India’s Stock Futures Sink After Worst Week Since 2008

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(Bloomberg) — India’s SGX Nifty Index Futures or March delivery trading in Singapore tumbled as much as 13% following steps on Friday by the market regulator to curb volatility.

India’s market regulator Friday evening raised margin requirements and capped derivatives exposure. The measures, which will stay in force for a month, are aimed at discouraging traders from aggressively building short positions at a time when volatility in the nation’s equities has spiked to levels last seen in the aftermath of the 2008 financial crisis.

The S&P Index marked its biggest weekly decline since October 2008 last week. India’s stock exchanges will remain open despite a lockdown in the country’s financial capital of Mumbai, Economic Affairs Secretary Atanu Chakraborty in an interview. A spokesperson for the regulator, the Securities and Exchange Board of India said markets will function at normal hours Monday.

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