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

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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.

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,” said V Balasubramaniam, Managing Director and CEO of NSE International Exchange, confirming that the Cyprus-listed company will debut on NSE IX next week. Ellinas Finance is a Cyprus-based financial services company.

Echoing the significance, Viraj Kulkarni, Honorary Consul of the Republic of Cyprus in Mumbai, said at the Global Securities Markets Conclave 2.0 in GIFT City: “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 will be the first cross border listing equity shares between the two countries.”

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.