Employees enter the National Stock Exchange of India Ltd. (NSE) building in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)

NSE Working With Global Exchanges, Index Providers For Orderly Transition  

The National Stock Exchange of India Ltd. is working with international bourses and index providers to facilitate an orderly transition that is not disruptive to the markets and stakeholders, its chief Vikram Limaye said today.

Top NSE officials visited the U.S. and other countries this week to address the concerns of a wide range of stakeholders including market participants.

"The visit was organised with an objective to reassure all stakeholders that the exchange is working with them to facilitate an orderly transition that is not disruptive to the markets and stakeholders,” Limaye, the managing director and chief executive officer said.

This engagement with various stakeholders will continue going forward to address any concerns. 
Vikram Limaye, CEO, NSE

His comments come days after after top bourses NSE, BSE Ltd. and Metropolitan Stock Exchange Ltd. on Feb. 9 terminated agreements that allowed their index derivatives to be traded on overseas bourses.

The NSE chief also said the move by Indian stock exchanges to restrict data feeds is not anti-competitive as the decision is consistent with the policies adopted across by every international exchange.

Also Read: MSCI Slams Indian Exchanges' Move to Sever Overseas Ties

"It is very common to find other exchanges around the world not licensing indices or data in any of their core contracts if it is being used to fragment liquidity and build liquidity outside their market,’’ Limaye said.

Also Read: What’s At Stake As MSCI Warns Indian Exchanges

MSCI Inc., earlier this month, had termed the move by Indian stock exchanges to restrict derivatives trading and data feeds overseas as anti-competitive.

NSE said it is also working with the regulators to further enhance the attractiveness and competitiveness of the Indian markets for accessing and trading India related products.

Stay Updated With Stock Market News on BloombergQuint