Context: 

The popular SGX Nifty is rebranded as GIFT NIFTY and all the derivative contracts worth $7.5 billion, earlier traded in Singapore, will shift to India.

Background: 

• Nifty or Nifty50 is a famous index comprising the top 50 listed Indian companies that trade on the National Stock Exchange (NSE). 
• SGX Nifty is a derivative contract traded on the Singapore Stock Exchange based on Nifty 50 Index. 
• As trade in Nifty 50 futures on the NSE, foreign investors trade on SGX Nifty at the Singapore stock exchange in dollar terms.

About GIFT NIFTY:

• It is the first of its kind trading link, with trading and matching in India and clearing and settlement in Singapore.
• On June 30, trading on SGX NIFTY ceased in Singapore and the entire trading volume and liquidity fully switched to GIFT IFSC. Therefore, it was rechristened GIFT Nifty. 
• Products offered under GIFT Nifty
  • GIFT Nifty 50
  • GIFT Nifty Bank
  • GIFT Nifty Financial Services
  • GIFT Nifty IT derivatives contract.
• Significance: 
  • This is for the first time, India will get an international contract which was earlier exported out of India.
  • It will help Indian markets to increase their reach among global investors, especially those who are not directly engaged with Indian capital markets.

News Source: Indian Express