India's bourses to stop licensing index, stock prices

India's stock exchanges to stop licensing index stock prices to foreign exchanges

India's stock exchanges to stop licensing index stock prices to foreign exchanges

Domestic exchanges - BSE, NSE and MSEI - on Friday said they will stop operating their indices on worldwide bourses.

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 shocking news is expected to deal a blow to about 10 exchanges from Chicago to Dubai where Indian derivatives are traded, while creating disruptions for index providers like the MSCI.

In its assurances to traders, Singapore Exchange said its entire India suite of products, including Nifty, will open and operate per normal on Monday.

The existing licensing agreements will end immediately, subject to notice periods, the National Stock Exchange (NSE), BSE Ltd and of India (MSEI) said in a joint statement late on Friday.

NSE, chief executive Vikram Limaye said the step was in the best interest of Indian markets.

Regulators have been cracking down on trading of offshore derivatives, as they seeks to attract foreign investors to the Gujarat International Finance Tech city, replicating some of the global exchanges and offering dollar-based derivative contracts, lower taxes and easier regulations. These conditions, however, will not apply to products traded on exchanges based in any (IFSC) operating in India.

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