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SGX vs Indian stock exchanges: the dispute escalates

National Stock Exchange of India (NSE) in order to stop Singapore Exchange Ltd (SGX) from launching derivatives in June that could replace the Nifty 50 contracts has applied for an interim injunction in Mumbai court against the launch.

In February 2018, India’s three main bourses –  Bombay Stock Exchange (BSE), National Stock Exchange (NSE) and Metropolitan Stock Exchange, announced that they would stop licensing their indexes and providing market data to foreign bourses from August 2018 onwards. This was aimed at boosting interest in the international financial centre or GIFT City in Gujarat. At that time SGX was offering the Nifty futures contracts that attract many global investors given low trading cost and suitable tax regime of the country.

In response, SGX had announced that it will list new derivative products. This will provide market participants with the same ability to invest and maintain their risk exposure to the Indian capital markets.
In lieu of NSE’s move, SGX has clarified that its new India derivative products have the necessary regulatory approvals and it plans to go ahead with the listing in June 2018.

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