SGX Nifty is now Gift Nifty. Timings, how to check data & key changes explained

Marking the shift of a $7.5 billion derivative trade from the Singapore Exchange to the NSE International Exchange (NSE IX) in Gujarat's Gandhinagar, SGX Nifty futures contracts have been rebranded as Gift Nifty with effect from today i.e July 3.

For years, SGX Nifty has been an early indicator of how Nifty is likely to open on a given day and was often the first thing traders used to check in the morning before Nifty opens for trading at 9:15 am.

"This is going to set the prices in the morning for India. People were very apprehensive about what will happen when you place orders in Singapore. But it matches in GIFT City, Gandhinagar in India. It was all kind of a sci-fi activity in people's mind. Now it has happened, it is magic," said NSE MD and CEO Ashish Chauhan.

What is Gift Nifty?

Gift Nifty is nothing but a new identity given to SGX Nifty as all open positions in SGX have been shifted to NSE IX with effect from today. Instead of Singapore Exchange, US dollar-denominated contracts of Nifty futures will now trade in NSE IX which is in GIFT City SEZ and works under the regulatory framework of the International Financial Services Center Authority (IFSCA).

What happens to SGX Nifty?

SGX Nifty has been suspended for trading and will eventually get delisted from the Singapore Exchange.

What are the timings of SGX Nifty?

Gift Nifty will be accessible for almost 21 hours, and it overlaps with Asia, Europe, and US trading hours. It is open in two sessions - from 6.30 am to 3.40 pm and then again from 4.35 pm to 2.45 am in the second session.

How to check Gift Nifty figures?

Gift Nifty figures can be checked on the NSE IX website here.

How does the shift benefit investors?

As NSE IX operates out of an SEZ, investors will get exemptions from STT, commodity transaction tax, dividend distribution tax and capital gain tax waivers.

"It becomes much more advantageous for non-resident players. And all the entities from India, which set up a subsidiary there, are also treated as non-residents and they are also exempted from tax," said NSE IX CEO V Balasubramaniam.

How does it impact retail traders and investors?

For retail traders and investors, nothing much changes as it is just a migration from one stock exchange to another.

Can retail traders trade in Gift Nifty contracts?

No. Leveraged trades are not allowed for individuals under the Liberalised Remittance Scheme (LRS) route.

Which other contracts would be available under Gift Nifty?

Other than Gift Nifty50, NSE IX will also have Gift Nifty Bank, Gift Nifty Financial Services and Gift Nifty IT derivative contracts with plans to gradually roll out other indices later on.

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