LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » India News

NSE, Singapore Exchange win approval for joint derivatives project

Vikram Limaye, managing director and chief executive of NSE, said he hoped all SGX Nifty futures volumes would ultimately move to GIFT IFSC.

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
NSE, Singapore Exchange win approval for joint derivatives project
The collaboration remains subject to further approvals from relevant local authorities, the exchanges said, adding they were also working to resolve related arbitration proceedings. Image source: Reuters
Written By: Reuters
Updated: Thu, Aug 08, 2019
11:22 am
Mumbai, ZeeBiz WebDesk
RELATED NEWS
SBI to sell 50 lakh shares in NSE as part of capital raising exercise SBI to sell 50 lakh shares in NSE as part of capital raising exercise
Maharashtra Assembly elections: NSE, BSE announce trading holiday on Oct 21 Maharashtra Assembly elections: NSE, BSE announce trading holiday on Oct 21
Nifty to cross 12k-mark today? Here’s how Lok Sabha Elections 2019 results may drive investors Nifty to cross 12k-mark today? Here’s how Lok Sabha Elections 2019 results may drive investors
NSE FY19 net profit up 16.87 pct to Rs 1,708.04 crore on higher revenues NSE FY19 net profit up 16.87 pct to Rs 1,708.04 crore on higher revenues
NSE co-location facility case: Sebi partially relaxes orders against 3 stock brokers NSE co-location facility case: Sebi partially relaxes orders against 3 stock brokers

India`s National Stock Exchange (NSE) and the Singapore Exchange (SGX) have been given the go-ahead for a planned collaboration in trading stock index-based products from an international financial centre being developed in western India. The two said on Tuesday they had won regulatory approval for their plan, which has been under discussion for months and which envisages bringing trading of the SGX`s Nifty futures contract, based on the NSE`s Nifty 50 index, to the new centre.

They hope this will create a larger pool of liquidity for the product, as well as boosting activity at the Gujarat International Finance Tec-City (GIFT), an initiative led by Indian Prime Minister Narendra Modi in his home state.

The collaboration remains subject to further approvals from relevant local authorities, the exchanges said, adding they were also working to resolve related arbitration proceedings.

The two exchanges have been locked in a dispute after India`s three main bourses unexpectedly announced in February last year that they would stop licensing their indexes to foreign bourses from August.

An Indian court last May referred the dispute to an arbitrator, asking SGX to continue listing and trading SGX Nifty contracts beyond August while barring it from offering proposed new products until a final decision. 

NSE and SGX said they would work to have their proposed NSE International Financial Service Centre (IFSC)-SGX Connect project at GIFT operational before the end of 2020, subject to members` readiness and receiving relevant approvals.

Vikram Limaye, managing director and chief executive of NSE, said he hoped all SGX Nifty futures volumes would ultimately move to GIFT IFSC.

"The objective is to make GIFT City the hub of all India access products," Limaye said. "If we are able to successfully transition the SGX Nifty contract, I see no reason why all India access products can’t be transitioned to GIFT City."

The Indian government has been trying to lure foreign investors to GIFT City, which offers close to zero tax, dollar contracts, and top-notch infrastructure.

Still, daily trading volumes have been a fraction of the tens of billions of dollars on the country`s two main stock exchanges. 

SGX Nifty futures in Singapore have daily average volumes of $1.8 billion, dwarfing volumes on NSE`s international exchange at GIFT. 

Watch Zee Business Live TV

Over the past two decades, SGX has become the most popular market for foreign investors to bet on Indian equity indexes, with Nifty 50 futures tracking the NSE`s main index.

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
National Stock ExchangeSingapore Exchange
RELATED NEWS
SBI to sell 50 lakh shares in NSE as part of capital raising exercise SBI to sell 50 lakh shares in NSE as part of capital raising exercise
Maharashtra Assembly elections: NSE, BSE announce trading holiday on Oct 21 Maharashtra Assembly elections: NSE, BSE announce trading holiday on Oct 21
Nifty to cross 12k-mark today? Here’s how Lok Sabha Elections 2019 results may drive investors Nifty to cross 12k-mark today? Here’s how Lok Sabha Elections 2019 results may drive investors
NSE FY19 net profit up 16.87 pct to Rs 1,708.04 crore on higher revenues NSE FY19 net profit up 16.87 pct to Rs 1,708.04 crore on higher revenues
NSE co-location facility case: Sebi partially relaxes orders against 3 stock brokers NSE co-location facility case: Sebi partially relaxes orders against 3 stock brokers

LATEST NEWS

NURECA Share Price hits 10% UPPER CIRCUIT: Know the reason WHY

SIP STOCK: Anil Singhvi picks Orient Cement, says investors must make it part of their portfolio

Former PM Manmohan Singh tests positive for Covid-19, admitted to AIIMS Delhi

Delhi curfew, lockdown news: Arvind Kejriwal may ANNOUNCE curfew from Monday - Check all details here

Google Doodle celebrates Dr Vera Gedroits 151st birthday - here's all you need to know about her

CBSE Board Exams 2021 Latest News: Class 10 students MUST NOT MISS this LATEST UPDATE on marking scheme - check all details here

Cipla, Cadila Healthcare, Glenmark Pharma: Technicals highlighted by Bonanza Portfolio

HDFC Bank stock: What CLSA, JP Morgan, Morgan Stanley have said post-Q4 results

West Bengal Schools Closed Latest News 2021: Schools to stay closed from tomorrow says education minister Partha Chatterjee

Jharkhand Board Exam 2021: JAC POSTPONES class 10 class 12 board matric and inter exams due to spike in COVID-19 cases - check all details here

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved