Double Listings, Bigger Ambitions—NSE and Cyprus Sign Market-Shaping Pact

India's economic diplomacy has taken a step higher with the National Stock Exchange (NSE) inking a Memorandum of Understanding (MoU) with the Cyprus Stock Exchange (CSE) for cross and dual listings. The signing, done during the visit of Prime Minister Narendra Modi to Cyprus, is aimed at deepening the capital market link between India and Europe through the NSE International Exchange at GIFT City.

Key Highlights:

Dual Listings Facilitated: The MoU provides for listing of Indian and Cypriot companies on both exchanges, facilitating greater investor access and visibility.
Strategic Timing: The agreement was signed at a highlevel roundtable meeting in Limassol, where PM Modi and Cypriot President Nikos Christodoulides were present.
Increased Collaboration: The collaboration also entails collaborative research, outreach activities, and financial innovation initiatives.
Benefits to Investors: European instruments are available to Indian investors, and Indian capital markets are accessible to Cypriot companies.

Simultaneously, in another action, the Indian government conducted a bond switch auction, issuing new securities of ₹91.29 billion and retiring outstanding bonds of ₹92.96 billion. The move is as per the Reserve Bank of India strategy to manage the government debt's maturity profile and reduce the refinancing risks.

These shifts reflect India's double focus on global financial integration and domestic fiscal prudence, and point to a changing regime of capital markets.

Sources: CNBC TV18, News24, Tribune India.