In an effort to soothe nerves of the country's mutual funds and the non-banking finance companies, the bankers today assured that they would come forward to support these financial institutions' funding needs including liquidity to meet redemptions.
However, the regulator dealt with the FIIs on expected lines and the meeting was over without Sebi spelling out any action against 'dubious' short sellers. Earlier on October 17, Sebi had written to all the PN-issuing FIIs to submit the data for stocks lent overseas in 2008 so far by October 23.
Collateral stocks sold at huge losses as defaults mount.
Share of SGX Nifty in total Nifty futures surges to 40% from 8% a year ago.
It is mission damage control and ICICI Bank is pulling out all the stops. Weighed down by persistent rumours over its health, the bank's top management will meet senior employees on Monday to reassure them about their future.
The Securities and Exchange Board of India is watching trends in the domestic stock market, after the capital market regulators in the United States, the United Kingdom and Australia imposed a temporary ban on short-selling of financial stocks.
The Reserve Bank of India has initiated a review of the benchmarking system for pricing floating rate loans, a move that could impact 70 to 75 per cent of banks' loan portfolios.
Banks levy a fee on transactions under core banking solutions.
Share prices of the two top stock exchanges - the Bombay Stock Exchange and the National Stock Exchange - are expected to rise after the Securities and Exchange Board of India proposed to allow domestic institutional investors, insurance firms and banks to hold up to 15 per cent stake in these exchanges as against the current limit of 5 per cent.
Over 100 chemical storage tanks built at the Pirpav jetty near Chembur have been operating without approvals from the ministry of environment and forests for over 18 years. Each of these tanks has an average capacity of 200,000 kilolitres of oil.
According to the scheme, the deposit of Rs 10 lakh (Rs 1 million) for trading and up to Rs 20 lakh (Rs 2 million) for clearing members would be waived for already-registered members of the MCX, BSE, Foreign Exchange Dealers' Association of India, National Commodity and Derivatives Exchange and NSE, who choose to enroll before September 6.
Both equity benchmarks--the Sensex of the Bombay Stock Exchange and the Nifty of the National Stock Exchange-- have gained 14 per cent and 12 per cent, respectively, as the USDX rose by a quick 7.83 per cent in over a month. It touched a high of 77.50 on August 26.
On August 7, the Reserve Bank of India and the Securities and Exchange Board of India cleared the guidelines for currency futures trading. Exactly six days later, the National Stock Exchange got the market regulator's approval to start such trading and is scheduled to kick off currency futures this Friday.
One of the biggest defaulters of Ahmedabad-based Madhavpura Mercantile Co-operative Bank, stock broker Ketan Vinaychandra Parekh has settled his dues with the bank by paying Rs 26 crore a fortnight ago, revealed informed sources. The so called 'big-bull' of the stock market has paid a whopping Rs 396 crore in less than two years to MMCB.
A clampdown on fresh personal loans, credit cards and auto loans is taking a toll on direct selling agents hired by banks to push these products. According to estimates, banks have reduced the number of DSAs by 15-25 per cent, while marketing expenses are 35-40 per cent lower.
With higher interest rates, bankers today said their loan portfolios will grow at a slower pace, partly because of the caution being exercised by lenders themselves.
Individuals are lining up to park their money in fixed deposits (FDs), what with the instrument earning 15-20 per cent more than what they were in April.
The Bombay Stock Exchange has called off its plan to acquire 26 per cent in the Ahmedabad-based National Multi Commodity Exchange. The deal was terminated just before the resignation of BSE Managing Director and CEO Rajnikant Patel.
India Inc is seeing yet another family feud - this time between Gujarat NRE Coke founder Girdhari Lal Jagatramka and his son-law, Ratan Lal Tamakhuwala, who owns Austral Coke.
Bets of nearly Rs 500 crore have been accepted in the satta bazaar or the illegal betting market over the past two days, with punters riding high on odds that the Congress-led United Progressive Alliance government will survive a confidence or trust vote in Parliament.
