MUMBAI - The National Stock Exchange of India has received regulatory approvals to delist Nifty50 futures from the Singapore Exchange and list on the NSE IFSC Exchange, an NSE spokesperson said.
All trades done on Nifty 50 futures on the Singapore Exchange will be transferred to NSE IFSC Exchange for matching from July 3, the spokesperson said.
Following the listing, SGX Nifty will be called “GIFT NIFTY” from July 3.
NSE IFSC is a subsidiary of NSE, which operates out of GIFTY City in Gujarat's Gandhinagar and allows trading in Indian and global stock derivatives, index derivatives, currency derivatives, depository receipts and non-agriculture commodity derivatives.
On April 17, the exchange had issued a circular, informing investors that SGX Nifty will be suspended from trading effective June 30, which is a Friday, and also to delist the security at a later date.
"The SGX Nifty positions will be converted to NSE IFSC Nifty positions based on a conversion ratio of 1:1. Each new NSE IFSC Nifty position will be equivalent to one original SGX Nifty position," SGX said.
Traders who use SGX Nifty as an early indicator won’t be impacted as the bourse said the trading sessions, timings for NLT (Negotiated Large Trade), and post-trade activities for NSE IFSC Nifty will be business as usual. SGX Nifty opens at 6:30 am IST while Nifty starts trading in the domestic market at 9:15 am.
Traders not willing to have their SGX Nifty position migrated to NSE IFSC Nifty will have to close their positions before June 30.
Once the transition is complete, SGX Nifty 50 index futures will be known as NSE IFSC Nifty 50 index futures, SGX Nifty Bank index futures will turn into NSE IFSC Nifty Bank index futures while SGX Nifty 50 index options will be kn...