Moneycontrol News
The Bombay High Court has asked Singapore Exchange (SGX) not to launch new Indian derivatives till June 4, according to a report in CNBC-TV18. The court also asked SGX to announce NSE's injunction on their website to inform investors.
The SGX on Tuesday said they will list new Indian derivatives on their exchange in June, as originally scheduled.
In February, three Indian stock exchanges - NSE, BSE, and Metropolitan Stock Exchange of India - had cancelled licensing agreements with overseas exchanges for sharing their data feed services and indices.
The current licensing agreements between foreign exchanges and domestic ones are scheduled to expire in August.
The Singapore-based exchange also said that it has communicated to NSE that India needs to maintain liquidity in its offshore equity derivatives market.
"We have, from the onset, expressed to NSE that there is a need to maintain liquidity in the international India equity derivatives market, in order to connect international participants to GIFT IFSC," Michael Syn, Head of Derivatives, SGX, said in a statement.
Only last month, SGX had said it is evaluating a joint trading and clearing model with NSE in Gujarat International Finance Tec-City. Earlier, there were reports of it considering buying a stake in NSE's exchange in GIFT, also known as GIFT IFSC.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
