Mumbai: India's three main stock exchanges said yesterday they would stop licensing their indexes and securities or providing data to foreign exchanges, saying such agreements had led trading to migrate outside of the country.
Currently, Indian exchanges through licensing or other arrangements can create indices based on their market data which could then be licensed to foreign stock markets for trading and settlement.
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The Singapore Exchange (SGX), which offers the popular SGX Nifty 50 index futures, was busy soothing outraged market participants over the weekend.
Singapore Exchange has assured traders that its entire suite of India derivative products will trade as normal for now as its agreements with the National Stock Exchange of India will be in place till August.
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The existing licensing agreements will end immediately, subject to notice periods, the National Stock Exchange (NSE), BSE Ltd and of India (MSEI) said in a joint statement late on Friday. These conditions, however, will not apply to products traded on exchanges based in any (IFSC) operating in India. The move was seen as a bid to ensure trading of Indian shares take place in India rather than in offshore markets like Singapore and Dubai.
"We want to encourage flows into India, but we want to also make sure that liquidity doesn't get fragmented from Indian markets into multiple jurisdictions", he said.
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The NIFTY 50 covers major sectors of the Indian economy and offers investment managers exposure to the Indian market in one efficient portfolio.