SGX Nifty's launch in GIFT postponed to July 28 due to heavy rains

The launch of SGX Nifty futures contracts at the International Financial Service Centre (IFSC) in Gandhinagar has been postponed from July 14 to July 28 due to heavy rain and flooding in Gujarat.

Prime Minister Narendra Modi will launch the dollar-denominated Nifty futures on July 28 and inaugurate the India International Bullion Exchange (IIBX) at the Gujarat International Finance Tec (GIFT) City.

"Due to incessant and unprecedented rains in Ahmedabad over the last few days causing disruption and distress, as well as a forecast of extremely heavy rainfall by the Indian Meteorological Department over the next few days, we regret to inform you that the aforesaid event stands postponed. The Hon'ble PM will visit GIFT IFSC on July 28 at 11.00 am, and launch events will happen as planned," IFSC informed its members.


Nifty contracts on SGX are popular among foreign investors who do not wish to trade in India. At its peak, trading in Nifty contributed as much as 10% to the Singapore bourse's revenue.