The bourse is discussing a trading link with the National Stock Exchange of India Ltd that would make Singapore a gateway to the NSE’s derivatives market in Gujarat, Modi’s home state, said NSE chief executive officer Vikram Limaye. An agreement would allow Singapore Exchange Ltd to replace some of the business it’s set to lose after NSE cancelled a licensing deal that allowed derivatives linked to the Nifty 50 Index to trade in the city-state. The tax-free business hub created by Modi, a former chief minister of Gujarat, was designed to rival international financial centres. Greater urgencyA trading link between Singapore and Gujarat would broadly resemble the connection between Hong Kong and exchanges in Shanghai and Shenzhen, which provides access to China via the former British colony. The system means investors operate within the mainland’s capital controls and ensures all trading is on Chinese venues.

Source: Mint February 15, 2018 03:11 UTC