Singapore Exchange (SGX) has opened a liaison office in Mumbai, following approval from the Reserve Bank of India, The chief representative of SGX in India will be Neena Prasad.
SGX’s office in India will act as a communication channel to support capital raising plans by Indian companies in the listed Singapore markets.
SGX also envisages that its new India office will help to strengthen its links with the National Stock Exchange of India. This partnership began in 2000 when the two exchanges collaborated to develop the international futures market. In 2007, SGX took a 5% minority investment in the Bombay Stock Exchange.
Commenting on the opening, Magnus Böcker, CEO of SGX, referred to SGX’s existing Indian franchise with Nifty Futures. He sees that area offering more potential growth.
Within fixed income, Indian issuers have raised US$60 billion in bonds that are now listed on SGX, making India the third-largest issuer of SGX-listed bonds. Approximately 80% of listed international bonds by Indian issuers are listed on the SGX.