Bombay HC extends stay on SGX’s new launches in India till May 31

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Mumbai, May 26 (IANS) The Bombay High Court has extended the injunction on Singapore Exchanges’ planned launch of new contracts in India till its next hearing on May 31.

“The matter was heard by the court and has been kept for further detailed arguments on May 31, 2018. Until then, the ad-interim injunction granted on May 21, 2018 continues against the launch of new derivative contracts by SGX,” an NSE statement said.

The NSE’s Index company had filed a petition in the Bombay High Court on May 21 against SGX under “Section 9 of the Arbitration Act”. The petition sought urgent interim reliefs against the marketing, promotion and launch of three new contracts called SGX India Futures, SGX Options on SGX India Futures and SGX India Bank Futures.

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The SGX on April 11 announced that it would list new India equity derivative products in June, after the three major domestic exchanges — BSE, NSE and Metropolitan Stock Exchange of India (MSEI) — had in February said they will stop operating their indices on international bourses.

–IANS

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