After India ban, SGX to list new India equity derivative products in June

The SGX's announcement comes after three major domestic exchanges - BSE, NSE and MSEI - on February 9 said they will stop operating their indices on international bourses

The Singapore Exchange (SGX) on Wednesday said it will list new India equity derivative products in June.

"The SGX will list new India equity derivative... to provide market participants with continuity and the ability to seamlessly transition their current India risk management exposures," it said in a statement.

The SGX's announcement comes after three major domestic exchanges -- BSE, NSE and Metropolitan Stock Exchange of India (MSEI) -- on February 9 said they will stop operating their indices on international bourses.

The products also "add to the existing India Single Stock Futures offering, which has garnered active participation from global institutional clients since its launch, demonstrating the demand for access products", it added.

The statement said that work was ongoing to evaluate a joint trading and clearing model in the Gujarat International Finance Tech (GIFT) city between the National Stock Exchange of India (NSE) and SGX to meet the risk management needs of international participants.

"The SGX has worked hard over the past two decades to promote the development and internationalisation of India's capital markets.

"We are still exploring a solution that would bring the liquid international market directly into GIFT city, in a way that meets our clients' regulatory requirements while growing the overall market," said Michael Syn, Head of Derivatives at SGX.

"In the meantime, we will continue with our new India equity derivative products, which international portfolio investors need to maintain exposure to India," he added.

"Exchanges or their subsidiaries/group entities or any other entity having licensing arrangement with exchanges shall not license/provide Indian indices and/or the data including the price of Indian securities to any foreign exchange and/or trading platforms for trading or settling derivatives in any form in a foreign jurisdiction," the exchanges had said in a joint statement.