Subsidiary of National Stock Exchange of India Stops SGX from Launching New India Derivative with Interim Court Injunction
A subsidiary of the National Stock Exchange of India (NSE), India Index Services and Products Limited (IISL) has been granted an interim injunction against the launch of SGX’s new India derivatives products that is due to be launch in June 2018.
” Subsidiary of National Stock Exchange of India Stops SGX from Launching New India Derivative with Interim Court Injunction “
SGX has been engaged in proceedings in the Bombay High Court since 23rd May 2018, with an arbitration and a decision on the injunction to be made by the court by 16th June 2018.
SGX will reschedule the launch of the new India derivatives products, depending on the outcome of the arbitration. SGX Nifty contracts will continue until August 2018 under existing licence agreement with IISL allowing clients to continue to manage portfolio risks.
NIFTY 50 index is National Stock Exchange of India’s benchmark for the Indian equity market, represented by the weighted average of 50 Indian company stocks. In February 2018, some Indian stock exchanges had announced to stop licensing Indian stock indices, with the derivatives affecting direct investments into India.