India's dollar-denominated derivative on the Nifty 50 Index, traded at the International Financial Services Centre, GIFT City.
GIFT Nifty is a US-dollar-denominated futures contract based on India's flagship equity index, the Nifty 50. It is listed on the NSE International Exchange (NSE IX), which operates within the International Financial Services Centre (IFSC) at GIFT City, Gujarat.
Launched on July 3, 2023, by the National Stock Exchange of India (NSE), GIFT Nifty replaced the earlier offshore derivative known as SGX Nifty, which was traded on the Singapore Exchange. This transition was facilitated through a connectivity arrangement between SGX and NSE.
The contract gives global investors a structured, regulated route to participate in India's equity derivatives market — without needing a domestic trading account — while settling in USD to eliminate currency conversion complexity.
Contracts are settled in US Dollars, removing currency conversion risk for international investors seeking Nifty exposure.
Two sessions covering Asian, European, and US market hours allow traders worldwide to respond to global events in real time.
The contract is directly based on the Nifty 50 Index — India's most widely tracked benchmark — giving global investors precise exposure to India's top 50 companies.
Trades occur within India's own IFSC at GIFT City, bringing offshore Nifty derivatives under domestic regulatory oversight.
A bilateral arrangement between Singapore Exchange and NSE enabled the seamless migration from SGX Nifty to GIFT Nifty.
India's first operational IFSC, designed to attract global financial institutions and provide an internationally competitive environment.
Under a connectivity arrangement between SGX and NSE, the SGX Nifty contract transitioned to GIFT Nifty effective July 3, 2023. This move consolidates Nifty-based derivative trading within India's own regulatory framework — reducing dependence on a foreign exchange and ensuring that price discovery for Indian equity derivatives happens closer to home.
GIFT Nifty is primarily designed for global and non-resident investors. Indian residents are not permitted to participate under current SEBI and IFSC regulations.
Moving Nifty derivative trading from Singapore to GIFT City brings price discovery under Indian jurisdiction, strengthening domestic capital markets.
Overseas investors can access India's benchmark equity derivatives without navigating domestic brokerage requirements or currency conversion hurdles.
Because GIFT Nifty trades during hours when NSE is closed, its price movements are widely used by market participants as a directional signal for how domestic markets may open.
GIFT Nifty is a flagship product anchoring GIFT City as India's premier international financial hub, competing with established centres like Singapore and Dubai.
