"We are examining the announcement by SGX on April 11, 2018 regarding the launch of new SGX derivative products on Indian securities in lieu of the SGX Nifty licence which expires in August 2018," Limaye said in a statement.
Limaye said the NSE has asked for more details from the SGX on the product structure and "hope to have a conversation with the SGX team to get a better understanding of the product."
"Post that conversation and review of the material in the public domain and the announcement made by exchanges in February, we will need to make an assessment whether or not the products announced by SGX are compliant with the announcement made by the Indian exchanges on February 9, 2018 and legally permissible," said Limaye.
"We will also have a discussion with other exchanges and the regulator once we have a better understanding and then determine course of action," he added.
On Wednesday, the SGX announced that it will list new India equity derivative products in June. The announcement came 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 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," the stock exchange said in a statement on Wednesday.
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 work was ongoing to evaluate a joint trading and clearing model in the Gujarat International Finance Tech (GIFT) city between the 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," said Michael Syn, Head of Derivatives at SGX.
"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.
"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.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)