Editorial : 16-06-2018

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India’s stock exchanges are being given a raw deal by the Singapore Exchange’s (SGX) move to launch trading(व्यापार) of three products, futures on the Nifty and the Nifty bank index and options on Nifty futures. The Singapore exchange does not call it the Nifty, because the Indian exchanges have stopped giving them market data and stopped licensing their indices(सूचकांक) . However, by launching quasi-Nifty products outside India, SGX hopes to

let foreigners(परदेशी/विदेशी) benefit from the India story without the hassle of trading in India, complete with multiple layers of tax and hassle(परेशानी) . India’s exchanges claim, rightly, that the GIFT-International Financial Services Centre (IFSC) offers foreigners the same tax- and hassle-free experience they could have in Singapore. But players cannot be compelled(मजबूर) to enter a market.

The nub(मूलतत्त्व/सार) of the problem lies not with the exchanges but with the government’s policy. It wants to maintain a dualmarket structure: the world-class GIFT-IFSC, and the regular Indian exchanges where transactions are taxed, capital gains are taxed, and the extent(सीमा/मात्रा) to which currency risk can be hedged is limited. In effect, the government wants to offer foreigners something like the Bandra Kurla Complex while asking Indians to stay happy with Dharavi — which, after all, is a thriving(संपन्न) place. The ideal solution is for the government to make trading on the main Indian exchanges as smooth as it is at GIFT-IFSC, with the same regulatory regime. While this is a work in (sluggish) progress, NSE will have to battle SGX on intellectual(बुद्धिमान/ज्ञान का) property (IP) grounds. Whether SGX calls its product Nifty or not, by using Nifty’s settlement price, computed by NSE, it is offering global investors a knock-off product, denying NSE licence income.

Prices of individual(व्यक्तिगत) shares are market- events, devoid of IP. But Nifty’s settlement price is a product of conscious selection of stocks with specific weights, thus, a product of IP. If SGX is allowed to copy that, what would prevent(रोकना/प्रतिबंध करना) Shanghai or Bombay exchanges from cloning the S&P 500 or the FTSE 100? GIFT-IFSC cannot be mandated(अनिवार्य) glory(प्रतिष्ठा/महत्त्व/शोभा) , but SGX should play fair.

Important Vocabulary

1.Hassle(परेशानी)
Synonyms: bickering, commotion, difficulty, inconvenience, squabble
Antonyms: agreement, calm, calmness, peace, tranquility

2.Thriving(संपन्न)
Synonyms: booming, burgeoning, developing, flourishing, growing
Antonyms: failing, infirm, poor, unhealthy, declining

3.Compelled(मजबूर)
Synonyms: constrain, enforce, exact, impel, necessitate
Antonyms: dissuade, discourage, halt, leave alone, stop

4.Determined(निर्धारित/दृढ़-संकल्प)
Synonyms: decisive, dogged, purposeful, resolute, resolved
Antonyms: irresolute, undetermined, weak, yielding, changeable

5.Glory(प्रतिष्ठा/महत्त्व/शोभा)
Synonyms: celebrity, dignity, grandeur, greatness, honor
Antonyms: ill repute, insignificance, lowliness, unimportance, blame