The National Stock Exchange (NSE) is close to receiving US regulator Commodity Futures Trading Commission's (CFTC's) approval that will enable a class of hedge funds deal on its derivatives platform.
Sources privy to the development said the exchange has already completed the formalities pertaining to the process and is expecting a 'no-action' letter from CFTC in the next few weeks.
The development would give a green light to US-based hedge funds, who currently opt for offshore platforms such as Singapore Exchange (SGX) to deal in Indian derivatives.
According to the US laws, funds which pool substantial amount of money from US citizens are