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In a media statement, SGX said it was unable to contest the May 21 injunction as it was not given notice of the application for the court order.
It said it has been engaged in proceedings in the Bombay High Court since May 23.
"MAS urges all parties concerned to work together to find an amicable solution that will continue to encourage investments in the Indian market.
A speedy resolution to the dispute will be in the best interest of all parties concerned." The Nifty 50 is a benchmark index that tracks 50 Indian stocks including ICICI Bank, Tata Consultancy Services, and Reliance Industries.
In April, this was down 14 per cent over the month to 1.65 million contracts.
The Business Times understands that a cross-border trading link allowing investors in Singapore to trade derivatives on exchanges in the Gujarat tax-free zone, or Gift City, is also off the table at this point.
The saga unfolded when the Indian national exchanges said in February that they would end all licensing agreements and stop offering live prices to overseas venues.
"SGX remains open to a collaborative long-term solution that will benefit Indian markets." Observers point out that there remain question marks over whether an Indian high court has jurisdiction over the case, given that the products in dispute are to be traded in Singapore.And without offshore alternatives from international bourses such as SGX, offshore investors remain in limbo over ways to hedge their exposure to the Indian markets, especially with the August expiry of the Nifty 50 futures contracts looming.SGX holds a significant market share in the Nifty 50 futures markets, with just over half of the daily average traded volume done on SGX.With the Nifty 50 futures contracts due to be delisted in August, SGX in April said it would launch an alternative set of products that would provide a similar form of hedging for global investors with exposure to the US.3 trillion Indian equity market.The SGX decision was then met with an additional salvo from NSE in the form of an interim injunction filed by its subsidiary, the India Index Services and Products Ltd (IISL), just last week.