Gift Nifty will help India to become a net exporter of financial services, says Ray
NSE International Exchange (NSE IX) has unveiled a new and refreshed brand identity of GIFT Nifty as a part of full-scale transition of SGX Nifty to Gift Nifty from 3 July 2023.
The new identity of Gift Nifty signifies the unique opportunity and new direction for the international investors to participate in India’s growth story to access Nifty products through NSE IX at GIFT City.
The new look of Gift Nifty on 19 June 2023 is aligned with the flagship index NIFTY 50, which reflects the growth story of Indian equity markets.
The unveiling of the new logo follows the recent announcement of full-scale operations of NSE IX-SGX Connect to start from 3 July 2023.
This strategic initiative between NSE IX and SGX, or Singapore Exchange Group, enables Gift Nifty orders from SGX members to be routed to NSE IFSC for trading and execution with clearing and settlement through SGX Derivatives Clearing.
To begin with, market participants can access Gift Nifty 50, Gift Nifty Bank, Gift Nifty Financial Services and Gift Nifty IT derivative contracts on NSE IX and gradually other indices will be rolled out under Gift Nifty suite.
These contracts are accessible for almost 21 hours, which overlaps Asia, Europe, and US trading hours.
Gift Nifty offers a single pool of liquidity and venue to access USD denominated Nifty derivatives at NSE IX under the regulatory framework of International Financial Services Center Authority (IFSCA).
In addition, NSE IX also unveiled its new corporate brand identity evolving distinctly designed IX along with NSE to signify the ambition and vision of NSE International Exchange to be a leader in global capital market landscape.
Commenting on the occasion on 19 June 2023, Injeti Srinivas, Chairperson, IFSCA, said, “IFSCA aims to develop IFSC as global gateway for inbound and outbound requirement of the international financial services.
“Given the growing influence of international investors in India’s growth story, Gift Nifty plays a catalytic role to access broad representation of Indian equities. I take this opportunity to complement NSE IX on unveiling Gift Nifty brand identity and corporate identity.”
Tapan Ray, MD & Group CEO, GIFT City, elaborated, “GIFT City is becoming a leading Global Finance hub and destination of choice for investors across the world, with competitive tax structures, ease of business and world class infrastructure.
“Gift Nifty will help India to become a net exporter of financial services and achieve our Prime Minister’s vision to onshore the offshore. We congratulate NSE IX on this occasion and wish them a great success.”
NSE MD and CEO Ashishkumar Chauhan said, “The new identity of Gift Nifty signifies the unique opportunity and new direction for the international investors to participate in India’s growth story to access Nifty products through NSE International Exchange at GIFT City.
“This brings us one step closer to the full-scale transition of SGX Nifty to Gift Nifty from 3 July 2023. Gift Nifty will be a catalyst in achieving the Prime Minister’s vision for GIFT City to become a price setter for largest traded instruments in the world.”
V. Balasubramaniam, MD and CEO, NSE IX, continued, “GIFT Nifty offers global investors a single venue for the trading of US Dollar denominated Nifty derivatives.
“This is an important milestone to begin the transformation of GIFT City financial landscape and make this a truly global IFSC.
“NSE IX also unveils its new corporate brand identity which signifies the ambition and vision of NSE International Exchange to be a leader in global capital market landscape.”
The trading at NSE IX Limited was launched on 5 June 2017 post receiving grant of recognition from SEBI. NSE IX has already launched trading in Indian and global stock derivatives, index derivatives, currency derivatives, depository receipts and non-agriculture commodity derivatives.
SEBI & IFSC Authority have also permitted trading in a wide range of products including equity shares of companies incorporated outside of India, debt securities of eligible issuers, interest rate derivatives and all categories of exchange traded products that are available on stock exchanges in FATF/IOSCO compliant jurisdictions.
In addition, the regulator has allowed FPIs to trade in commodity derivatives in GIFT IFSC. NSE IX is the only exchange in GIFT City to be part 30 exempted by Commodity Futures Trading Commission (CFTC). Fiinews.com
