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NSE to discuss SGX matter with Sebi, other bourses

Press Trust of India  |  New Delhi 

With Singapore Exchange announcing listing of new Indian in June, NSE today said it will discuss the matter with markets regulator Sebi and other exchanges to decide the course of action.

Besides, (NSE), in a statement said it is examining the SGX's matter and asked for more details from the overseas bourse on the product structure.

In February, leading stock exchanges -- BSE, NSE and of --- announced the decision to stop providing data feeds to overseas exchanges, as part of a joint effort to stymie migration of liquidity to overseas markets.

The NSE's reaction comes after SGX said it will list new equity products in June this year.

"We are examining the announcement by SGX on April 11, 2018 regarding the launch of new SGX products on Indian securities in lieu of the SGX Nifty license, which expires in August 2018. We have asked for more details from SGX on the product structure and hope to have a conversation with the SGX team to get a better understanding of the product," NSE said.

Besides, NSE said that the bourses need to make an assessment whether or not the products announced by SGX are compliant with the announcement made by the Indian exchanges in February.

"We will also have a discussion with other exchanges and the regulator once we have a better understanding and then determine course of action," NSE said.

Earlier in February, SGX had introduced single-stock futures of Nifty 50 companies despite reservations expressed by the NSE.

Prior to the launch by the Singapore exchange, NSE chief had flagged such a move will shift liquidity out of the Indian markets.

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

First Published: Wed, April 11 2018. 20:10 IST