SGX Nifty rebranded GIFT Nifty World

Subject : Economy

Section: Capital market

Concept :

The popular SGX Nifty will cease operations at the Singapore Exchange later this month and will start trading as GIFT Nifty with trading time of almost 21 hours per day at GIFT IFSC in Gujarat from July 3.
The NSE International Exchange (NSE IX) is rebranding the SGX-Nifty product as the GIFT-Nifty.
The reason for this rebranding is that from June 30, the entire trading of SGX-Nifty will cease at SGX and the entire volume will shift to GIFT IFSC from July 3,said Injeti Srinivas, Chairman, International Financial Services Center Authority (IFSCA), the unified regulator at GIFT IFSC at Gandhinagar.

SGX Nifty

SGX is one of the leading stock exchanges in Asia, movement on which somehow reflects in other stock indices in the continent.
SGX Nifty is Singapore Stock Exchange Nifty, which implies the Indian CNX Nifty traded in Singapore exchange.
It is a very popular derivative product of Singapore Exchange as it allows foreign investors to take a position in Indian Market.
In Singapore Exchange, Indian stocks cannot be traded but it allows future products like SGX Nifty Futures.
Thus, it is the derivative product of Singapore Exchange facilitating futures trading of underlying NSE Nifty index. It allows FII’s and other individuals to invest in Nifty Futures.