The booming stock broking industry is being hit by rising attrition as the entry of big Indian business houses and expansion of existing players spawns opportunities for senior and middle-level executives. Surprisingly, multi-national players are at the receiving end as their executives are being lured by leading Indian corporate houses, which are entering into this space.
The Securities and Exchange Board of India (Sebi) is considering a proposal to allow funds, which are not managed by foreign institutional investors (FIIs) to get themselves registered as FIIs' sub-accounts with the Indian regulator.
We are hoping to have an exposure of over $300 million over the next two years. We would also evaluate opportunities to invest in other asset classes including equity and structured products.
With the market capitalisation crossing $1.6 trillion within a couple of months after piercing the magical $1 trillion mark, and a vibrant equity derivatives segment to boast, the Indian stock markets look much attractive in terms of depth as well, they add. The equity derivatives market in China is only a recent start and is yet to catch momentum.
NSE launched trading in individual stock futures in November 2001.
Kotak Mahindra Bank is raising a total of $300 million through three separate offshore funds - an infrastructure fund, a Shari'ah fund for Muslim investors and a multi-cap fund for European investors - to tap the growing appetite of global investors.
Some of the world's biggest foundations, including Bill & Melinda Gates Foundation, pension funds such as CalPERS, university funds and endowments are registered as foreign institutional investors with the Securities and Exchange Board of India for several years now.
The three corrections in stock markets this year - February, August and now in October - has one common thread, which is the dominance of foreign investors/hedge funds in the equity markets.
Most of the PN money is coming into stocks that are not in the blue-chip category. This means the source of the money is questionable and the investments are not driven by fundamentals.
Historically, Indian stocks trade at earnings multiple of 17-18 times. At current prices, the earnings multiple for the Sensex is 26 times.
Interested parties are concerned about the possibility of 24 domestic banks and six financial institutions converting to equity Rs 1,480 crore worth of zero-coupon debentures to which they subscribed in 2002-03.
Global liquidity, which dried up after the turbulence in the US credit markets, has returned big time following the Fed rate cut of 50 basis points on September 18. In the secondary markets alone, FIIs have pumped in over $4.5 billion in about 11 trading sessions, data from the BSE show.
The Securities and Exchange Board of India is set to introduce new norms to ensure higher public participation for delisting of company shares.
Motilal Oswal and Raamdeo Agrawal, the promoters of leading brokerage house Motilal Oswal Financial Services, will be worth Rs 700-800 crore (Rs 7-8 billion) each, after the company's initial public offer later this month.
World's largest exchange, the New York Stock Exchange is wooing India's showpiece IT firm Infosys Technologies to list its shares on its trading platform.
Under the proposed rules, mutual funds may not be allowed to borrow more than 20 per cent of the net assets of a scheme and the duration of such borrowing would not exceed six months.
The New York Stock Exchange has stolen a march over its rival Nasdaq in India.
A back-of-the-envelope calculation suggests that the total mobilisation through share issues (including rights, initial and follow-on issues) will be at least Rs 1.04 lakh crore (Rs 1.04 trillion).
India's well-known investors who are known for their Midas touch have spotted an opportunity in bio-fuel, betting big on ethanol, bio-mass and even bio-fuel equipment makers in India and other parts of the globe.
International brokerages, especially those which have made recent entry into the domestic market, are lining up to acquire the institutional broking business of the city-based Brics Securities.
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