A single market regulator clearly has its own advantages over multiple regulators. But it is more suitable for well-developed and mature markets which are smaller in size, like the UK.
The turnover of commodity exchanges in 2006-07 financial year is likely to touch a whopping Rs 37 lakh crore (Rs 37 trillion), according to the data from Forward Markets Commission.
The turnover of commodity exchanges in 2006-07 financial year is likely to touch a whopping Rs 37 lakh crore (Rs 37 trillion) against just Rs 570,000 crore (Rs 5,700 billion) in 2004-05.
The Government had on August 11 approved three-month extension to Nandan "with the direction that the process of selection of a new CMD may be completed in the meantime.
Investigation to be over by weekend, Mumbai police EOW to lodge FIR thereafter.
FMC approves commodity bourse's contract-launch calendar for two years.
The Economic Offences Wing (EOW) of the Mumbai city police is expected to file a First Information Report (FIR) against Jignesh Shah, promoter of Financial Technologies and vice-chairman of National Spot Exchange (NSEL), and former senior management officials in connection with the current payment crisis.
According to an ED order, the agency has seized movable and immovable properties of the firm -- Ms N K Proteins -- in Mumbai, Noida, Ahmedabad and Palanpur in Gujarat under the criminal provisions of the Prevention of Money Laundering Act.
Chidambaram said NSEL was not a registered or recognised association under the FMC but got exemption even before it started its business.
After his previous visit, the Sensex crashed and it took four painful years to top the 21,000 mark.
The exchange also asked traders to square off their trading positions in three contracts -- gold February 2015, kapas March 2015 and kapas April 2015.
The Financial Stability and Development Council members include heads of regulatory bodies like RBI, Sebi and Insurance Regulatory Development Authority.
Sebi's main contention against brokers is that the NSEL was offering paired contracts and they were forward contracts, which were "illegal".
The Enforcement Directorate on Tuesday arrested Financial Technologies India Limited founder Jignesh Shah in connection with its probe into the Rs 5,600-crore National Spot Exchange Limited money laundering scam.
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Financial Technologies (India), has made a loan of Rs 225 crore to NSEL.
The Gujarat International Finance Tech-City, or Gift City, is expected to be spread over 886 acres and will have a special economic zone on 261 acres.
Deloitte, MCX's is learnt to have objected to PwC pointing out several irregularities in the exchange's expenditure, donations, etc, in its audit report.
Mergers and acquisitions would continue to create big corporate conglomerates but there is a need to draw a red line to avoid dominance and curbing of open competition in market by them, he said while addressing a conference on competition issues in New Delhi.
Chokshi and Chokshi, which was given December-end deadline to complete the audit of e-series contracts at NSEL, had sought extension to finish the work.
The crisis-hit NSEL is promoted by Jignesh Shah-led Financial Technologies (India) Ltd.
RBI Governor cautioned against more volatility.
Jignesh Shah, the promoter of Financial Technologies India Ltd, on Wednesday resigned from the board of MCX Stock Exchange, amid continuing Rs 5,600 crore (Rs 56 billion) payment crisis at group company NSEL.
MCX said it has no exposure to crisis-hit NSEL, which has to settle dues worth Rs 5,600 crore to investors after it suspended trading.
NSEL had earlier suspended trading and merged the settlement cycles of all one-day forward contracts.
The government has also allowed individuals from the private sector to apply for the post
Both Corporate Affairs and Finance Ministries are studying the feasibility of implementing the FMC's proposals.
National Spot Exchange Limited, promoted by Jignesh Shah-led Financial Technologies, is facing payment crisis of Rs 5,600 crore (Rs 56 billion).
The Ministry of Corporate Affairs ordered the inspection of the books of accounts of NSEL and Financial Technologies India Ltd to ascertain if any rules under the Companies Act were violated, a senior official said.
The government on Tuesday said it is keeping a close watch on the developments in the crisis-ridden NSEL and will take action once reports of the two committees looking into the problems of the exchange are received.
In his capacity as an member of Parliament from South Mumbai, Minister of State for Telecom and Shipping Milind Deora today wrote to Prime Minister Manmohan Singh and sought his intervention to resolve the settlement crisis facing the National Spot Exchange Ltd.
FTIL prepares to challenge the order in the Bombay high court
Commodity exchanges are all restructuring their boards of directors, after the recently issued guidelines of the Forward Markets Commission.
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Sebi keen to attract larger number of retail investors
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