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‘NSE examining SGX’s announcement to list Indian derivative products’ (Lead)

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Mumbai, April 11 (IANS) The National Stock Exchange (NSE) is examining the Singapore Exchange’s announcement that it will list new India equity derivative products in June, NSE’s MD and CEO Vikram Limaye said on Wednesday.

“We are examining the announcement by SGX on April 11, 2018 regarding the launch of new SGX derivative products on Indian securities in lieu of the SGX Nifty licence which expires in August 2018,” Limaye said in a statement.

Limaye said the NSE has asked for more details from the SGX on the product structure and “hope to have a conversation with the SGX team to get a better understanding of the product.”

“Post that conversation and review of the material in the public domain and the announcement made by exchanges in February, we will need to make an assessment whether or not the products announced by SGX are compliant with the announcement made by the Indian exchanges on February 9, 2018 and legally permissible,” said Limaye.

“We will also have a discussion with other exchanges and the regulator once we have a better understanding and then determine course of action,” he added.

On Wednesday, the SGX announced that it will list new India equity derivative products in June. The announcement came after three major domestic exchanges — BSE, NSE and Metropolitan Stock Exchange of India (MSEI) — on February 9 said they will stop operating their indices on international bourses.

“The SGX will list new India equity derivative…to provide market participants with continuity and the ability to seamlessly transition their current India risk management exposures,” the stock exchange said in a statement on Wednesday.

The products “also add to the existing India Single Stock Futures offering, which has garnered active participation from global institutional clients since its launch, demonstrating the demand for access products,” it added.

The statement said work was ongoing to evaluate a joint trading and clearing model in the Gujarat International Finance Tech (GIFT) city between the NSE and SGX to meet the risk management needs of international participants.

“The SGX has worked hard over the past two decades to promote the development and internationalisation of India’s capital markets,” said Michael Syn, Head of Derivatives at SGX.

“We are still exploring a solution that would bring the liquid international market directly into GIFT city, in a way that meets our clients’ regulatory requirements while growing the overall market.

“In the meantime, we will continue with our new India equity derivative products, which international portfolio investors need to maintain exposure to India,” he added.

–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma

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World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.

Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.

During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.

On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”

Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.

It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.

Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.

Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”

On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”

The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.

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