The Sebi Act deals with securities and the definition of securities, according to the Securities Contracts Act, doesn't include commodities.
'Yet the market didn't do all that badly because it was cushioned by domestic inflows.'
DEA officials to push for this at a meeting with FM Jaitley.
Making a weak opening, shares of FTIL further tanked 45 per cent to Rs 105.5 -- its fresh 52-week low on the BSE.
The aggrieved investors of National Spot Exchange (NSEL) have moved the Securities and Exchange Board of India (Sebi) against Financial Technologies (FTIL), the listed promoter.
National Spot Exchange Limited, promoted by Jignesh Shah-led Financial Technologies, is facing payment crisis of Rs 5,600 crore (Rs 56 billion).
At 11:37 am, the S&P BSE Sensex was up 28 points at 27,037 and the Nifty50 was up 2 points at 8,268
The RBI is considering permitting FII and commercial banks to trade on Indian commodity exchanges.
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.
The proposed IFC disrupts existing regulatory structures.
UltraTech Cement's results for the fourth quarter results of the 2022-23 financial year (Q4FY23) were broadly in line with the Street estimates. The consolidated revenue, operating profit and net profit stood at Rs 18,700 crore, Rs 3,300 crore and Rs 1,670 crore, respectively, which were up 18 per cent, 8 per cent and 13 per cent YoY, respectively.
The manpower requirement will be met with the officers from FMC (both cadre and deputation) and by new hiring.
Brand India's societal divisions and distortions have remained as much relevant in 'liberal' America and Europe as it still is in the structurally stratified Indian society of the 21st century, observes N Sathiya Moorthy.
President Xi Jinping on Monday vowed to build China's military into a "Great Wall of steel" to protect its sovereignty and developmental interests as he sought a bigger role for Beijing in global affairs, days after brokering a Saudi Arabia-Iran detente, regarded as a diplomatic coup.
Post the correction over the past one year, we are seeing opportunities across sectors.
Commodity exchanges are all restructuring their boards of directors, after the recently issued guidelines of the Forward Markets Commission.
'As far as contract farming is concerned, we already have a model Act and states will be encouraged to adopt them.'
Experts tell Ujjval Jauhari that investors need to be careful in picking stocks given high valuations and with markets possibly ignoring potential risks
The Competition Commission of India has ordered a probe into complaints against Google for allegedly abusing its dominant position in the online news market.
FTIL prepares to challenge the order in the Bombay high court
.jpg)
In most developed markets, there are reporting agencies for spot markets and generally deals took place on the over-the-counter market.
Domestic asset management companies (AMC) have launched around 60 new fund offers (NFOs) in the last six months and mobilised around Rs 27,000 crore. Fund houses are rushing to launch new funds amid buoyancy in the equities market.
The Financial Sector Legislative Reforms Commission had in a report last year proposed a unified regulator for the entire financial sector -- markets, insurance, commodities and pension. It had, however, proposed to keep banking out of its purview for now.
The FMC on Thursday barred the National Spot Exchange and group firms from auctions of commodities held by the bourse after a complaint that firms related to the former managing director took part in the bidding process.
A Delhi University alumnus with an MBA in finance and a doctorate, Vaish started his career as a banker in 1984, became an academician a few years later and joined the capital market in 1998.
Creating many more half-decent jobs for the 10 million plus new entrants to the labour force each year must surely constitute the primary development challenge for India today.
The Congress on Saturday made a stunning comeback in Karnataka ousting the Bharatiya Janata Party from its lone southern citadel with a comfortable majority in a morale booster win that will be key for reviving its electoral fortunes ahead of the 2024 Lok Sabha polls.
Trading in agri commodities on Saturdays to be reviewed later; more changes likely in the coming months to align with global pattern.
Slew of resignations at NSEL over past month in the wake of scrutiny; MCX gaps caused by new-age norms for commexes.
Renowned women's rights activist and founder of the Self Employed Women's Association (SEWA) Ela Bhatt passed away in Ahmedabad on Wednesday due to age-related ailments, her associates said.
Investors will maintain a cautious stance.
Special audit report conducted by the PricewaterhouseCoopers on Multi Commodity Exchange has met with another opposition. Earlier FTIL, the promoter of MCX had opposed its contents and now Venkat Chary who is FTIL's non-executive chairman has sent a notice to PwC. PwC report submitted to the FMC in last April mentioned the names of Key Management Personnel of MCX and the name of Venkat Chary was mentioned in that list. Chary was Chairman, MCX, during that period. Chary who had in past also served as Chairman of FMC objected to the PwC mentioning his name as the key management personal of MCX. He wrote to the audit firm saying that he was FMC-nominated Non-executive Independent Director and Chairman on the Board of Directors of MCX till July 13 when he resigned following revised FMC guidelines which laid down 70 years as the maximum age for Chairman/Director. Chary sighted provisions of Companies act and Section 2(51) of the Companies Act, which defines " key managerial personnel" in relation to a company include CEO or MD, whole time director, CFO, company secretary and other officer as prescribed. "As non-executive independent director and Chairman nominated/approved by the FMC, I did not fall within any of the above categories," said Chary and hence blamed PWC for not showing due diligence in your special Report to the FMC. Chary has sent a notice to PWC asking it to take immediate steps to rectify this error. Since PwC Report was placed in the public domain, "it has caused serious damages to my reputation as a practising Advocate of the Bombay High Court." Chary has asked PWC if remedial action are not taken he will report the case to the Institute of Chartered Accountants of India for professional misconduct under the Chartered Accountants Act, 1949, by showing gross negligence in the in professional duties. Chary has said, "I also intend to resort to the civil and criminal courts for damages/action against PWC." When contacted PwC spokesperson said that, "Our work has been executed to the expected professional standards and we stand by the content of our report submitted to the Forward Markets Commission". Chary is not the first to oppose PWC, FTIL it self had said the report was prepared without giving them chance to respond and have not accepted contents. Recently, Riddhi Soddhi Bullion, had sent a legal notice for mentioning its name as 'indulging in wash trades on MCX.' The leading bullion trader had claimed damages in their defamation suit.
New FMC directives for MDs & CEOs; regulator also wants half the directors on commodity exchange boards to be independent.
Reliance Capital, the financial services arm of Anil Ambani-led Reliance Group, has also listed several other concerns with regard to MXC deal.
Acting according to the process directed by the Forward Markets Commission, the exchange realised Rs 7.77 crore (Rs 77.7 million) by auctioning underlying commodities in members' warehouses.
The Survey shows fiscal consolidation despite slowdown in growth.
What seems to have changed over the last two-three years is that earlier the CCI considered online as another channel for retail sales, while it now seems dividing the retail market into two -- online and offline, and looking at them separately, say competition law experts.
Fair trade regulator Competition Commission of India (CCI) on Wednesday ordered a detailed probe into popular messaging platform WhatsApp's updated privacy policy and terms of service after finding that the 'exploitative and exclusionary conduct' in the garb of the policy update prima facie violated competition norms.
The board will have to take a decision that he cannot remain a permanent director and also have to decide to whether to amend the article of association of the exchange in this regard.
EU says Google unfairly pushes own apps with Android
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances