Decks cleared for Nifty’s Singapore trades to move to Gift City in Gujarat

This activity is expected to move to Gift City with the Finance Ministry last week relaxing Rule 9 (2) of the Prevention of Money Laundering Act (PMLA) that deals with Know Your Customer compliance and client due diligence. (File photo)

In a move that could catalyse a significant scale-up in financial services in the Gujarat International Finance Tec-City (Gift City), the government has eased regulatory norms to a proposed special purpose vehicle (SPV) that will bring onshore trading activity on SGX NIFTY, a derivative of the NSE’s NIFTY index traded officially on the Singapore Stock Exchange.

The SPV is…