Need more details from SGX on new products, says NSE’s Vikram Limaye

The NSE, which is India's largest exchange, would also seek greater clarification on the type of products the SGC was thinking of launching, Limaye added.

"We will also have a discussion with other exchanges and the regulator once we have a better understanding and then determine course of action," the NSE said in a statement. 

The SGX had said it would launch Indian equity-based derivative products in June, to give foreign investors continuity in their exposure to the Indian markets.

SGX and the NSE have a contract that allows futures and options on the Nifty to be traded on the Singapore exchange.  The contract, which is dollar-denominated,  is popular among foreign investors, while the island nation's simpler tax laws make it attractive for investors.

Though talks were on with other bourses and regulators, a decision could only be taken after greater clarification from the SGX, Limaye told CNBC TV 18, and added that no talks on extensions of trading hours had taken place with regulators.