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GIFT Nifty vs SGX Nifty: What’s the Difference?
Last Updated: 19th December 2025 - 03:49 pm
For years, SGX Nifty was the go-to offshore derivative for anyone wanting early clues about India’s market direction. But with the 2023 shift, GIFT Nifty has officially replaced SGX Nifty. The transition has left many traders wondering: Are these two the same, or is something fundamentally different now?
SGX Nifty was traded on the Singapore Exchange. It allowed global investors to take positions on Indian equity indices without accessing India’s domestic markets. Liquidity was strong, trading hours were long, and it gradually became a sentiment barometer for Nifty 50.
GIFT Nifty is the new avatar of that same contract - just relocated to the NSE International Exchange (NSE IX) within India’s GIFT City IFSC zone. The underlying index is still Nifty 50 (and other derivatives), so the economic exposure has not changed. What has changed is where and how it trades.
Under GIFT Nifty, the order flow, margining, settlement, and regulatory supervision now fall within the Indian IFSC framework. This consolidates offshore Nifty trading within India, deepening domestic liquidity and reducing dependency on foreign jurisdictions.
Functionally, for traders, the difference is minimal if you're used to SGX Nifty-style derivatives. But operationally, it’s a big shift—particularly for institutions. Trading members now require NSE IX access, and clearing happens through the IFSC-based clearing corporation.
The biggest practical change? SGX Nifty no longer trades. All contracts have shifted to GIFT Nifty. For anyone tracking Indian markets, the early-morning indicator you once called SGX Nifty is now GIFT Nifty 50.
So while SGX Nifty and GIFT Nifty aren’t two different products, they represent two different eras - one dominated by foreign exchanges, and another where India brings its market influence back home.
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