General Announcement::News Release: Update on SGX India Derivatives

Issuer & Securities

Issuer/ Manager
SINGAPORE EXCHANGE LIMITED
Securities
SINGAPORE EXCHANGE LIMITED - SG1J26887955 - S68
Stapled Security
No

Announcement Details

Announcement Title
General Announcement
Date &Time of Broadcast
29-May-2018 18:53:21
Status
New
Announcement Sub Title
News Release: Update on SGX India Derivatives
Announcement Reference
SG180529OTHRACI2
Submitted By (Co./ Ind. Name)
Jo-Ann
Designation
Senior Associate
Description (Please provide a detailed description of the event in the box below)
On 21 May 2018, India Index Services and Products Limited (IISL), a subsidiary of the National Stock Exchange of India (NSE), filed for and was granted an interim injunction against the launch of SGX's new India derivatives products announced on 11 April 2018. SGX was not able to contest this injunction as it was not given notice by IISL of its application for the injunction.

SGX has been engaged in proceedings in the Bombay High Court since 23 May 2018. The Court has ordered the matter to be fixed for arbitration and for a decision on the injunction to be made by 16 June 2018. The Court order is available at this link (http://www.sgx.com/wps/wcm/connect/d148cc57-c531-4f03-8416-9c7b460af11d/order+dated+29-05-18.pdf?MOD=AJPERES&attachment=true&id=1527590685919).

In view of the uncertainty caused by IISL's action, and after consultation with key stakeholders, we have decided to continue listing SGX Nifty contracts until August 2018, as contractually provided for under our licence agreement with IISL. This will enable our clients to manage their portfolio risks without interruption. We will reschedule the launch of our new India derivatives products, pending the outcome of the arbitration.

SGX will contest the interim injunction and reserves all rights in respect of damages caused by IISL's action.

IISL's action has adversely affected international investors who rely on SGX s platform to manage the risks of their exposures to the Indian market, and significantly diminishes access to, and interest in the capital markets in India. SGX remains open to a collaborative long-term solution that will benefit Indian markets.

We will provide updates as and when there are material developments.

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