New Delhi | The National Stock Exchange (NSE) on Tuesday said that SGX Nifty will be known as GIFT Nifty from July 3 as all orders of Singapore Exchange will be completely transferred to NSE IFSC bourse for matching.

The exchange said that regulatory approvals have already been obtained from the Monetary Authority of Singapore (MAS) and the International Financial Services Centres Authority (IFSCA).

"From July 3 onwards, all SGX orders will be 100 per cent transferred to GIFT City, NSE IFSC exchange for matching...SGX Nifty will be called GIFT Nifty from July 3," an NSE spokesperson said.

NSE IFSC, a wholly-owned subsidiary of NSE, is an exchange at International Financial Service Center (IFSC) in GIFT City, Gujarat.

Singapore Exchange (SGX), last month, announced that NSE IFSC-SGX Connect at International Financial Service Center in GIFT City will become operational on July 3 after the transition of SGX Nifty derivatives to NSE IFSC.

The move will enable investors to trade in dollar-denominated Nifty futures contracts available on the SGX in Gujarat International Finance Tec-City or GIFT City. Also, investors would have real-time access to NSE IFSC market data.

"Full-scale operation of the NSE IFSC-SGX Connect (Connect) with the transition of SGX Nifty derivatives to NSE IFSC will take place on July 3, 2023. Following the transition, all US dollar-denominated Nifty derivatives contracts will be exclusively traded on NSE IFSC," the Singapore bourse had informed its trading members in a circular.

With the migration of all open positions in SGX Nifty to NSE IFSC Nifty, there will be no open interest remaining in SGX Nifty. The SGX Nifty will be suspended from trading after the end of the trading session on June 30. Further, the Singapore bourse had said it intends to delist the SGX Nifty at a later date, pending due regulatory process.