NSE International Exchange says record turnover and open interest on September 25, 2026, mark a defining moment for the dollar-denominated Nifty derivatives platform in GIFT City.
GIFT Nifty recorded its strongest-ever single-day trading performance on September 25, 2026, with turnover reaching $23.67 billion and open interest climbing to $21.87 billion, NSE International Exchange (NSE IX) said in a statement reported by the news agency ANI on September 26. The exchange, based in Gujarat International Finance Tec-City (GIFT City) in Gandhinagar, Gujarat, described the twin milestones as marking a "new era for Gift Nifty."
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What the Numbers Actually Show
The record turnover reflected trading in 512,023 contracts during the September 25 session, according to NSE IX. Separately, open interest — the value of derivative contracts still outstanding at the end of trading — stood at 471,287 contracts, which the exchange valued at approximately ₹2.10 lakh crore, or $21.87 billion.
These are two distinct records. Turnover measures the value of contracts bought and sold during a single day, while open interest captures capital still committed to positions that have not been closed, exercised or expired. The previous open-interest high was $21.56 billion, set on June 25, 2026, making the September 25 figure an increase of roughly $310 million, or about 1.4%, according to reporting on the data. NSE IX's announcement did not disclose a comparable prior turnover record for direct comparison, nor did it break down the proportion of activity attributable to foreign institutions, US-based customers, proprietary trading firms or retail participants.
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From SGX Nifty to GIFT City — The Structural Shift
The current GIFT Nifty framework is the product of a deliberate migration from the earlier SGX Nifty arrangement. Full-scale operations of the NSE IX–SGX GIFT Connect began on July 3, 2023, transferring the principal trading and clearing infrastructure for Nifty derivatives from Singapore Exchange-linked operations to NSE IX within India's International Financial Services Centre framework. Singapore Exchange continues to serve as an access and distribution channel for international participants, while contracts are listed and traded on NSE IX itself.
Before the transition, SGX Nifty functioned as a widely watched offshore gauge of Indian equity sentiment, trading outside direct Indian regulatory oversight. The restructuring was designed to bring that offshore activity under GIFT City's regulatory and market infrastructure while retaining the international liquidity pool that SGX Nifty had built. At the start of full-scale operations on July 3, 2023, the platform reported more than $8 billion in open interest in Nifty futures and over $1 billion in open interest in Nifty options, according to a joint SGX–NSE IX announcement at the time.
Early Growth Trajectory and Trading Advantages
NSE IX's own communications from July 2023 show how quickly volumes expanded after the transition. The first day of full-scale operations produced 33,570 contracts and $1.21 billion in turnover, the exchange said in an official release. Within weeks, later company filings recorded contract volumes and turnover value growing by more than 530% and 600% respectively in one comparison period, and by more than 838% and 924% in a subsequent filing — figures NSE IX attributed to "exponential" growth since the July 3, 2023 launch.
Part of that growth has been credited to the platform's extended trading window. GIFT Nifty contracts remain available for nearly 21 hours a day, spanning Asian, European and US market hours, a structure the exchange has promoted as a competitive advantage for global investors seeking near-continuous access to Indian equity exposure. This scheduling differentiates GIFT Nifty from most single-country index derivatives products, which typically trade only during domestic market hours.
US Regulatory Access Widens the Investor Base
A significant driver behind international participation has been regulatory clearance from US authorities. NSE IX and GIFT Nifty received a Part 30 exemption from the US Commodity Futures Trading Commission under Regulation 30.10, enabling eligible US customers to trade derivative contracts listed on NSE IX. The exchange has also stated it received class relief from the US Securities and Exchange Commission under Sections 5, 6, 15 and 17A of the Securities Exchange Act of 1934.
NSE IX has repeatedly emphasized in corporate materials that it is the only exchange holding both the CFTC exemption and SEC class relief simultaneously, positioning that dual clearance as a differentiator against rival offshore venues. These exemptions do not grant unrestricted access; eligible US customers must still satisfy broker, customer-classification, compliance and product requirements before participating. Their practical significance lies in removing a major regulatory barrier that previously complicated US-linked participation in dollar-denominated Indian index derivatives.
Scale, Caveats and What Comes Next
NSE IX reported that GIFT Nifty has accumulated $3.52 trillion in turnover since inception across 76.19 million contracts, a figure that illustrates the platform's cumulative operating scale but should not be equated with assets under management, investor profits or net capital inflows into India. Turnover is a notional measure of trading activity, and repeated buying and selling of the same underlying position can push cumulative totals many times beyond the actual value of assets involved.
No independent, market-wide assessment of what specifically drove the September 25 spike was available in the reviewed reports, and NSE IX's statement did not attribute the surge to any single event, policy change or investor category. Whether the record represents a sustained shift in trading behavior or an isolated peak will depend on subsequent data — including turnover trends, open-interest levels, overseas institutional participation and any further regulatory or product developments NSE IX may announce for the GIFT Connect structure.
