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 SGX Nifty, a derivative of India's National Stock Exchange's (NSE) Nifty index, will be discontinued on the Singapore Stock Exchange and all orders will be transferred to an NSE subsidiary in India, effective July 3, an NSE spokesperson said on Tuesday.

The NSE IFSC Exchange — the NSE's unit in Gujarat International Finance Tec-City, or GIFT City situated in the Indian state of Gujarat — will be used for matching all the orders from SGX, the spokesperson said.

GIFT City is India's tax-neutral financial services centre and a key project for Indian Prime Minister Narendra Modi, with the aim to rival financial services centres in Dubai and Hong Kong.

The SGX Nifty will be called GIFT Nifty going forward.

"Approval from MAS, Singapore regulator and IFSCA, Gift IFSC regulators have been obtained," said the NSE spokesperson.

On April 17, the SGX said that after the transition, all U.S. dollar-denominated Nifty derivatives contracts will be exclusively traded on the NSE IFSC.