Earlier this year, in a landmark development, the Prime Minister of India, Narendra Modi, embarked on a historic two-day visit to Cyprus, hosted by Cypriot President Nikos Christodoulides.
The visit was especially significant as it was the first by an Indian Prime Minister in 23 years, underscoring a renewed commitment to deepening bilateral ties that have been evolving since the formal establishment of diplomatic relations on February 10, 1962. What set this visit apart was its unique structure. Departing from traditional diplomatic protocol, the visit commenced not with political dialogue but with a Cyprus-India Business Roundtable entitled “Advancing a Strategic Economic Partnership.”
This high-level discussion brought together select business leaders from both nations, reflecting the growing importance of economic collaboration in shaping foreign policy. Held in the presence of Prime Minister Modi and President Christodoulides, the Roundtable emphasised mutual interests in sectors such as technology, renewable energy, pharmaceuticals, shipping and financial services. One of the crucial results of the Roundtable was the signing of the Memorandum of Understanding (MoU) between NSE International Exchange (NSEIX) and the Cyprus Stock Exchange.
Apart from being an important gateway to/from Europe, Cyprus brings strong expertise in fund management and corporate structuring. It has ranked amongst the top ten countries in terms of FDI inflows into India for over a decade. In this context, the MoU between the two Exchanges is expected to strengthen the India-Cyprus partnership and add momentum to the collaboration. NSEIX’s flagship product, GIFT Nifty, provides an innovative and efficient pathway for international investors to gain exposure to India’s financial markets. The full-scale transition of SGX Nifty to GIFT Nifty marked a landmark moment for India’s capital markets, positioning GIFT IFSC as the official international gateway for investments into India. Serving as a new benchmark for India’s equity market growth, GIFT Nifty achieved an all-time high monthly turnover of US$102.35 billion in May 2025, underscoring its growing global relevance. NSEIX has two wholly owned subsidiaries – NSE International Clearing Corporation (NSEICC) and NSEIX Global Access IFSC (NSEIX GA). NSEICC clears and settles all trades on NSEIX, adhering to global best practices such as client-level asset segregation and real-time risk management. NSEIX GA facilitates regulated outbound investments into global exchanges, offering investors access to a wide array of permitted financial products and services in foreign jurisdictions.
With an efficient listing process and an operational framework aligned with global best practices, NSEIX has also emerged as a preferred destination for the listing of foreign currency bonds. To date, over US$68 billion in Medium-Term Notes (MTN) have been established and more than US$34 billion in listings have been onboarded on the Exchange from both Indian and international issuers. Against this backdrop, the MoU between the Cyprus Stock Exchange and NSEIX lays the foundation for multi-faceted cooperation, focusing on cross and dual listings of financial instruments, joint development of innovative financial products, knowledge sharing and research collaboration, capacity building and training initiatives and fintech engagement and outreach programmes. Representatives from both exchanges are actively exploring areas such as cross-listings and the launch of tradeable products. This partnership is expected to open new avenues for investors and issuers alike, while reinforcing the role of financial markets in advancing broader economic, diplomatic and investment linkages between India and Cyprus.
The collaboration between NSEIX and the Cyprus Stock Exchange symbolises India’s growing financial maturity and its increasing integration with global capital markets. Together with its parent, NSE, which anchors India’s domestic capital formation, NSEIX extends this reach globally, creating a seamless continuum between onshore and offshore markets. This synergy strengthens India’s position as a hub for transparent, efficient and innovation-driven finance, furthering the twin goals of market development and sustained economic growth.
The story of NSEIX, however, is incomplete without a look at the Indian capital markets and the economy at large. India, with a GDP of over US$4 trillion, is the world’s fourth-largest economy. Over the past three decades, it has recorded an average real GDP growth of around 6.3%, making it one of the fastest-growing major economies globally and it is expected to remain the fastest-growing large economy in the coming years, driven by strong domestic demand, robust demographics and sustained policy reforms. India’s capital markets, often seen as a reflection of the economy, have mirrored this trajectory. The country’s market capitalisation has surpassed US$5 trillion, ranking it among the top four equity markets worldwide after the US, China (including Hong Kong) and Japan. At the heart of this transformation stands the NSE – the country’s largest and most trusted market infrastructure institution and the largest multi-asset exchange globally in terms of market activity processing over 20 billion orders and 300 million trades per day on peak days. NSE is also among the leading exchanges worldwide in terms of IPO fund mobilisation, facilitating equity capital raising worth US$20 billion in 2024 – amongst the highest globally. Total mobilisation facilitated by NSE stood at about US$209 billion in 2024, contributing significantly to the total fund mobilisation in India.
At the same time, NSE has been instrumental in democratising access to capital markets. The number of unique registered investors with NSE has risen sharply, from around 30 million in 2019 to over 120 million at present with 235 million investor accounts, reflecting the deepening reach of formal finance among households. India’s registered unique investor population makes it larger than the population of most countries globally. This surge in retail participation – enabled by digital platforms, simplified KYC norms, and growing financial literacy – has made India’s markets among the most broad-based and inclusive globally. Through continuous innovation, NSE has played a pivotal role in deepening liquidity, enhancing transparency and broadening participation across asset classes. Its international arm, NSEIX, carries forward this vision by extending India’s financial reach globally, connecting international investors to India’s growth story while enabling Indian investors to access opportunities across global markets.
*Ashishkumar Chauhan, Managing Director and CEO, National Stock Exchange of India (NSE)
This article first appeared in the October edition of GOLD magazine. Click here to view it.
