Srinivas was speaking unveiling the new identity of Gift Nifty, earlier known as SGX Nifty—derivatives contracts of the Nifty index traded on Singapore Exchange (SGX).
“Today, many foreign investors don’t want to enter into the Indian capital market and comply with those requirements by engaging with the capital market indirectly through p-notes. But once you have the DRs and unsponsored DRs, we expect this to replace the pnote route. And add a lot of transparency and visibility to the capital markets,” said Srinivas.
Under a UDR programme, shares of any company can be traded at a venue without the company’s intervention.
“The primary idea behind this is to onshore the international financial services carried out offshore by Indian entities. Even now, many Indian entities are procuring their international financial services through offshore centres,” said Srinivas.
“Given the growing influence of international investors in India’s growth story, Gift Nifty plays a catalytic role in accessing broad representation of Indian equities,” said Srinivas.
“More than 10 foreign banks and equivalent numbers are already at different stages of application,” said Srinivas.
The new logo of GIFT Nifty was unveiled as a part of the full-scale transition of SGX Nifty to Gift Nifty from July 3, 2023.
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