Something shifted in Indian financial markets in July 2023. SGX Nifty, which had traded on the Singapore Exchange for nearly two decades, was shut down 1 . GIFT Nifty replaced it and now operates out of GIFT City in Gujarat, on Indian soil. The change was not just about location. It was about India taking back something that had long been handled elsewhere. Here is a look at how this shift came about and why it matters.
