SGX to launch new Nifty derivatives before NSE contract expires in Aug

MUMBAI: The Singapore Stock Exchange (SGX) on Monday said that before its contract with National Stock Exchange of India Ltd (NSE) expires in August, it will launch products that will succeed the Nifty family of products.

“As a market operator, we have an obligation to our international clients to provide them with solutions to manage their risks. Our successor products will provide certainty and conti- nuity for our clients. At the same time, we continue to work with NSE to create a larger pool of liquidity comprising international and home market participants,” Michael Syn, head of derivatives at SGX, said in a press statement.

These successor products are expected to be similar to the popular SGX Nifty, which will cease to exist from August. The new products will allow SGX’S existing client base to continue to trade in Indian securities through its platform. The move comes after India’s top two stock exchanges—nse and BSE Ltd— on February 9 terminated agreements that allowed their index derivatives to be traded on overseas exchanges and barred data vendors from providing data to entities which would use it to trade on overseas exchanges.

Additionally, SGX will work with NSE to develop a link that will allow foreign investors to trade on NSE’S International Exchange (NSE IFSC Ltd) in the Gujarat International Finance Tech (GIFT) City while they clear their exposures through SGX. NEW DELHI: Debt-laden Bhushan Steel Ltd on Monday said Tata Steel, JSW Living Pvt Ltd and a consortium of the company’s own employees have submitted bids to take over its assets.

The company in a filing to BSE said that as part of the resolution process, “the resolution professional (RP) has received resolution plans from Tata Steel, JSW Living Private Ltd and Employees of Bhushan Steel Ltd”. JSW Living Pvt Ltd is a joint venture between JSW and Piramal Enterprises.

Bhushan Steel shares soared close to 20% to hit upper circuit limit of ₹53.85 on BSE.

Trading volume spurted more than 1.37 times on BSE with over 27 lakh shares changing hands, exchange data showed. The stock surged 19.91% to ₹53.90 on NSE as over 1.37 crore shares were traded on the platform.

A broad summary of the resolution plans were presented by the RP to the committee of creditors (COC) in their meeting held on February 16, 2018, Bhushan Steel said.