This will allow investors the freedom of choice based on the services they get from a distributor.
Reserve Bank of India set to bring transparency in credit card operations.
Companies hit by the sudden appreciation of foreign currencies such as Swiss franc and yen are finding it difficult to restructure their currency options as banks have become cautious in extending fresh credit limits to them.
These measures, under preliminary discussion with the central bank, come soon after Hexaware Technologies, an IT services company, recently said it was providing Rs 80-100 crore due to losses allegedly on account of foreign exchange transactions fradulently entered into by one of its officials with banks.
Suzlon Energy, one of the top five wind energy manufacturers in the world, plans to raise $500 million (Rs 2,000 crore) through the Qualified Institutional Placement (QIP) route to fund its expansion plans.
Standard Chartered Bank, which bought a 49 per cent stake in UTI Securities from Securities Trading Corporation of India early this year, is likely to hive off the commodities broking business into a separate company and put this division for sale.
San Francisco Employees' Retirement System (SFERS), Brown University and Texas Investment Management have joined the list of global pension, endowment and universities' funds attracted by the Indian stock markets.
RBI, govt concerned over inflationary impact of rising capital inflows.
Reliance Power's exemption demands prompt move.
According to sources close to the development, the IPO will provide an easy exit route to the banks and FIs to bring down their respective stakeholding to 5 per cent as required under the new demutualisation guidelines of the Securities and Exchange Board of India (Sebi).
Less than three weeks after the curbs on participatory notes, overseas investors are rushing to invest in the booming Indian stock markets directly by applying for Foreign Institutional Investor licences.
Credit Agricol (CA), the second-largest French bank, is all set to enter the Indian insurance and asset management business.US-based middle market focused investment bank Jefferies Group, which opened its representative office in New Delhi last month, plans to enter the institutional brokerage and asset management business in India.
With the rupee going from strength to strength and attrition a continuing concern for Indian business process outsourcing companies, the new poster child of private equity investors is witnessing adjustments in valuations in the changed scenario.
According to sources close to the development, major domestic banks and institutions such as State Bank of India (SBI), Bank of India (BoI) and Life Insurance Corporation (LIC) have sought the permission of their respective regulators - the Reserve Bank of India (RBI) and the Insurance Regulatory and Development Authority (Irda) to participate in the equity derivatives market (F&O segment) as traders.
Banks have asked for an exemption of statutory requirements such as the cash reserve ratio (CRR) and the statutory liquidity ratio (SLR) for lending to the infrastructure sector. While the CRR is a tool where banks have to set aside liquidity with RBI in proportion of the deposits mobilised by them, the SLR requires banks to invest 25 per cent of their liabilities in government securities to generate instant liquidity.
The Reserve Bank of India (RBI) may opt for a 25 per cent cut in the repo rate, to prop sagging demand in the interest rate-sensitive durables sector in the mid-term review of its 2007-08 monetary policy on October 30.The likely reduction in the repo rate would take place despite concerns about inflation, which suggest that interest rates can be left unchanged, banking sources said.
The Reserve Bank of India (RBI) has suggested stringent conditions for participatory notes (P-notes) that are issued even by registered foreign institutional investors (FIIs). In a note sent to the finance ministry on the eve of the Securities and Exchange Board of India's (Sebi's) board meeting to decide on restrictions for P-notes, the central bank has reiterated its earlier stance of a complete ban on P-notes.
The Securities and Exchange Board of India will increase overseas participation in the Indian stock markets and is planning two specific measures in this regard, Sebi Chairman M Damodaran told Business Standard in an exclusive interview.
In a meeting between the central bank and market participants last week, it was also decided that futures would be introduced both as an exchange-traded product and over the counter. The RBI will also be reviving interest rate futures that were introduced in 2003, but failed to take off due to the lack of a well-developed pricing curve in the market across maturiites.
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