NSE drags Singapore Exchange to court: Leading bourse NSE has dragged the Singapore Exchange (SGX) to court over the overseas bourse’s plans to launch Nifty-based derivative products.
SGX has, however, reiterated its plan to list the new Indian derivatives in June.
“SGX has been notified by the National Stock Exchange of India (NSE) of an application made in the Bombay High Court for an interim injunction on our new products,” the overseas exchange said in a statement issued today.
“We have full confidence in our legal position and will vigorously defend this action,” it added.
SGX also said that it has informed NSE that India needs to maintain liquidity in its offshore equity derivatives market.
Defending its move, SGX said that its new India futures and options, which have received the relevant regulatory approvals, will list in June 2018 and allow its clients to seamlessly transition their India risk management exposures. “Our new India equity derivative products are essential to enable institutional investors to maintain their current portfolio risk exposure to the Indian capital markets,” said Michael Syn, Head of Derivatives at SGX, reports PTI.