Linked to the first e-summit between Luxembourg and India – which saw Luxembourg Prime Minister Xavier Bettel virtually meet his Indian counterpart, Narenda Modi – LuxSE signed agreements with the State Bank of India (SBI) and India International Exchange Limited (India INX).
“Through these two important agreements with SBI and INX, we are entering the Indian market to bring international investors closer to Indian issuers and establish strong and mutually beneficial relationships with players in the Indian market, especially in the green sphere,” said said LuxSE Robert Scharfe.
As part of the discussions between Bettel and Modi, the two welcomed the signing of the MoUs and, from the point of view of the Grand Duchy, an agreement between the Luxembourg CSSF and its regulatory counterpart in India, the Securities and Exchange Board of India, would strengthen financial sector cooperation. . Bettel noted that the Grand Duchy could serve as a bridge to connect India’s financial sector with European investors, and beyond.
Part of the discussions between the two also focused on enhanced cooperation on sustainable development and a focus on climate change. The MoUs signed by LuxSE and its Indian counterparts allude to this, as they aim to promote green finance and ESG in India.
Calling the pact “very special,” India INX MD and CEO V. Balasubramanian added, “We believe we can offer issuers and investors the ability to list and trade Green Bonds on our GSM Green platform with the possibility of doing a double listing with Luxembourg. Bourse, which is the largest trading platform for green bonds with exceptional governance standards. We expect that this pact will strengthen the ties between the two countries and encourage more green finance, which is in line with the sustainable development initiative of the Indian government. “
LuxSE has 37,000 listed securities from 2,000 issuers in 100 countries. Its Luxembourg Green Exchange, launched in 2016, has become the first of its kind in the world. Last month it received a United Nations Climate Change Award in the category of financing climate-friendly investments.