Question : National Stock Exchange (NSE) and Singapore Exchange (SGX) have recently entered into a formal agreement to cement the key terms for operationalising the NSE IFSC-SGX Connect. Which one of the following statement is correct regarding NSE IFSC–SGX Connect ?
(a) Proposed NSE IFSC–SGX Connect got regulatory nod in August 2019
(b) Proposed NSE IFSC–SGX Connect got regulatory nod in August 2018
(c) Proposed NSE IFSC–SGX Connect got regulatory nod in December 2019
(d) Proposed NSE IFSC–SGX Connect got regulatory nod in December 2019
Answer (a)
Related facts
- National Stock Exchange (NSE) and Singapore Exchange (SGX) said on Tuesday(22 September 2020) they have entered into a formal agreement to cement the key terms for operationalising the NSE IFSC-SGX Connect.
- The two exchanges will also withdraw arbitration proceedings.
- The parties did not elaborate on the terms and structure of the formal agreement, but said the proposed NSE IFSC- SGX Connect will bring together international and Gujarat International Finance Tec-City (GIFT) participants to create a bigger liquidity pool for Nifty products in GIFT City.
- In August 2019, the two exchanges had received a set of approved regulatory dispensations from their statutory regulators obtaining their support on a joint proposal that the two exchanges submitted earlier this year.
- On Tuesday, the two exchanges said they have recently received further regulatory clarifications from the relevant authorities on implementation of the Connect, and they will continue to work with key stakeholders to develop infrastructure and ensure member readiness prior to its implementation.
By — Pankaj Pandey.