Gujarat's GIFT Nifty Becomes New Home for SGX Nifty
In a groundbreaking move set to reshape global trading, the popular SGX Nifty is undergoing a significant transformation. Starting from June 30, the trading for SGX-Nifty will come to a halt at the Singapore Exchange, making way for the emergence of GIFT Nifty.
This new development, operated by the NSE International Exchange (NSE IX), will introduce extended trading hours and a fresh trading venue called the GIFT International Financial Services Centre (IFSC) in Gujarat. The collaboration between NSE IX and SGX aims to bolster international participation in the Indian capital markets and unlock new opportunities for global investors.
By rebranding SGX Nifty as GIFT Nifty, this move marks a pivotal milestone in the development of the International Financial Services Centre (IFSC) at GIFT City.
GIFT Nifty Revolutionizes Trading Landscape
GIFT Nifty, the new brand introduced by NSE IX, is set to revolutionize the trading landscape with its four derivative contracts: GIFT Nifty 50, GIFT Nifty Bank, GIFT Nifty Financial Services, and GIFT Nifty IT. This rebranding initiative aims to ensure a seamless transition for traders, allowing them to maintain continuity in their trading experience.
By offering a diverse range of options, GIFT Nifty caters to various sectors, empowering investors with a portfolio that aligns with their unique trading strategies. One notable advantage of GIFT Nifty is its collaboration with SGX, as it allows SGX members to conveniently route their orders to NSE IFSC for trading, execution, clearing, and settlement through SGX derivatives clearing. This partnership facilitates smoother and more efficient transactions, benefiting traders across both platforms.
Extended Trading Hours and Accessibility
Starting July 3, GIFT Nifty will offer nearly 21 hours of trading per day. The trading day will begin at 6:30 am when the Singapore Exchange opens, allowing for convenient overlap with trading hours in Asia, Europe, and the United States. This extended timeframe provides greater flexibility and accessibility for traders worldwide, maximizing the potential of the Indian capital markets.
Technological Integration and Regulatory Compliance
The relocation of servers from Singapore to Gandhinagar signifies the seamless technological integration supporting the transition. GIFT Nifty, operating under the regulatory framework of the International Financial Services Centre Authority (IFSCA), is making strides in ensuring compliance with international standards. By attracting international investors, GIFT Nifty aims to promote greater market participation and liquidity while offering tax benefits that adhere to international practices.
GIFT Nifty's Role in India's Financial Ecosystem
During the unveiling ceremony at GIFT City, Injeti Srinivas, Chairperson of IFSCA, presented the GIFT Nifty logo, envisioning its role in transforming GIFT City into a global financial destination. This milestone aligns with PM Modi's vision for economic growth, attracting diverse traders and investors while fostering liquidity and transparency in India's financial ecosystem.
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