In a move that would help boost flow of overseas funds into Indian capital markets, regulator Sebi allowed FIIs to offer government securities and corporate bonds as collaterals for their cash and derivative transactions on the stock exchanges.
French stocks, particularly those exposed to the country's large tourism sector, are likely to suffer the biggest falls
Falling for the sixth straight session, the BSE Sensex plunged 1,114.82 points or 2.96 per cent to close at 36,553.60 on Thursday, tracking a heavy selloff in global markets. The market capitalisation of BSE-listed companies stood at Rs 1,48,76,217.22 crore, down by Rs 11,31,815.5 crore in six sessions. Since September 16, the 30-share BSE benchmark index has fallen by 2,749.25 points.
Futures and options are not investment tools. They are part of the broader tools called derivatives used for hedging of assets and to protect profits.
The licence of MCX-SX is coming up for renewal before Sebi later this month.
IndusInd Bank was the top laggard in the Sensex pack, falling over 5 per cent, followed by HDFC, Axis Bank, PowerGrid, SBI, Bajaj Finserv and Bharti Airtel.
Axis Bank was the top gainer in the Sensex pack, soaring over 13 per cent, followed by ICICI Bank, HDFC Bank, IndusInd Bank and Bajaj Finance. On the other hand, Sun Pharma, UltraTech Cement, Titan and Asian Paints were among the laggards.
In a memorandum to the Finance Minister, the exchanges said that FM's proposal to impose the Commodities Transaction Tax (CTT) will ruin the budding commodity futures business in India. In its arguments, it said CDM is at a nascent stage. It is only 4 years old. Participation of banks, mutual funds, FIs, FIIs is still not allowed. Options contracts, index futures & futures based on intangibles are still to come. Cost increase in India will induce hedgers to global exchanges.
The S&P BSE Sensex gained 57 points to end at 26,064.
The finance ministry on Saturday asserted that Indian customer deposits in Swiss banks have fallen since 2019, but said it is seeking details from Swiss authorities on the relevant facts along with their view on possible reasons for changes in the funds parked by individuals and entities in 2020. In a statement, the ministry said the deposits have halved but did not give numbers. Quoting data from Switzerland's central bank, PTI had reported on June 17 that funds parked by Indian individuals and firms in Swiss banks, including through India-based branches and other financial institutions, jumped to a 13-year high of 2.55 billion Swiss francs (over Rs 20,700 crore) in 2020 on a sharp surge in holdings via securities and similar instruments, though customer deposits fell.
At the time of filling the KYC (Know Your Customer) documents (when joining), do not sign wherever you are asked to. In particular, look closely at the power of attorney (PoA) section, experts tell Sanjay Kumar Singh
Amid growing concerns of surging COVID-19 cases, the US has announced that it will waive the in-person interview requirement for a range of visa applicants during the entire year in 2022, including for H-1B workers and students, many of whom are from India. The H-1B visa is a non-immigrant visa that allows US companies to employ foreign workers in speciality occupations that require theoretical or technical expertise. Technology companies depend on it to hire tens of thousands of employees each year from countries like India and China.
Bars FII from issuing offshore derivative instruments on grounds of rules violation.
What was the fraud? Why did Sebi drag its feet on the order? What options does RIL have now? Samie Modak explains these and more.
L&T was the top gainer in the Sensex pack, rising over 3 per cent, followed by Bajaj Finance, Reliance Industries, IndusInd Bank, SBI and HDFC Bank. NSE Nifty surged 168.05 points to 14,653.05.
A sobbing Telugu Desam president N Chandrababu Naidu on Friday vowed to step into the Andhra Pradesh legislative assembly again only after returning to power.
Tinesh Bhasin explains the pros and cons of trading in gold 'options', which were introduced in India this Dhanteras
According to traders, recovery in global equities and hopes of growth-boosting measures in the upcoming Budget buoyed market sentiment. Further, short-covering ahead of January derivatives expiry also lifted key indices, they said.
Sebi will be taking a number of measures to develop a derivatives market of commodities.
The auditor of ABG Shipyard, which is being probed by the Central Bureau of Investigation (CBI) for the Rs 23,000-crore default to banks, had settled an investigation by the Securities and Exchange Board of India (Sebi) by paying a small settlement fee in 2019. The regulator had initiated an investigation into the fund diversion from ABG Shipyard and had asked the auditor to explain why it failed to detect fund diversion in time. In his settlement application, auditor MN Ahmed, partner of Nisar & Kumar, a chartered accountant firm, said he ceased to be an Indian citizen and has retired from the profession.
'This novel, even after 1,000 years, is still relevant.' 'The politics and psychology is still relevant.' 'It is as contemporary as you can get.'
The decline could be attributed to several measures taken by the market watchdog to stop the misuse of the controversy-ridden participatory notes.
P-note is, however, now not a preferred route for investing in India as Sebi has made registration easier and also desirable for FPIs.
To spur foreign investment in the corporate bond market, the Finance Ministry has proposed reduction in withholding tax for FIIs to 5 per cent, from 20 per cent at present.
BSE has entered into an agreement with OMX, a Swedish firm, for new trading and clearing systems. The systems will be rolled out in mid-08.
'We will have to get together internally and figure how this will happen.' 'Suffice to say, it is feasible and will be done in a logical way.'
'If Badhaai Ho had not happened, nobody would have talked about me being a good actress.' 'They have never said it before.' 'I would have been nothing.'
The National Stock Exchange is all set to start the cross-margin facility across the cash and derivatives segments across all categories of market participants from Monday.
The Central Bureau of Investigation (CBI) will soon quiz Securities and Exchange Board of India (SEBI) Chairman U K Sinha as well as former head of the regulatory body M Damodaran in connection with a Preliminary Enquiry (PE) to probe granting sanction to Jignesh Shah-founded Financial Technologies (India) and MCX-SX.
Having exposure to international funds and gold is a must for those who have foreign currency-denominated goals.
Rajesh Bhayani examines what SEBI's approval of diamond futures trading means for the diamond market players.
However, NFTs and Metaverse are in their first-generation (Gen 1) or initial phase and the market is filtering the assets from the point of view of their worthiness. NFTs having real artistic value have not participated as much in the fall. Some innovations are also happening or expected going ahead, which will take this asset class to the next phase.
MCX Stock Exchange (MCX-SX) continued its tirade against the Securities and Exchange Board of India (Sebi), alleging "discrimination" and "character assassination" while rejecting its application for launching a full-fledged stock exchange.
The SEC has charged Citigroup's principal US broker-dealer subsidiary with misleading investors about the $1 billion derivatives deal tied to the US housing market.
The Reserve Bank of India has set up an expert working group for examining issues related to the launch of currency futures in the country.
SBI rose 2.43 per cent, Maruti gained 2.38 per cent, Sun Pharma 1.87 per cent and HUL was up by 1.78 per cent.
The government has brought in changes to the investment pattern for non-government provident funds, and superannuation and gratuity funds, enabling them to invest up to 5 per cent in the units of Category I and Category II alternative investment funds (AIFs), subject to some caveats. The development is part of the central government's strategy to channelise domestic savings and improve their returns to attract more investment in the said sectors. At present, these funds typically invest a minimum 45 per cent in government securities, besides new instruments, such as exchange-traded funds and real estate investment funds, while a portion in equity-related instruments.
Though the agency did not include former Sebi chief CB Bhave and ex-member KM Abraham in the case, it recommended departmental action against the two.
Overseas bourses may take similar action and stop providing data on foreign indices and commodities traded in India, Ashish Chauhan, chief executive officer, BSE said.
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The new norms would do away with the current system that require stock brokers to get separate registration certificates from the Securities and Exchange Board of India for every market segment they trade in, like equity, equity derivatives and currency derivatives.
