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.
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.
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.
'Those satisfied with returns and not expecting further rally could be booking profits and also stopping SIPs.'
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.
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.
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 Safal National Exchange, an on-line spot exchange based in Bangalore has begun online spot trading in mangoes.
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 move is meant to curb or reverse the export of India's financial markets to overseas trading platforms.
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.
Can disparity in futures prices at two prime commodity exchanges in the country hold pepper trade to ransom?
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.
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).
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.
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.
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.
Exchanges had sought clarifications from the commodity markets regulator on this.
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.
Indiabulls has offered to sell 26 per cent of its stake in the year-old Indian Commodity Exchange to an ADAG group company.
Leading stock exchange BSE has decided to discontinue Stop Loss Market (SL-M) orders from October 9 to prevent erroneous order placement arising out of manual or algo trades. This came after a recent freak trade incident caused a lot of angst among the trading community earlier this month due to an SL-M order. SL-M is a type of order that automatically sells or buys a security at the market price when the trigger price is reached.
The National Stock Exchange (NSE) on Monday cautioned investors against some fraudsters running illegal dabba trading with guaranteed returns to investors. Dabba trading is an illegal form of trading in shares, where operators of such trading rings allow people to trade in equities outside the stock exchange platform. The cautionary statements came after NSE found that the entities -- Shri Parasnath Commodity Private Limited, Shri Parasnath Bullion Private Limited, Faary Tale Trading Private Limited and Bharat Kumar (associated with Trade with Trust) --were providing dabba or illegal trading platform with assured returns.
Commodity market regulator Forward Markets Commission has banned futures trading in electricity owing to poor volumes of trade.
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.
Ginger is the hot and happening commodity now. In fact, the National Multi-Commodity Exchange is mulling expansion of its futures basket and launch of trade in dried ginger and cashew.
With the government extending its ban on forward trading in more agricultural commodities, a section of jewellery traders has sought a similar curb on gold and silver futures as well to curtail the volatility in rates. The government suspended futures trading in soya oil, potato, rubber, chana (gram) on Wednesday, while rice, wheat, urad and tur were banned early last year. Sudden rise and fall in prices of gold and silver, many times in a day, has created instability.
The move is expected to cut into the business of rival Bombay Stock Exchange (BSE).
The National Stock Exchange is chalking out a strategy to launch a separate trading platform for small and medium companies.
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