What’s At Stake As MSCI Warns Indian Exchanges
The Quint, February 16, 2018 Indian stock exchanges’ decision to stop sharing data with overseas peers threatens nearly $13 billion invested in India by overseas funds tracking the MSCI Emerging Markets Index. MSCI Inc. in a letter on Feb. 15 called Indian bourses and regulator’s move to restrict access to data anti-competitive and warned that it could lead to a change in market classification for India, currently clubbed with emerging nations. It asked them to reconsider the decision. The letter is a warning, Tushar Mahajan, head of Futures and Options at Nomura India, told Bloomberg Quint. “We have to take it as that. It cannot be dismissed as just another letter. I am hoping that at some point exchanges and the MSCI will be able to reach a solution.” Three Indian stock exchanges—National Stock Exchange, Bombay Stock Exchange and Metropolitan Stock Exchange—terminated licencing pacts with their foreign counterparts to prevent from trading volumes moving offshore and pro...