Mumbai: BSE's international exchange India INX on Wednesday said it has received approval from market regulator SEBI to commence trading in WTI Crude Oil and Brent Crude Oil future contracts.
Accordingly India INX (India International Exchange) will commence trading in WTI Crude Oil from October 20 and Brent Crude Oil futures contract from October 31.
"Crude oil futures is a global commodity affecting every user and India INX will provide a global platform to allow all users to manage their price risk and hedging needs," India INX managing director and CEO V Balasubramaniam said.
India INX registered a total cumulative turnover of USD 5,600.79 million, as on September 30, 2017.
The exchange had begun its trading activities on January 16, this year and is India's first international exchange set up at Gujarat's GIFT City.
With a turn-around time of 4 micro seconds, it operates for 22 hours a day to allow international investors and non residents Indians to trade from anywhere across the globe.
The exchange provides a common platform for all asset classes - equities, currencies, commodities. It is also working towards offering depository receipts and bonds once the required infrastructure is in place.
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