All SGX Nifty orders will be transferred to GIFT Nifty starting July 3rd. Important things you should know

As part of a major transition of SGX Nifty starting July 3rd, all orders of the same will be fully transferred to the Index’s new avatar called GIFT Nifty. This is a leading indicator that the Indian market is shifting its base from the Singapore Exchange to the NSE International Exchange (NSE IX) in Gandhinagar, Gujarat.

“Due to the full migration from the Singapore Exchange (SGX) to the NSE-IFSC Exchange at the International Financial Services Center (IFSC) in GIFT City – Gandhinagar on July 3, the SGX Nifty derivatives index will be renamed the GIFT Nifty,” said an NSE spokesman .

The transition to GIFT Nifty will mark a significant milestone for the exchange. GIFT Nifty’s new identity is closely tied to the National Stock Exchange’s (NSE) flagship index, the Nifty 50, according to a statement released by the exchange. This move aims to strengthen the bond between the two and increase brand awareness among investors.

“The NSE International Exchange (NSE IX) is renaming the SGX-Nifty product to GIFT-Nifty. The rationale for this rebranding is that from June 30th all trading from SGX-Nifty will cease at SGX and all volume will move to GIFT IFSC from July 3rd,” said Injeti Srinivas, Chairman of the International Financial Services Centre Authority (IFSCA). , the single regulator at Poison IFSC in Gandhinagar.

Here are some key points to know about this development:

– NSE International Exchange (NSE IX) has unveiled a new brand identity for GIFT Nifty, effective July 3, which is a significant departure from SGX Nifty.

– GIFT Nifty’s new identity has been carefully designed to align with the National Stock Exchange’s (NSE) well-known index, the Nifty 50.

– NSE IX-SGX Connect is expected to be fully operational from July 3, offering international investors the opportunity to participate in India’s growth prospects by accessing Nifty products through NSE IX in GIFT City, Gujarat.

– The NSE IFSC Exchange based in Gujarat International Finance Tec-City (GIFT City) will be responsible for processing all orders from SGX as part of the transition.

– GIFT City, backed by Prime Minister Narendra Modi, serves as India’s tax-neutral financial services hub, aiming to compete with prominent financial hubs like Dubai and Hong Kong.

– GIFT Nifty is an umbrella brand that will include four products: GIFT Nifty 50, GIFT Nifty Bank, GIFT Nifty Financial Services and GIFT Nifty IT Derivatives Contracts.

– Trading will continue for almost 21 hours, starting at 6:30 am when the Singapore Stock Exchange opens. It will be held in two sessions and will overlap with trading sessions in Asia, Europe and the US.

According to the NSE spokesman, the necessary approvals have been obtained from the Monetary Authority of Singapore (MAS), the regulator in Singapore, and the International Financial Services Center Authority (IFSCA), the regulator for the Gift International Financial Services Center (IFSC) .

Ashishkumar Chauhan, MD and CEO of NSE said, “People trading on SGX will see no difference in this shift. They will continue to place orders as they have for the past 20 years. The servers corresponding to the orders have been moved to Gandhinagar. Everything else stays the same.”

By facilitating access to Nifty products through the GIFT Nifty platform, NSE IX aims to create a seamless channel for global investors to gain exposure to India’s dynamic equity market. This transition represents a significant step in strengthening the exchange’s commitment to expanding international investment opportunities and fostering the growth of Indian financial markets.

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