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Arbitration begins in NSE-SGX matter

Press Trust of India  |  New Delhi 

The high powered arbitration in the matter of (NSE) and Exchange (SGX) commenced today, people close to the development said.

The matter is related to a dispute between the and SGX over the latter's plan to launch Nifty-based products in June.

The arbitration in the NSE-SGX case commenced before Justice Vazifdar, they said.

Last month, the had barred SGX from launching new and referred the case to arbitration -- to which the bourse agreed.

It is believed that the Indian exchange in its argument said that the new products of SGX are identical to the existing ones and based on the very same underlying. In fact, every feature of the products and the terms of the products are identical.

The exchange also said that existing exposure and open positions are openly being sought to be migrated to the new products, showing homogeneity, according to people close to the development.

was represented by assisted by Venkatesh Dhond and Somasekhar Sundaresan.

Considering the sensitivity of the matter it is believed that the hearing before arbitration will continue on a day-to-day basis. Through the week-end over the next week, they noted.

In April, SGX had announced listing of new Indian in June. Following the development, the had said it was examining the SGX announcement and had also sought more details regarding the proposed products from the foreign bourse.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sat, June 09 2018. 21:10 IST