India and Cyprus have recorded a development in capital market cooperation following Prime Minister Narendra Modi’s visit to Cyprus, with Ellinas Finance Public Company Limited commencing its secondary listing on the NSE International Exchange (NSE-IX) at GIFT City in Gujarat.
For the first time, a foreign company has initiated the process of equity listing at India’s emerging global financial centre, GIFT City. Ellinas Finance Public Company Limited, a financial institution based in Cyprus, has begun its secondary listing on the NSE International Exchange located at GIFT City.
The move is being regarded as the first tangible outcome of capital market cooperation between India and Cyprus and reflects India’s expanding role in the global investment landscape.
Impact of Prime Minister’s Cyprus Visit
The initiative follows Narendra Modi’s visit to Cyprus in 2025, during which India and Cyprus agreed to strengthen capital market cooperation and promote financial partnership. The agreement aimed to provide new opportunities to investors in both countries and enhance collaboration in international financial markets.
According to India’s Ministry of External Affairs, the secondary listing of Ellinas Finance on NSE-IX is a direct result of that agreement. The step is expected to strengthen economic relations between the two countries and open new avenues for cross-border investment.
Role of NSE-IX and GIFT City
The NSE International Exchange is the principal exchange of India’s International Financial Services Centre (IFSC), providing international-standard financial services to global companies and investors. GIFT City has been developed as India’s first International Financial Services Centre with the objective of positioning the country as a significant hub on the global financial map.
The secondary listing of Ellinas Finance marks the first instance of a foreign company initiating an equity listing at GIFT City. The development is expected to enhance the global credibility and attractiveness of the financial centre.
New Phase in India-Cyprus Capital Market Cooperation
The Indian High Commission in Cyprus described the development as a significant advancement in India-Cyprus financial relations. The initiative makes Cyprus the first country to implement capital market cooperation with NSE-IX.
The cooperation is expected to facilitate easier access for investors in both countries to each other’s markets and promote partnerships between financial institutions. It may contribute to increased international investment flows and expansion of financial markets.
The development forms part of India’s strategy to strengthen GIFT City as a global financial hub. The initiative is expected to provide international companies with a competitive and reliable platform for investment and listing in India. Experts have stated that listings by foreign companies could strengthen India’s financial system, expand investment opportunities and improve the global competitiveness of Indian financial markets.
