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FIIs bet heavily in Indian market, but in Singapore

Nifty futures score more on SGX than NSE as GAAR worries persist

The General Anti-Avoidance Rule (GAAR) may have been deferred for a year but many foreign institutional investors (FIIs) do not want to take chances. They are shifting their trading positions to Singapore, where derivatives of India's key equity index, the Nifty, are listed. That is evident in the growing open interest (OI) or trading positions in Nifty futures contracts on the Singapore Stock Exchange (SGX). As on date, the SGX Nifty OI is 27 per cent higher than that for Nifty futures on the National Stock Exchange (NSE). The figures are more alarming if one considers the OI in a single ...