The decision of the three exchanges - BSE, NSE and Metropolitan Stock Exchange of India (MSEI) - came after Sebi asked them to suspend trading of their indices in worldwide markets, officials in the know said.
The Singapore Exchange (SGX), which offers the popular SGX Nifty 50 index futures, was busy soothing outraged market participants over the weekend.
According to OCBC Investment Research, the SGX Nifty 50 Index Futures accounted for about 11.5% of SGX's derivatives volume in 2Q2018 and is the third largest in terms of volume, after the SGX FTSE China A50 Index Futures and the Japan Nikkei 225 Index Futures.
The actions would prevent SGX from offering the contract to overseas investors, who would be forced to unwind contracts and buy into domestic derivatives to gain exposure to India, a country that has become an emerging market darling, but has had disputes with foreign funds over taxes and regulations.
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Such indices are licensed by the index providers to prospective licensees, including foreign stock and derivatives exchanges and other foreign trading platforms for enabling them to provide products for trading and settlement on such foreign exchanges.
NSE, chief executive Vikram Limaye said the step was in the best interest of Indian markets. Under the contract NSE needs to provide a notice period of six months to SGX to terminate the agreement. 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.
The NIFTY 50 covers major sectors of the Indian economy and offers investment managers exposure to the Indian market in one efficient portfolio.