Vikram Limaye, chief executive of India's National Stock Exchange, on Wednesday said data sharing with the Singapore Stock Exchange had been stopped to retain trading volumes on Indian shores.
The Singapore Exchange had announced the listing of New Indian Equity derivatives products in June 2019. The NSE today said it will discuss the matter with markets regulator Sebi and other exchanges to decide the course of action.
“At this point in time, we are still trying to access what this announcement means and get more details surrounding the products that SGX has announced,” he said.
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.
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