Gift Nifty: The Rebranded SGX Nifty Starts Trading July 3rd

July 2, 2023July 2, 2023 admin

What is Gift Nifty?

Gift Nifty is the new name of SGX Nifty, an old product in new packaging. It is a rebranded version of the SGX Nifty, Nifty derivative contracts that traded on SGX will now trade on the NSE IX from July 3, 2023, onwards.

The trading of these contracts will now take place in Gujarat, Gift City, under a special arrangement made between SGX and the National Stock Exchange (NSE) in NSE’s subsidiary company known as NSE IFSC-SGX Connect. Now all traders that were happening from SGX will now be routed and executed at Gift City from Monday, July 3, 2023.

Expert Comments about Gift Nifty

The MD and CEO of NSE International Exchange, V Balasubramaniam, called the move, shifting SGX Nifty to Gujrat Gift City to be a “watershed moment in the history of India,” according to an Economic Times report. He further said that for the first time, India will get an international contract that was earlier exported out of India.

Main Highlights of Gift Nifty

Gift Nifty is a rebranded version of the SGX Nifty, Nifty derivative contracts traded on SGX will now trade on the NSE IX from July 3, 2023, onwards
NSE International Exchange (NSE IX) is a wholly-owned subsidiary of NSE located in Gift City, Gujarat, with a special arrangement with SGX, designed the Gift Nifty to attract foreign investors.
GIFT City, serves as India’s tax-neutral financial services hub, with the objective to match prominent financial centers like Dubai and Hong Kong
Trading time of Gift Nifty- split over two sessions. The first session starts at 6:30 am – till 3:40 pm. Second session- 4:45 pm till 2:45 am IST.
The Gift Nifty index will continue to provide cues for Indian investors same like SGX Nifty on how the domestic markets could react to global events.
The GIFT Nifty will include four products: GIFT Nifty 50, GIFT Nifty Bank, GIFT Nifty Financial Services, and GIFT Nifty IT derivative contracts. There are many initiatives that are underway to see the global markets getting directly engaged with the Indian capital markets through the international exchanges in GIFT IFSC.
The entire open interest of about $7 billion on the Nifty alone will now be shifted to GIFT City at the NSE International Exchange from 3rd July 2023.

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