Mumbai, Aug 7 (IANS): The National Stock Exchange of India (NSE) and the Singapore Exchange (SGX) on Tuesday said their joint proposal for an International Financial Service Centre (IFSC) at Gujarat International Finance Tec-City (GIFT) has received regulatory dispensations.

The joint proposal by NSE and SGX has received "a set of approved regulatory dispensations from their statutory regulators", a statement said.

"The proposed NSE IFSC-SGX Connect aims to bring together the trading of Nifty products in GIFT and create a larger pool of liquidity comprising international and home market participants.

"The 'Connect' model, which is subject to further approvals from relevant local authorities, will enable SGX and NSE IFSC members to access Nifty products in GIFT while managing their exposures through their respective clearing corporations," it added.

As per the statement, both SGX and NSE will continue to work with all key stakeholders to make the NSE IFSC-SGX Connect operational before the end of 2020, "subject to members' readiness and receiving all relevant approvals. Both exchanges are also working to discontinue related arbitration proceedings".