Cyprus-based Ellinas Finance to be first overseas equity admitted on NSE IX at GIFT City

23 hours agoLast Updated: February 26, 2026

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Cyprus-based Ellinas Finance to be first overseas equity admitted on NSE IX at GIFT City

In a milestone for GIFT City’s evolving offshore capital markets, Ellinas Finance, already listed in Cyprus, will soon list its equity shares on NSE International Exchange (NSE IX), marking what exchange officials describe as the first cross-border equity listing between India and Cyprus.

“This is the first cross-listing in GIFT City,” V Balasubramaniam, Managing Director and CEO of NSE International Exchange, told bussinessline confirming that the Cyprus-listed company will debut on NSE IX next week. Ellinas Finance is a Cyprus-based financial services company. “We are going through the listing documents. We are expecting to complete the listing in the next one week,” he added.

Echoing the significance, Viraj Kulkarni, Honorary Consul of the Republic of Cyprus in Mumbai, while speaking at the Global Securities Markets Conclave 2.0 in GIFT City on Thursday said, “Congratulations on the completion of Expression of Interest for listing of equity shares of Ellinas Finance on NSE IX. I understand the listing will happen next week. This in effect is the culmination of the MoU that was signed and announced last June in Nicosia (capital of Cyprus) by the leaders of both the countries. This happens to be first listing of equity shares on NSE IX and it happens to be the first cross border listing equity shares between the two countries.”

Already listed on the Cyprus Stock Exchange (CSE), Ellinas Finance will now have its equity shares admitted for listing on NSE IX at GIFT City, creating a dual listing structure that allows the same company’s shares to be listed on two separate exchanges in different jurisdictions. A dual listing allows a company to list its shares on two different stock exchanges simultaneously, enabling investors in multiple jurisdictions to trade the same stock. The Ellinas Finance listing is being positioned as a test case for such cross-border capital flows through India’s International Financial Services Centre (IFSC).

The development follows the Memorandum of Understanding (MoU) signed in June 2025 between NSE IX and the Cyprus Stock Exchange (CSE) during Prime Minister Narendra Modi’s visit to Cyprus. The agreement laid the groundwork for cooperation on cross and dual listings, joint product development, research collaboration, fintech engagement, and investor access to a wider pool of financial instruments. “Cyprus currently holds the presidency of the Council of the European Union. Last year it was the second fastest growing country by GDP in Europe. Cyprus ranks among the top 10 countries from which FDI comes to India — a total of $15.3 billion and in the last six months $1.5 billion has been committed,” Kulkarni added.

On Thursday, Taiwan Stock Exchange signed bilateral MoUs both with NSEIX and India INX stock exchanges in GIFT City. “The MoU with Taiwan Stock Exchange is more exploratory in nature. Taiwan has a number of larger semiconductor firms whose subsidiaries have operations in India. We are exploring to see if some of them can get listed here,” Balasubramaniam from NSEIX said.

A similar MoU was also signed between AFRINEX, Mauritius and NSEIX. Afrinex is a Pan-African financial exchange headquartered in Mauritius, established to operate as a multi-currency, multi-asset securities exchange serving investors and issuers across Africa and beyond.