On August 7, the Reserve Bank of India and the Securities and Exchange Board of India cleared the guidelines for currency futures trading. Exactly six days later, the National Stock Exchange got the market regulator's approval to start such trading and is scheduled to kick off currency futures this Friday.
With the start of rabi crop arrivals, the prices of agri commodities have declined in the past two months, raising hope that food prices will moderate in the weeks ahead.
The new exchange will also help global companies raise finance from other overseas investors.
As the next step in futures market, traders can consider putting CEOs, bollywood stars and cricketers up for trading in the market.
FMC chairman B C Khatua said differential margins were being considered as the perceived risk of hedgers and speculators was different.
On the back of sound macroeconomic policies and softer commodity prices, India's growth momentum is likely to be sustained in 2023-24 in an atmosphere of easing inflationary pressures, said the Reserve Bank's annual report released on Tuesday. It, however, added that slowing global growth, protracted geopolitical tensions and a possible upsurge in financial market volatility following new stress events in the global financial system could pose downside risks to growth. "On the back of sound macroeconomic policies, softer commodity prices, a robust financial sector, a healthy corporate sector, continued fiscal policy thrust on quality of government expenditure, and new growth opportunities stemming from global realignment of supply chains, India's growth momentum is likely to be sustained in 2023-24 in an atmosphere of easing inflationary pressures," it said.
According to the scheme, the deposit of Rs 10 lakh (Rs 1 million) for trading and up to Rs 20 lakh (Rs 2 million) for clearing members would be waived for already-registered members of the MCX, BSE, Foreign Exchange Dealers' Association of India, National Commodity and Derivatives Exchange and NSE, who choose to enroll before September 6.
Seven out of the 10 listed firms of Adani group have received show cause notices from the Securities and Exchange Board of India (Sebi) for alleged violation of related party transactions and non-compliance with listing regulations, the companies said in their regulatory filings to the stock exchanges. While group's flagship Adani Enterprises Ltd, renewable energy firm Adani Green Energy Ltd (AGEL) and city gas distributor Adani Total Gas Ltd said Sebi sent notices of their parent or holding company controlled by conglomerate's chairman Gautam Adani, ports company Adani Ports & Special Economic Zone, Adani Power, electricity transmission firm Adani Energy Solutions, and commodities firm Adani Wilmar said they have received Sebi notices.
We asked colleagues, present and past, to reflect on a man who has made such a difference to their lives and careers. Here it is then, a rich collection of memories that offer enchanting glimpses of the enigmatic Ajit Balakrishnan.
Anticipating a major shortage of professionals in Futures trading in the coming years, the Multi Commodity Exchange has decided to train 10,000 personnel in the sector this financial year.
The Bombay Stock Exchange and National Stock Exchange will remain closed on Thursday in the wake of the terror attack in Mumbai.
India's leading commodity exchange MCX rejigged its top management on Friday -- it appointed Joseph Massey as managing director and CEO, and Jignesh Shah as vice-chairman.
Multi-Commodity Exchange of India is the only listed bourse in the country
An analysis of remuneration paid to the business heads at various national stock and commodity exchanges in the country shows that most of them were paid crores of rupees in the last financial year and were mostly awarded a considerable increase in their compensation from the previous year. Leading the remuneration tally, National Stock Exchange gave its managing director Ravi Narain a total payout of Rs 3.34 crore (Rs 33.4 million) in 2007-08.
The steel ministry has asked its finance counterpart to expedite the implementation of the measures that have been decided but not implemented yet to contain steel prices.
The turnover of 23 commodity exchanges rose by 57 per cent to Rs 11837.26 billion (Rs 11,83,726 crore) till May 15 of the 2010-11 fiscal as against Rs 7525.18 billion (Rs 7,52,518 crore) in the same period last year.
The National Spot Exchange Ltd (NSEL), an arm of Multi Commodity Exchange (MCX), is planning to launch gold and silver (bullion) contracts in spot market in Kolkata by end of this month.
Commodity exchanges have recorded nearly 50 per cent growth in their total turnover at Rs 77.64 lakh crore in 2009-10 fiscal on the back of a sharp rise in the futures trading of agri-items.
The Multi Commodity Exchange of India Ltd has finalised the futures contract details of six commodities - gold, silver, castor seed, cotton, rubber and pepper. All the contracts will be physical delivery based.
Market regulator SEBI has asked the new stock exchange MCX-SX to explain why it should be given permission to start trade in equities in view of issues relating to its shareholding, including by Financial Technologies and commodity exchange MCX.
The most-active gold contract for December delivery was 0.99 per cent lower at 30,109 rupees ($470) per 10 gram at 0934 GMT on the Multi Commodity Exchange.
Four persons privy to the discussions told Business Standard that the deal is close to finalisation, and that regulator Forward Markets Commission (FMC) had been kept in the loop. Indiabulls holds 40 per cent stake in the exchange, which started operations less than a year ago.
The Bombay Stock Exchange has called off its plan to acquire 26 per cent in the Ahmedabad-based National Multi Commodity Exchange. The deal was terminated just before the resignation of BSE Managing Director and CEO Rajnikant Patel.
Last week, after months of scrutiny, the Forward Markets Commission, the regulator for futures trading in commodities, approved a proposal from state-owned MMTC Ltd and finance-to-real estate group Indiabulls to set up a national multi-commodity exchange.
Federation of Indian Commodity Exchange is roping in the regional exchanges to be part of its tie up initiative with Bombay Stock Exchange for technology partnership, likely to be finalised between January-March 2006, a top official of FICE said on S
The proposal to merge the Gujarat International Finance Tec-City (GIFT City) units of the National Stock Exchange (NSE) and BSE has reached an advanced stage, and both bourses could file an application before the National Company Law Tribunal as early as this month, according to a top regulatory official. Sources indicate that the merger proposal has received approval from their respective boards. Both the NSE and BSE are arch rivals when it comes to onshore trading.
India should become a middle-income country and then push to make INR (rupee) a hard currency, and till then, it must promote the settlement of global trade in the local currency, think tank GTRI said on Sunday. Global Trade Research Initiative (GTRI) said that transforming a currency into a hard currency is a complex process that hinges on several pivotal factors. Firstly, economic stability is paramount; a country must exhibit low and stable inflation, consistent growth, and a balanced trade environment.
The real battle is between NSE's Ravi Narain and FT's Jignesh Shah.
Sebi also allowed foreign investors to own up to 15 per cent stake in domestic stock and commodity exchanges
The rolling out of the raw jute futures contracts comes close on the heel of the successful launch of Kufri Jyoti potato futures contract from MCX.
The Budget should use the extra RBI surplus to better effect, suggests A K Bhattacharya.
The government's hasty steps in what is described as measures to curb inflation have further fueled the traders' concern.
The court, later in the day, allowed his application.
Some new sectors in which the commerce ministry has proposed to allow foreign direct investment (FDI) are credit information companies and commodity exchanges. The ministry is in favour of allowing up to 49 per cent FDI proposed in both these sectors. In proposing to open up the commodity sector, the ministry has said that FII investment be limited to 24 per cent, with a condition that a foreign investor cannot hold more than 10 per cent equity in the investing companies
In terms of value, this translates into more than Rs 300 crore (Rs 3 billion) of delivered quantity.
With satisfactory progress of monsoon rainfalls prompting farmers to bring in additional area under basmati sowing, prices are set to fall lower going forward.
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