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Singapore Exchange to continue SGX Nifty trade despite India dispute

Stock MarketsJun 16, 2018 05:10AM ET
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© Reuters. FILE PHOTO: An SGX sign is pictured at Singapore Stock Exchange

MUMBAI (Reuters) - The Singapore Exchange (SGX) (SI:SGXL) on Saturday said a court-appointed arbitrator had allowed it to continue listing and trading of SGX Nifty contracts beyond August 2018, during dispute resolution with India's National Stock Exchange (NSE). The two exchanges have been locked in dispute after India's three main bourses unexpectedly announced in February they would stop licensing their indexes to foreign bourses from August.

SGX responded that it would launch successor products to its flagship Indian equity derivative products on June 4.

Now NSE and SGX have been ordered "to facilitate the continued listing of SGX Nifty products for at least two successive contract month maturations beyond the arbitration's completion date", SGX said in a statement. The arbitrator has also asked SGX not to offer its proposed new India equity derivative products until the final decision, it said. "Arbitration proceedings are continuing and the hearings on evidence are expected to commence in early 2019," the statement said. SGX had postponed the launch of a set of new India derivatives products after an Indian court in May referred a dispute around the proposed offerings to an arbitrator. The NSE had sought an interim injunction against the launch on grounds that the offerings infringed the intellectual property rights of its unit India Index Services and Products (IISL), which runs the Nifty index. The Bombay High Court then asked a senior retired judge to arbitrate in the matter, and resolve the issue by June 16. However, the June 16 interim order, which was reviewed by Reuters, laid out a timeline for filing of claims and counter-claims and set November 21 for hearing of the issues, with further directions to be provided on June 18.

Over the past two decades, SGX has become the most popular market for foreign investors to bet on Indian equity indexes, with Nifty 50 futures (SINc1) tracking the NSE's main index (NSEI). But NSE, BSE Ltd (NS:BSEL) and Metropolitan Stock Exchange moved to end licensing deals with foreign bourses so as to stem the loss of trades to overseas rivals, following SGX's plans to launch trade in single-stock futures contracts. The Indian government backed the decision, as it is keen to draw investors to an international financial center being developed in Prime Minister Narendra Modi's western home state of Gujarat, sources say.

Singapore Exchange to continue SGX Nifty trade despite India dispute
 

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Comments (53)
Vipin Kumar
Vipin Kumar 18 hours ago
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NIFTY 17300 open tomorrow
Jagan Arabandi
Jagan Arabandi Dec 04, 2021 10:36AM ET
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nifty 17500 open its true
Odile Kabore
Odile Kabore Dec 02, 2021 9:00AM ET
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70287137
Rachanavinay M P
Rachanavinay M P Nov 28, 2021 2:38PM ET
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monday(29) nifty close wl b above 17300.. just watch.. Next nifty tag wil be "catch me if u can"
kiran katkar
kiran katkar Nov 26, 2021 12:28PM ET
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16700 Monday open
PRAVIN PARMAR OK LIFE CARE
PRAVIN PARMAR OK LIFE CARE Oct 25, 2021 12:16PM ET
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19000
Madhan Kumarm
Madhan Kumarm Oct 23, 2021 12:46AM ET
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what expects Monday opening closed 18130?
abhish singh
abhish singh Oct 23, 2021 12:46AM ET
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yes because selling his ended
abhish singh
abhish singh Oct 23, 2021 12:46AM ET
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yes because selling his ended
abhish singh
abhish singh Oct 23, 2021 12:46AM ET
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yes because selling his ended
Rahul Salunkhe
Rahul Salunkhe Oct 14, 2021 9:20AM ET
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18500
suhasini suhasini
suhasini suhasini Oct 09, 2021 11:53AM ET
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17640 coming
Suresh Rajan
Suresh Rajan Oct 05, 2021 11:55AM ET
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Nifty Nest Target 18070
Suresh Rajan
Suresh Rajan Oct 05, 2021 11:53AM ET
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Nnfty 18180 Crash Point
Pratik Paul
Pratik Paul Oct 03, 2021 11:15PM ET
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nifty up 17650+ today
Suresh Rajan
Suresh Rajan Sep 30, 2021 11:14AM ET
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nifty Big fell 17450
Raju pal
Raju pal Sep 24, 2021 11:07AM ET
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nifty 17900+
sanjay vavadiya
sanjay vavadiya Sep 17, 2021 2:09PM ET
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nifty50 . 17856+
PRAVIN PARMAR OK LIFE CARE
PRAVIN PARMAR OK LIFE CARE Sep 01, 2021 1:47PM ET
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nifty 17200+
PRAVIN PARMAR OK LIFE CARE
PRAVIN PARMAR OK LIFE CARE Sep 01, 2021 1:46PM ET
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bank Nifty 37000+
bharat kabra
bharat kabra Aug 18, 2021 11:17PM ET
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why sgx down any reason
Rakesh Sk
Rakesh Sk Aug 04, 2021 7:22AM ET
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All indices are bullish but if today "dow' can't sustenance at 35k level then tomorrow we can see negative opening,
Ashok Kumar Jain
Ashok Kumar Jain Aug 04, 2021 7:22AM ET
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will markets and nifty come down ?? due to profit booking
C R kataria
C R kataria Jul 06, 2021 9:51AM ET
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mkt return in night dow jones
Vineet Khanna
Vineet Khanna Jun 06, 2021 8:38AM ET
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How does the SGX nifty trade without Nifty shares trading there. it is purely speculative. How does the indices value derived without underlying Nifty shares price movement
reggie viegas
reggie viegas Jun 06, 2021 8:38AM ET
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rightly said
reggie viegas
reggie viegas Jun 06, 2021 8:38AM ET
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16000 a hurdle bottom 15200 be stock specific rather to get into Nifty
Paresh Paresh
Paresh Paresh May 11, 2021 10:17AM ET
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13000
Ashissh Gawande
Ashissh Gawande Apr 23, 2021 6:29AM ET
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13669 this month expiry thoda bach ke. next month 12400
Dinesh Bedi
Dinesh Bedi Apr 23, 2021 6:29AM ET
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Whats the Basis?
Sagar Parmar
Sagar Parmar Apr 23, 2021 6:29AM ET
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Vikram Chaudhary
Vikram Chaudhary Apr 19, 2021 11:06AM ET
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nifty expiry 13800
Vikram Chaudhary
Vikram Chaudhary Apr 19, 2021 11:06AM ET
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nifty expiry 13800
 
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