SGX Nifty Name Change: SGX Nifty is going to be renamed soon and its name is going to be GIFT City. This new name will come into effect from 3 July 2023. It is going to be completely traded from GIFT City, Gandhinagar from 3rd July and will trade from GIFT City instead of NSE IFSC-SGX. According to a spokesperson of the National Stock Exchange (NSE), this information has been given. This means that SGX Nifty will be known as GIFT Nifty from 3rd July.
Singapore Exchange issued notice, big information
On 14 April, the Singapore Exchange (SGX) issued a notice stating that the full-scale operationalization of NSE IFSC-SGX Connect would take place on 3 July 2023 through the transition of SGX Nifty derivatives to NSE IFSC.
All necessary action has been completed
On Monday, the National Stock Exchange said that all approvals have been received from the Regulatory Monetary Authority of Singapore. Apart from this, all necessary action has also been taken by the GIFT IFSC regulator International Financial Services Centers Authority. Thereafter, on July 3, 2023, all SGX orders will be transferred for matching with NSE IFSC exchange.
What SGX said about this
SGX said that all open positions on behalf of the exchange will be migrated automatically on June 30, 2023 and all open positions on NSE IFSC Nifty will be switched in order to complete the process of liquidity switch.
Learn how investors will benefit from this step
The move will not only give investors real-time access to NSC-IFC market data, it will also enable them to trade in dollar-denominated Nifty futures contracts held on SGX in Gujarat International Finance Tech-City or GIFT City, and real-time real-time trading. Will be able to see the time updates synchronized according to the business of India.
read this also
Petrol Diesel Price: Crude oil prices fall, fuel rates changed in many cities like Patna-Noida, know