As part of the Letter, both exchanges declared their intent to explore the feasibility of an agreement whereby FTSE Group may licence the FTSE 100 Index to the NSE, and whereby the NSE may licence the S&P CNX Nifty (Nifty 50) to LSEG for the purpose of issuing and trading options and other index contracts.

It also conveys the intention of both parties to evaluate other joint strategic opportunities, such as allowing access to each other's market as and when regulatory framework permits.

Additionally, the two signatories will explore the possibility of holding joint training & education courses and seminars with a particular focus on Small and Medium sized Enterprises (SMEs).

The Letter of Intent was signed in Mumbai by Xavier Rolet, Chief Executive of LSEG and Chitra Ramkrishna, Joint Managing Director of the NSE, in the presence of the Hon. George Osborne MP, the Chancellor of the Exchequer of the United Kingdom, who is leading a high profile British business delegation to Mumbai.

Speaking at the signing Xavier Rolet said: "The Letter of Intent we have signed with the NSE today illustrates London Stock Exchange Group's commitment to India, and we believe it will lead to significant benefit for the customers and shareholders of our respective exchanges. We are optimistic about India's remarkable growth story and feel strongly that a business relationship with India's leading stock exchange opens exciting investment opportunities for Indian investors in international companies, as well as giving international investors greater opportunities to participate in India's growth."

Ms. Chitra Ramkrishna said: "We are confident that the Letter of Intent with the London Stock Exchange will open up newer investment opportunities for Indian investors and expand the bouquet of investible instruments NSE platform provides. We also hope to draw upon the expertise of LSE in the SME segment for the benefit of Indian SMEs and investoors."