Gandhinagar, July 3 (SocialNews.XYZ) SGX Nifty has been rebranded as GIFT NIFTY from Monday, with all derivative contracts worth $7.5 billion transitioning from Singapore to India. The official operation of GIFT NIFTY marks a step in shifting the base from the Singapore Exchange to the NSE International Exchange (NSE IX) located in Gandhinagar.
To commemorate this milestone, the NSE IX on Monday organised a bell-ringing ceremony for GIFT NIFTY, symbolising the commencement of trading activities. By 3:30 p.m., a staggering $1.3 billion worth of trading had already taken place.
On this occasion, Tapan Ray, MD and Group CEO of GIFT City, Ashishkumar Chauhan, MD and CEO, NSE, Injeti Srinivas, Chairman, IFSCA, and others came together in GIFT City for the bell-ringing ceremony.
GIFT City, the emerging financial hub in Gujarat, aims to rival global financial centres such as Dubai, Mauritius, and Singapore.
Tapan Ray emphasised the extended trading hours and the exclusive trading of US dollar-denominated Nifty derivatives on NSE International Exchange.
“This move is expected to attract global investors and accelerate economic growth, solidifying India's position as a vibrant financial powerhouse,” he said.
Gujarat's Home Minister Harsh Sanghavi hailed the significance of this transformation on his social media, stating that it marked a “game-changing moment for GIFT City. The shift of the $7.5 billion trade to GIFT City, including the transfer of all pending orders, reflects a crucial milestone in the transition from the Singapore Exchange to NSE IX in Gandhinagar.”
The GIFT NIFTY umbrella brand encompasses four products: GIFT Nifty 50, GIFT Nifty Bank, GIFT Nifty Financial Services, and GIFT Nifty IT derivative contracts. This development follows the resolution of a five-year-long feud between the National Stock Exchange of India Ltd, carrying immense importance for India's trading market and Gujarat's GIFT City.
In terms of trading hours, GIFT Nifty now operates for an extended period from 4 a.m. IST to 2 a.m. IST the following day, compared to SGX Nifty's current 16-hour trading window from 6:30 a.m. IST to 10:30 p.m. IST. Following this transition, all US dollar-denominated Nifty derivatives contracts will be exclusively traded on NSE IFSC, while SGX handles the clearing operations.
Source: IANS
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