GIFT Nifty, operated by NSE IX, now provides dollar-denominated Nifty derivatives within the regulatory framework of the International Financial Services Center Authority (IFSCA). Trading for Gift Nifty derivative contracts will commence on July 3, 2023 offering extended Gift Nifty trading hours of nearly 21 hours, surpassing the availability of SGX Nifty contracts on the Singapore Exchange. The Nifty derivatives previously traded on SGX have been shifted to NSE IX and rebranded as Gift Nifty.
Under the partnership between NSE IX and SGX, orders for Gift Nifty from SGX members can be directed to NSE IFSC for trading and execution, with clearing and settlement managed by SGX Derivatives Clearing.
Initially, NSE IX will offer Gift Nifty 50, Gift Nifty Bank, Gift Nifty Financial Services, and Gift Nifty IT derivative contracts, with plans to gradually introduce other indices. IFSCA’s Chairperson, Injeti Srinivas, expressed the organization’s objective of establishing IFSC as a global gateway for international inbound and outbound financial services.
During the unveiling of the new identity, Ashishkumar Chauhan, the MD and CEO of NSE, stated that Gift Nifty would act as a catalyst for GIFT City to emerge as one of the world’s leading price influencers.