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Gift Nifty is the rebranded version of SGX Nifty, which was traded on the Singapore Stock Exchange and tracked the performance of India's Nifty 50 index. On July 3, 2023, SGX Nifty was moved to the NSE International Exchange (NSE IX) in Gandhinagar, India, and renamed Gift Nifty.
SGX Nifty was a popular way for foreign investors to bet on the Indian stock market. It was a derivative product based on the NSE Nifty index, which allows investors to buy or sell contracts that predict the future price of the index. However, SGX Nifty was discontinued on the Singapore Stock Exchange on July 3, 2023. The move was made to attract more foreign investment into India and to create a more liquid market for Nifty derivatives Gift City offers a number of advantages for foreign investors, including a tax-free environment and a well-regulated financial market.
The main difference between the two is that Gift Nifty is traded on the NSE IX, while SGX Nifty was traded on the Singapore Stock Exchange. This means that Gift Nifty is subject to Indian regulations, while SGX Nifty was subject to Singapore regulations. Another difference is that Gift Nifty has longer trading hours than SGX Nifty. Gift Nifty is traded for 21 hours a day, while SGX Nifty was traded for 16 hours a day.
The main difference between Gift Nifty and Nifty is that Gift Nifty is traded in US dollars, while Nifty is traded in Indian rupees. This makes it easier for foreign investors to trade in Gift Nifty Other than the trading currency and trading hours there are no other fundamental differences between Gift Nifty and Nifty. The prices of Gift Nifty and Nifty are closely correlated, and they tend to move in the same direction.
The trading hours of Gift Nifty are:
This means that Gift Nifty is traded for 21 hours a day, 5 days a week. The morning session overlaps with the trading hours of the National Stock Exchange of India (NSE), while the evening session overlaps with the trading hours of the New York Stock Exchange (NYSE). The trading hours of Gift Nifty were designed to provide investors with a more flexible and convenient way to trade the Nifty index. The extended trading hours allow investors to trade Gift Nifty during US market hours, which can be beneficial for investors who are looking to hedge their exposure to the Indian rupee or who want to take advantage of arbitrage opportunities between the Indian and US markets
NSE IX states that any trading member, whether Indian or foreign, registered or unregistered, establishing an office through a subsidiary or branch model, is eligible to trade in Gift Nifty goods by becoming a member of NSE IX. Currently, the Gift city is home to more than 50 brokers who have established offices there. These trading participants are allowed to conduct a transaction on both their own accounts and the accounts of their customers. However, Indian individual investors won't be able to access the Gift Nifty under the Liberalized Remittance Scheme (LRS). According to LRS, the RBI forbids leveraged traders from using the $250,000 per person per year for futures and options.
Gujarat International Finance Tec-City (Gift City) is a central business district under construction in Gandhinagar district in Gujarat, India. It is India's first operational greenfield smart city and international financial services center, which was pitched as a greenfield project by the Gujarat government.
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