Singapore, May 29 (PTI) The Singapore Exchange, involved in a court case with a subsidiary of National Stock Exchange, said today it will reschedule the launch of new India derivatives products, pending the outcome of the arbitration in Mumbai. Also Read - Breaking News January 18 Updates
But it will continue listing Singapore Exchange (SGX) Nifty contracts till August this year as per its contractual agreement. Also Read - Sedition Case Against Kangana Ranaut: Bombay HC Extends Interim Relief To Actor Till January 25
On May 21, National Stock Exchange (NSE) subsidiary, India Index Services and Products Limited (IISL) had filed for and was granted an interim injunction against the launch of SGX’s new India derivatives products. Also Read - 'Sushant Singh Rajput Was Sober, Innocent'! Bombay HC Reserves Order To Quash FIR Filed By Rhea Chakraborty
SGX has been engaged in proceedings in the Bombay High Court since May 23. The Court has ordered the matter to be fixed for arbitration and for a decision on the injunction to be made by June 16.
SGX had announced on April 11 the listing of new India equity derivative products in June, to provide market participants with continuity and the ability to seamlessly transition their current India risk management exposures.
“We will reschedule the launch of our new India derivatives products, pending the outcome of the arbitration,” the Singapore bourse said a statement.
“In view of the uncertainty caused by IISL’s action, and after consultation with key stakeholders, we have decided to continue listing SGX Nifty contracts until August 2018, as contractually provided for under our licence agreement with IISL,” said SGX.
“This will enable our clients to manage their portfolio risks without interruption,” it added.
The IISL’s action has adversely affected international investors who rely on SGX’s platform to manage the risks of their exposures to the Indian market, and significantly diminishes access to, and interest in the capital markets in India, the statement said.
SGX said it remained open to a collaborative long-term solution that will benefit Indian markets.
This is published unedited from the PTI feed.