Few financial products could match its derivative contracts that always sold at a premium. But the exchange forgot one crucial link: to back its contracts with solid assets.
The securities regulator's approval for the first US-listed exchange traded funds (ETF) to track bitcoin has given Indian cryptocurrency companies hope that the move would create domestic support for the digital assets. The US Securities and Exchange Commission (SEC) on Thursday approved 11 ETFs for bitcoin, perhaps the most popular virtual currency. It would enable investors to access bitcoin without challenges such as setting up wallets or accounts with crypto exchanges that have previously suffered cyberattacks or implosion.
Market regulator, the Securities and Exchange Board of India, on Monday said one person named Jignesh Shah was found involved in price manipulation in stock markets and has imposed a fine of Rs 2.5 lakh (Rs 250,000) on him.
The government liberalised FDI policy in sectors, including multi-brand retail, single-brand retail, commodity exchanges, power exchanges, broadcasting, non-banking financial institutions and asset reconstruction companies.
India's largest commodity bourse - the multi commodity exchange - will launch futures trading in raw jute soon.
Commodity futures exchanges are set for another round of equity restructuring with the Forward Markets Commission, the regulator, currently finalising guidelines that will require anchor investors to prune their equity holding to 26 per cent from the present 40 per cent after three years but before five years.
The corporation, christened MCX Clearing Corporation, is likely to start functioning next month. So far, the exchange's clearing activities are controlled by an integrated clearing house which remains a function of the exchange platform.
From the Sensex basket, Asian Paints, Sun Pharma, HDFC Bank, Tata Consultancy Services, Axis Bank, Tata Steel, JSW Steel, Larsen & Toubro, ICICI Bank and Power Grid were the major gainers. Tata Motors dropped over 8 per cent despite reporting over three-fold jump in consolidated net profit at Rs 17,528.59 crore for the fourth quarter ended March 31, 2024. NTPC, Bharti Airtel, Titan, State Bank of India and Nestle were the other major laggards.
This is the concluding part of a three-part series, where Aditi Roy Ghatak and Paranjoy Guha Thakurta discus how share prices in India are manipulated and the future of the country's stock exchanges.
Commodity markets regulator FMC on Wednesday said it has given approval to the Anil Ambani Group to acquire 26 per cent stake in Indian Commodity Exchange from one of its promoters, Indiabulls group.
The Safal National Exchange, an on-line spot exchange based in Bangalore has begun online spot trading in mangoes.
Investors' wealth eroded by Rs 6 lakh crore in a single day on Wednesday as the BSE benchmark Sensex tumbled over 790 points. The 30-share BSE Sensex fell by 790.34 points or 1.08 per cent to settle at 72,304.88. During the day, it slumped 872.93 points or 1.19 per cent to 72,222.29.
The showcause notice by the Forwards Market Commission to promoters of National Spot Exchange Limited on Friday, including Jignesh Shah, is the culmination of a series of steps by the authorities to tighten the noose around Shah.
The Ahmedabad-based Kunvarji Group has has signed with India's leading bourse, Multi Commodity Exchange of India (MCX) for offering Commodities related Training Programs in Ahmedabad.
The move is meant to curb or reverse the export of India's financial markets to overseas trading platforms.
Can disparity in futures prices at two prime commodity exchanges in the country hold pepper trade to ransom?
From the Sensex basket, Tech Mahindra, Tata Steel, JSW Steel, HCL Technologies, Tata Consultancy Services, Larsen & Toubro and Kotak Mahindra Bank were the biggest laggards. Mahindra & Mahindra, Power Grid, Bajaj Finance, IndusInd Bank and Maruti were the major gainers.
The exchange granted 1.96 million stock options under two employee stock option (Esop) schemes in 2006 and 2008 to those eligible, according to regulatory filings.
The Multi Commodity Exchange has filed its draft red herring prospectus with the Securities and Exchange Board of India for the company's public offer. It will list only on the Bombay Stock Exchange (BSE).
'I think some of us, like Mukesh Ambani, myself and those of us who head industrial units, ought to really focus on what we can really do to make the world a safer place, maybe 50 or 100 years from now.' 'For instance, how can we deal with climate change and global warming, right now?' 'The effects of it may not be felt now; in fact, we may pay a price for it today, but it will help the generations to follow.'
Financial Technologies India Ltd (FTIL) promoter Jignesh Shah, whose 'fit-and-proper' status to run an exchange has been under regulatory scrutiny following the Rs 5,600-crore payment fraud at NSEL, on Tuesday decided to continue as a director of group firm Multi Commodity Exchange (MCX).
Manoj Vaish on Saturday took charge as Managing Director and CEO of the country's leading commodity exchange MCX that is under the regulatory glare following troubles at the promoter group.
Among the Sensex firms, NTPC, Mahindra & Mahindra, Wipro, Kotak Mahindra Bank, Tata Steel, Asian Paints, Bharti Airtel, Power Grid, Titan and HDFC Bank were the major gainers. Bajaj Finance, Bajaj Finserv, Infosys, Tata Consultancy Services, Tata Motors and HCL Technologies were the laggards.
The National Bulk Handling Corporation Ltd (NBHC) on Monday signed a memorandum of understanding with Bank of India to work together in the area of warehouse-based receipt financing.
'Those satisfied with returns and not expecting further rally could be booking profits and also stopping SIPs.'
Exchanges had sought clarifications from the commodity markets regulator on this.
Among the 30 Sensex companies, Larsen & Toubro, Power Grid, NTPC, State Bank of India, Reliance Industries and HDFC Bank were the biggest laggards. Sun Pharma and Nestle were the only gainers.
Preliminary investigations conducted by capital markets regulator Securities and Exchange Board of India and inputs from other regulators and government departments suggest that some brokers were offering structured financial products to their HNI clients under some portfolio investments schemes for high returns of 10-20 per cent.
In a severe indictment, commodity market regulator FMC has said Jignesh Shah and his firm FTIL are not 'fit and proper' to run any exchange in the country and charged him of being the "highest beneficiary" in the NSEL scam.
Capital markets regulator Sebi on Tuesday barred five brokerage houses for up to six months from making fresh applications seeking registration as commodity brokers as they failed to meet 'fit and proper' criteria in the NSEL case. The affected brokerage houses include India Infoline Commodities, Anand Rathi Commodities and Geofin Comtrade (banned for 6 months each), and Phillip Commodities and Motilal Oswal Commodities Broker (for 3 months each). "There were enough red flags for a reasonable person to come to conclude that what was being offered as paired contracts on NSEL were not spot contract in commodities," Sebi said in five separate orders.
Indiabulls has offered to sell 26 per cent of its stake in the year-old Indian Commodity Exchange to an ADAG group company.
Commodity market regulator Forward Markets Commission has banned futures trading in electricity owing to poor volumes of trade.
Among the Sensex firms, UltraTech Cement, JSW Steel, Tata Motors, Bharti Airtel, State Bank of India, Larsen & Toubro, Infosys and Bajaj Finserv were the major gainers. On the other hand, NTPC and Tech Mahindra were the laggards.
In what may be seen as worst fears of National Security Advisor M K Narayanan coming true, a US report on terrorism has said pro-Pakistan Jaish-e-Mohammed was investing in commodity market and real estate to raise funds for its terrorist activities.
Slew of resignations at NSEL over past month in the wake of scrutiny; MCX gaps caused by new-age norms for commexes.
Economists V Shunmugam and D G Prasad working with India's largest commodity bourse -- the Multi Commodity Exchange -- have come out with a research paper arguing that the government urgently needs to shift the method of calculating inflation.
With the introduction of CTT, commodity players raise their doubts about the fledgling futures market.
A Cabinet panel has allowed futures trading in 54 commodities including rice, wheat, pulses, oils, oilseeds, spices and metals, a government spokesman said on Thursday.
Bank shares were the top losers after sharp gains last week.
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