Come July 3rd instead of SGX Nifty now GIFT Nifty will be an early indicator of Indian market opening!!!
Gift Nifty is NSE's IFSC-SGX Connect Nifty Index
SGX Nifty will start trading on NSE IFSC on July 3rd as GIFT NIFTY
What is NSE IFSC
-NSE IFSC Limited is NSE International Exchange in GIFT City in Gujarat
-It is fully owned subsidiary of NSE
-Contracts traded on this exchange are dollar denominated.
Timings-2 sessions
-Morning-6.30am to 3.40pm
-Evening- 4.35pm to 2.45am
nseix.com/markets/tradin…
What happens to existing OI of SGX Nifty?
-Entire OI shifts to Gift Nifty
-SGX Nifty OI is $7 billion with daily volumes around $1.5-2 billion
Contracts for Trading
-Nifty, Bank Nifty, Nifty IT and Financial Services derivative contracts will be available for trading
-Trading will be available for both Futures & Options
GIFT City Benefits
-It is a SEZ so attracts some exemptions.
-Exemptions from security transaction tax, commodity transaction tax, dividend distribution tax, capital gain tax waivers and no income tax. Source: NSEIX.Com
Benefits
-Will do away with the time edge FIIs had trading on SGX before Indian markets opened.
-Retail Investors/DIIs now can hedge themselves by taking position with IFSC registered broker.
By: via Telegram.me/AlliesFin #StockMarket #india
