listing team