Standard Chartered to set up currency exchange in India

Standard Chartered Bank of Britain has been granted permission to set up a ‘stock exchange’ trading in currency and interest-rate futures in India.

The ministry of finance said that the Bank, through its Mauritius subsidiary has been granted the relevant permission to acquire an Indian company to set up the exchange.

Currency and interest rate futures are an emerging area in India and is yet to achieve market traction. Most of such trading activities happen in Singapore or Hong Kong.

The Foreign Investment Promotion Board (FIPB) also approved US tech major Qualcomm Inc’s proposal to infuse its equity in the four companies that had won broadband spectrum in last year’s auction. The proposal had been deferred many times by the Board in the past.

It however deferred a similar proposal by Britain based Augere to invest into its Wireless Broadband arm in India.