SGX (Singapore Exchange) Nifty will be rebranded as GIFT Nifty from July 3. The derivative contracts under it, amounting to $7.5 billion, will take place in NSE IX (NSE International Exchange) in GIFT City. Before today, they were traded in Singapore.

SGX is for global traders who cannot trade in the NSE (National Stock Exchange) or want to trade after market hours. Whereas NSE stays open for futures only for 6.5 hours, SGX is open for 16 hours, even after the Indian markets close. 

GIFT Nifty timings

With GIFT Nifty, the timings for the shifts would be 6.30 a.m. to 3.40 p.m. and 4.35 p.m. to 2.45 a.m. This means, the SGX Nifty that operates for 16 hours a day right now, will be open for even longer, close to 21 hours.

All the positions in the SGX were transferred to GIFT Nifty on June 30, and trading on SGX Nifty has been closed. However, international investors can still trade Nifty through SGX.

Tax relief for investors at NSE IX

NSE IX falls in the SEZ (special economic zone), which means the investors will get tax relief from security transaction tax (STT), commodity transaction tax (CTT), dividend distribution tax (DDT), and capital gain tax. Indians from outside India and Indian companies operating outside India will not have to pay tax on trading in NSE IX.

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