From Friday onwards, the Nifty futures contracts trading on the Singapore Exchange (SGX) will begin at International Financial Service Centre (IFSC) in Gandhinagar known as GIFT City. Prime Minister Narendra Modi will launch the dollar-denominated Nifty futures and inaugurate the India International Bullion Exchange (IIBX) at the. He will be also inaugurating the India International Bullion Exchange, which is jointly owned by NSE, MCX, India INX International Exchange, NSDL, and CDSL. GIFT City offers a competitive edge to financial services and government has slashed taxes to compete with regional finance hubs like Singapore, Dubai, and Hong Kong.
According to the report, initially, during the first few months, SGX Nifty Futures will be traded simultaneously on GIFT-IFSC and SGX. Later, SGX will discontinue the trading of the product from Singapore. A Special Purpose Vehicle ‘NSE International Financial Service Centre SGX Connect’ has been formed by NSE and SGX to launch the products at Gift City.
SGX Nifty involves taking a position in the Singapore Exchange on Futures contracts and settlement is based on the NIFTY settlement price on the NSE. This gives international investors the flexibility of betting on Indian markets 24-hour and investors can hedge their bets at any
