If you are in the financial services business or in the Information Technology business, remember competition can come from anywhere.
When SGX saw an opportunity in the Nifty futures, they said, lets do it. Now while NSe has to get up every morning and worry about service tax, stt, Gaar, ..and well an occasional bandh (like today!), SGX worries about growing their business.
There are more NSE trades now on SGX than on NSE. Same for Rupee – the real big Indian corporates are also borrowing outside the country.
Source:Subramoney.com