SGX lists UTI India Nifty 50 ETF in Singapore

SGX has listed the UTI India Nifty 50 Index ETF, which tracks the Nifty 50 Index of 50 large and liquid companies listed on the National Stock Exchange of India.

Managed by UTI International (Singapore), the fund gives investors exposure to India’s large-cap equity market through a single exchange-traded product. It trades in Singapore dollars under the code NIF and in U.S. dollars under the code NIU.

The ETF is the first listed on SGX to use the Variable Capital Company structure to invest directly in an India-domiciled ETF. The structure allows the Singapore-listed fund to invest in the underlying India-based fund.

“Investors in Singapore want India equity exposure that is simple to access and liquid to trade,” Ng Yao Loong, head of global financial markets at SGX Group, said in a statement. The ETF gives investors access to the Nifty 50 on SGX in two currencies, he added.

“The listing of Singapore’s first Nifty 50 ETF marks a new chapter in India-Singapore market connectivity,” Jermyn Wong, chief executive officer of UTI International (Singapore), said in a statement. UTI will provide investors with additional ways to access India’s market, he added.

SGX now offers 65 ETFs covering different asset classes and markets. The exchange said the funds have total assets under management of about 20 billion Singapore dollars.