Effects of banning trade of Indian indexes on foreign exchanges

What will be the effects of this decision that SEBI will take? Please only serious discussion.
For start do you think it will affect the gap up or gap down on indexes? Since nifty futures won’t be traded after market hours on any foreign exchanges there won’t be any big movement. Is this reason correct?

In my opinion there won’t be any big effect,
Now FII’s use GiFT city to hedge their positions,
Indian markets will however take cues from Global markets of USA, Korea, Japan for Opening
And main thing is India will get more tax revenues.

What I don’t understand is wouldn’t this decrease the market share of nifty futures? Due to trading of SGX nifty on singapore exchange and the nifty futures there is currently a difference of more than 100 pts in spot price of nifty and nifty future.

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I hope it is good for India in long run. But for now it should definitely impact the bulls sitting abroad. Selling pressure may arise in Nifty future.