PM Narendra Modi to launch SGX Nifty Trade at GIFT: PHDCCI
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“Launch of SGX Nifty Trade at GIFT City by Hon'ble PM is a welcoming step because of timing, foreign investors usually get an edge because Singapore opens first. SGX Nifty Futures will trade in the GIFT city for about 19 hours a day. SGX Nifty which is a derivative of the Indian Nifty index pulls in 80 percent more volume than the local index futures. So bringing that volume to India by bringing the SGX Nifty to the GIFT city is a fantastic move to bring in foreign capital to India. trading on Gift City would benefit foreign investors who can enjoy a minimum alternate tax (MAT) of 9 percent and exemptions concerning stamp duty and tax" by Mr. Ashish Desai, Chair Gujarat Chapter, PHDCCI.
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