Cyprus-based financial services company, Ellinas Finance, is set to become the first overseas equity admitted to India's NSE International Exchange (NSE IX) at GIFT City, marking an early step in the India International Exchange's efforts to facilitate cross-border listings.
As noted in relevant reports in the Indian press, the move follows a Memorandum of Understanding signed in June 2025 between NSE IX and the Cyprus Stock Exchange (CSE) at Global Securities Market Conclave 2.0. Ellinas Finance, already listed on the CSE's alternative market, has initiated the formal process for a secondary listing on NSE IX. Exchange officials confirmed the admission is expected next week, with the primary listing on the CSE remaining unchanged.
V Balasubramaniam, Managing Director and CEO of NSE International Exchange, described it as the first cross-listing achieved in GIFT City, building on the MoU's focus on dual listings, product innovation, and bilateral market ties.
Also commenting on the significant milestone, Viraj Kulkarni, Honorary Consul of the Republic of Cyprus in Mumbai, while speaking at the Global Securities Markets Conclave 2.0 in Gift City, said, "This, in effect, is the culmination of the MoU signed and announced last June in Nicosia by the leaders of both countries."
The reports, in addition, noted that Cyprus has been a notable source of foreign direct investment into India, with cumulative inflows of $15.3 billion and recent commitments around $1.5 billion over six months. The country also ranks as a financial innovation hub in Southern Europe and holds the current EU Council presidency.
Ellinas Finance Public Company Ltd is a Cypriot public company with more than 25 years of experience and expertise in financing and other services.
Set up as a private company in December 1992 in Nicosia, it became a public company in February 2000. It is listed on the Cyprus Stock Exchange and its shares are traded under the symbol ELF.
The Group’s main activities are short term and medium term lending to individuals and companies through specially tailored personal and business loans, financing of investor accounts, factoring services, private equity in Cypriot and foreign companies, international money transfers through the Company’s network of more than 60 locations in Cyprus (through the MoneyGram International payment system), people advisory services (personal income tax, social security and immigration compliance /advisory services) and payroll outsourcing /advisory services.
