Domestic exchanges reassure stakeholders of orderly transition

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Mumbai, Feb 21 (IANS) Clarifying on an earlier announcement of halting operations of Indian indices on international bourses, three domestic exchanges — BSE, NSE and MSEI — on Wednesday reassured that they will work with all stakeholders to facilitate an orderly transition that is not disruptive.

In a joint statement, the three exchanges informed that there have been discussions/ meetings with several exchanges, data vendors, index providers, market participants and investors to provide clarifications related to the earlier announcement.

“This is to reassure all stakeholders that the Indian exchanges will work with them to facilitate an orderly transition that is not disruptive to the markets and stakeholders. This engagement with various stakeholders will continue in the coming weeks to address any concerns,” said the joint statement.

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It said the domestic exchanges will continue to work with the regulators to further enhance the attractiveness and competitiveness of the Indian markets for accessing and trading India-related products.

On February 9, the three domestic exchanges had announced that they will stop operating their indices on international bourses.

“It is observed that for various reasons, the volumes in derivative trading based on Indian securities including indices have reached large proportions in some of the foreign jurisdictions, resulting in migration of liquidity from India, which is not in the best interest of Indian markets,” a joint statement issued earlier had said.

–IANS

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