February 9, 2018 / 2:28 PM / 10 months ago

Indian bourses to stop licensing index, stock prices to foreign exchanges

MUMBAI, Feb 9 (Reuters) - India’s three main stocks exchanges said they would stop licensing their indexes and securities data to foreign exchanges, saying such agreements had led trading to migrate outside of the country.

That means foreign exchanges and trading platforms can no longer use the indexes and data for derivatives and they can no longer trade any existing derivatives.

The existing licensing agreements will end immediately, subject to notice periods, the National Stock Exchange, BSE Ltd and Metropolitan Stock Exchange of India said in a joint statement late on Friday.

“It is observed that for various reasons the volumes in derivative trading based on Indian securities including indices have reached large proportions in some of the foreign jurisdictions, resulting in migration of liquidity from India, which is not in the best interest of Indian markets,” the statement said.

For full statement see bit.ly/2BNYQmE (Reporting by Abhirup Roy)

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