The GIFT Nifty, a benchmark symbolizing the strength and growth of the Indian equity market, reached a historic milestone by recording an all-time high monthly turnover of US $100.7 billion in September 2024. This achievement surpassed its previous record of US $100.13 billion set in August 2024, showcasing the rapid growth and increasing global interest in the Indian equity markets.
The total turnover in September amounted to 1,975,468 contracts, valued at an equivalent of Rs 8,43,713 crores. Since its full-scale launch on July 3, 2023, trading turnover on NSE IX, which hosts GIFT Nifty, has experienced exponential growth. The cumulative trading volume of GIFT Nifty now stands at over 27.11 million contracts, generating a total turnover of US $1.18 trillion up to September 2024.
This impressive performance highlights GIFT Nifty’s significant role as a representative of India’s growth trajectory, attracting both domestic and international investors. The rising turnover is a testament to the increasing trust in the GIFT Nifty contract as an indicator of the Indian market’s progress.
NSE IX, an international multi-asset exchange established at GIFT City on June 5, 2017, is recognized by the International Financial Services Centre Authority (IFSCA). It offers a diverse range of products, including:
NSE IX also facilitates the listing of various primary market products, including equity shares, SPACs, debt securities, and ESG debt securities under the IFSCA framework.
Moreover, NSE IX and GIFT Nifty have received part 30 exemption from the Commodity Futures Trading Commission (CFTC) and SEC class relief from the Securities and Exchange Commission (SEC). These exemptions enable US investors to participate in derivatives contracts listed on NSE IX, enhancing the exchange’s appeal globally.
The remarkable growth in turnover and volume indicates a bright future for GIFT Nifty and reinforces its position as a benchmark for Indian market growth. With its expanding reach and increasing acceptance in international markets, GIFT Nifty stands as a testament to India’s financial progress. The continued support of participants and the robust growth trajectory of the contract reflects an exciting future for the Indian markets on a global scale.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
Published on: Oct 3, 2024, 12:23 PM IST
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