Active Stocks
Thu May 23 2024 12:10:06
  1. NTPC share price
  2. 371.65 -0.60%
  1. Tata Steel share price
  2. 173.00 -0.17%
  1. Power Grid Corporation Of India share price
  2. 314.25 -3.55%
  1. Indusind Bank share price
  2. 1,425.00 1.08%
  1. State Bank Of India share price
  2. 831.45 1.48%
Business News/ Markets / Stock Markets/  NSE IFSC–SGX Connect receives regulatory dispensations
BackBack

NSE IFSC–SGX Connect receives regulatory dispensations

Both exchanges are also working to discontinue related arbitration proceedings
  • SGX and NSE will work with all key stakeholders to make the NSE IFSC-SGX Connect operational
  • Connect model, which is subject to further approvals from relevant local authorities. (Photo: Abhijit Bhatlekar/Mint)Premium
    Connect model, which is subject to further approvals from relevant local authorities. (Photo: Abhijit Bhatlekar/Mint)

    Mumbai: National Stock Exchange (NSE) and Singapore Exchange (SGX) have received a set of approvals from their statutory regulators to launch products jointly, the proposal for which was submitted earlier this year.

    "The proposed NSE International Financial Service Centre (IFSC)-SGX Connect aims to bring together the trading of Nifty products in Gujarat International Finance Tec-City (GIFT) and create a larger pool of liquidity comprising international and home market participants," National Stock Exchange of India Ltd (NSE) said in a statement on Tuesday.

    The Connect model, which is subject to further approvals from relevant local authorities, will enable SGX and NSE IFSC members to access Nifty products in GIFT while managing their exposures through their respective clearing corporations.

    SGX and NSE will work with all key stakeholders to make the NSE IFSC-SGX Connect operational before the end of 2020, subject to members’ readiness and receiving all relevant approvals. Both exchanges are also working to discontinue related arbitration proceedings, a release said.

    Vikram Limaye, managing director and chief executive officer of NSE, said, “This is a great opportunity to build vibrant markets in GIFT City. We are working on varied product offerings to make GIFT City the hub of activity for all India access products across asset classes for international investors and a gateway for home investors to access international markets."

    Loh Boon Chye, chief executive officer of SGX, said, “As Asia’s most international and connected multi-asset exchange, we are committed to providing our global institutional clients with open, single-point access to Asia. Our comprehensive portfolio investment and risk management solutions across equities, fixed income, currencies and commodities, cover close to 100% of Asia’s GDP. India is an important market for international investors and we are committed to collaborating with NSE and other stakeholders to build connectivity and access to one of the fastest growing economies in the world."

    You are on Mint! India's #1 news destination (Source: Press Gazette). To learn more about our business coverage and market insights Click Here!

    Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
    More Less
    Published: 06 Aug 2019, 05:16 PM IST
    Next Story footLogo
    Recommended For You
    GENIE RECOMMENDS

    Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

    Let’s get started