NSE sues Singapore Exchange in the Bombay HC over India product launch

Mumbai: The National Stock Exchange (NSE) has sued the Singapore Exchange (SGX) in the Bombay High Court, escalating a dispute that threatens to leave international investors without one of the world’s most widely used offshore futures contracts.

The NSE is trying to stop SGX from launching derivatives that could replace the Nifty 50 contracts that have traded in the city-state for 18 years. 

Global funds use these instruments to hedge their positions in one of Asia’s biggest equity markets. Indian exchanges ended agreements that allowed offshore derivatives in February, leaving SGX and others scrambling.