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
  • Railways
  • World
    • Economy
    • Politics
    • Markets
  • Survey
  • videos
  • photos
  • More ...
    • VIDEOS
    • PHOTOS
BREAKING NEWS
  • Residential demand upbeat despite construction cost, interest rate rise; brokerage picks DLF, Oberoi Realty among top 4 bets
  • Copper Set to Post Worst Quarterly Performance in Over 2 Years
  • Maruti Suzuki Brezza 2022: Launch today! Check key highlights; live streaming link here
  • Nothing Phone 1 confirmed to come with Snapdragon 778G+ SoC on July 12 - Know more
  • Ratnamani Metals bonus share: Stock jumps 15%, hits 52-week high ahead of record date
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

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
Written By: Reuters
Updated: Thu, Aug 08, 2019
11:22 am
Mumbai, ZeeBiz WebDesk
RELATED NEWS
Buy, Sell or Hold: What should investors do with ONGC, GMDC and Indigo Paints? Buy, Sell or Hold: What should investors do with ONGC, GMDC and Indigo Paints?
Stock Market Today: Investors' wealth plunges over Rs 3.39 lakh crore in early trade - What led to this? Stock Market Today: Investors' wealth plunges over Rs 3.39 lakh crore in early trade - What led to this?
Technical Check: Death Cross on charts! This high beta midcap stock eyes 200-DMA for an upward move towards 650-680 Technical Check: Death Cross on charts! This high beta midcap stock eyes 200-DMA for an upward move towards 650-680
Technical Check: This small cap stock returns 275% in a year! A breakout from rectangle channel makes it an attractive buy Technical Check: This small cap stock returns 275% in a year! A breakout from rectangle channel makes it an attractive buy
Technical Check: A Wolfe Wave pattern in this large cap underperformer makes it an attractive buy; here’s why Technical Check: A Wolfe Wave pattern in this large cap underperformer makes it an attractive buy; here’s why

LATEST NEWS

Active Covid caseload in India crosses 1L-mark after 4 months

GST Council Meeting: Full details of goods and services, where rates hiked or slashed

TS SSC Result 2022 declared! Check class 10 results at bse.telangana.gov.in, Direct link here

Toyota India set to unveil Toyota Hyryder tomorrow, Check details here

Opening Bell: Nifty, Sensex start flat; energy, metal, IT stocks shine

Gold Price Today: Weaker Rupee to hold yellow metal slide domestically, amid strengthening Dollar; analyst suggests strategy

Eknath Shinde sworn in as 30th Chief Minister of Maharashtra, Fadnavis becomes Deputy CM

Andhra Pradesh, Gujarat, Haryana, Karnataka, Punjab, Tamil Nadu and Telangana are the Top Achievers in BRAP 2020

Residential demand upbeat despite rise in construction cost, interest rate, says brokerage; picks DLF, Oberoi Realty among top 4 bets

Exclusive: June GST collections estimated at Rs 1.37-1.39 lakh cr, sources tell Zee Business ahead of announcement on 1 July

  • 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
© 2022. India Dot Com Private Limited. All Rights Reserved.
LIVE TV