NSE International Exchange (NSE IX) on Monday unveiled a new brand identity of GIFT Nifty as a part of the full-scale transition of SGX Nifty to Gift Nifty from July 3.
The new identity of Gift Nifty is aligned with the National Stock Exchange's (NSE) flagship index Nifty 50, the bourse said in a statement.
The unveiling comes following the recent announcement of full-scale operations of NSE IX-SGX Connect to start from July 3. The move would provide an opportunity for international investors to participate in India's growth story to access Nifty products through NSE IX at GIFT City in Gujarat.
This initiative between NSE IX and SGX, enables Gift Nifty orders from SGX members to be routed to NSE IFSC for trading and execution with clearing and settlement through SGX Derivatives Clearing.
To begin with, market participants can access Gift Nifty 50, Gift Nifty Bank, Gift Nifty Financial Services and Gift Nifty IT derivative contracts on NSE IX and gradually other indices will be rolled out under Gift Nifty suite. These contracts are accessible for almost 21 hours, which overlaps Asia, Europe, and US trading hours, the bourse said.
Gift Nifty offers a single pool of liquidity and venue to access USD denominated Nifty derivatives at NSE IX under the regulatory framework of International Financial Services Centre Authority (IFSCA).
In addition, NSE IX also unveiled its new corporate brand identity.
NSE MD and CEO Ashishkumar Chauhan said the new identity of Gift Nifty signifies the unique opportunity and new direction for international investors to participate in India's growth story to access Nifty products through NSE International Exchange at GIFT City.
V Balasubramaniam, MD and CEO of NSE IX, said GIFT Nifty offers global investors a single venue for the trading of USD denominated Nifty derivatives.
"This is an important milestone to begin the transformation of GIFT City's financial landscape and make this a truly global IFSC," he said.
Injeti Srinivas, Chairperson of IFSCA, announced that the regulatory body overseeing GIFT City's international financial services centre is mulling to permit sponsored and unsponsored depositary receipts (UDR) of Indian stocks.
IFSCA aims to develop IFSC at GIFT City as a global gateway for inbound and outbound requirements of the international financial services, he said, adding, "We expect that when this entire open interest shifts, it will be a historic moment for our exchange here."
There are many initiatives which are underway to see that global investors are directly engaged with the Indian capital markets through the international exchanges at GIFT IFSC, he added.