The National Stock Exchange (NSE) has offered licence to three European funds including London, Frankfurt and Milan in order to launch exchange traded funds (ETFs) on its main 50-share index.

Besides, NSE was also eyeing to increase its contribution in the foreign market through Indian Depository Receipts.

Ravi Narain, managing director and chief executive officer of NSE said, “We have granted licences to funds in London, Frankfurt and Milan to launch ETFs on our 50-share index.”

The three funds hold cumulative assets under management of around $400 million.

While answering a question whether the NSE plans to launch futures on its main index in other markets, Mr. Narain stated that the exchange might think about the plan in the coming time.

“There is no proposal now, but we are certainly thinking about it,” he added.

Nifty futures are traded on Singapore Stock Exchange, where the volumes have augmented significantly since last October, after SEBI’s refusal to issue participatory notes in equity derivatives.

The Bombay Stock Exchange (BSE) had rolled out futures on its main 30-share index on the US Futures Exchange during the last week.