Bombay HC extends stay on SGX's launch of new contracts

Mumbai, May 24 (IANS) The Bombay High Court has extended the period of injunction it had granted on May 21 against the launch of new India-based derivative contracts by Singapore Exchange Limited (SGX).

The extension comes after NSE's Index company on May 21 filed a petition before the Bombay High Court against SGX under Section 9 of the Arbitration Act and sought urgent interim relief against the marketing, promotion and launch of three new contracts called SGX India Futures, SGX Options on SGX India Futures and SGX India Bank Futures.

The NSE was represented by Senior Advocate Abhishek Singhvi and assisted by Avishkar Singhvi, Vivek Menon and Cyril Amarchand Mangaldas.

On May 21, the Bombay High Court granted an injunction against the launch of the new derivative contracts by SGX.

"The matter was heard by the court and has been kept for further detailed arguments on Saturday. Until then, the ad-interim injunction granted on May 21, continues against the launch of new derivative contracts by SGX, in terms of their above-mentioned circular," NSE said in a statement on Wednesday.