"The National Exchanges were directed on July 23 to ensure that multiple client codes are not given to a single client," Forward Markets Commission said. A separate sting or suffix may be provided after the unique client code to represent different characteristics and branches of the client, if any, it said, adding that these directions would come in force from January 2009.
'There is no linkage as far as the Indian power-generating business is concerned.'
Is Guar the next commodity that is likely to be banned by the Forward Markets Commission?
State-owned Life Insurance Corporation of India (LIC) has realigned its commission structures for its distributors in accordance with new surrender value norms but has no plans to introduce any "clawback", it said in a post-earnings analyst call on Friday. "It depends on our experience because the new products have been filed from October 1," said Siddhartha Mohanty, managing director and chief executive officer. The insurance regulator has revised the surrender value norms, and the revised ones came into effect on October 1.
The Indian government has appointed Finance Secretary Tuhin Kanta Pandey as the new chairman of the Securities and Exchange Board of India (SEBI). Pandey, a 1987-batch IAS officer, will replace Madhabi Puri Buch, whose three-year tenure ends on February 28. Pandey's appointment comes at a time when the markets are experiencing bear pressure due to withdrawals by foreign institutional investors (FIIs). Pandey has extensive experience in the finance ministry, having served as the longest-serving secretary in the Department of Investment and Public Asset Management (DIPAM) and the Department of Public Enterprises (DPE). He also played a key role in the framing of the 2025-26 Budget and the drafting of the new Income Tax Bill. Pandey's appointment is for an initial period of three years.
Seasoned bureaucrat and a stickler for rules Finance Secretary Tuhin Kanta Pandey will be at the helm of capital market regulator, Securities and Exchange Board of India (SEBI), for three years. The 1987-batch Odisha-cadre Indian Administrative Service (IAS) officer, Pandey, would replace Madhabi Puri Buch, whose three-year term ends on Friday.
ICICI Prudential Life Insurance (IPRU) disappointed the market even though some analysts said the Q3FY25 results were in line. Most analysts cut margin estimates. The insurer reported M9FY25 growth of 8.5 per cent year-on-year (Y-o-Y) in value of new business (VNB) premium to Rs 1,575 crore, while total annual premium equivalent (APE) grew 27.2 per cent to Rs 6,910 crore.
The government last week extended the ban on futures trading in the four commodities till November 30, which was initially meant for four months when imposed in May. The top official regulating India's commodity futures market said FMC had submitted inputs to the government before the decision on the extension was taken. He iterated that there was no direct link between futures trading and price rise.
After cement, billionaire Gautam Adani's group and Kumar Mangalam Birla's Aditya Birla Group are set for a face-off in the wires and cable business with both conglomerates announcing forays into the high double-digit growth sector.
Engineering and construction major Larsen & Toubro (L&T) reported a 25 per cent rise in net profit attributable to the owners of the company for the January-March quarter of 2024-25, owing to higher revenues and an exceptional gain. For the quarter under review, L&T posted a consolidated net profit of Rs 5,497.3 crore, while revenue rose 10.9 per cent year-on-year (Y-o-Y) to Rs 74,392.28 crore.
Congress Parliamentary Party chairperson Sonia Gandhi has criticized the Waqf (Amendment) Bill, calling it a 'brazen assault' on the Constitution and part of the BJP's strategy to keep society in a 'permanent state of polarization.' She also spoke out against the One Nation, One Election Bill, calling it a 'subversion of the Constitution.' Gandhi further accused the Modi government of ignoring the women's reservation bill and other demands for reservation, and of 'dragging the country into an abyss' where the Constitution will only exist on paper. She also criticized the government for limiting the speaking time of the Leader of the Opposition in Parliament and for not allowing discussions on important issues like the working of the defense and external affairs ministries and the challenges posed by China on the border.
Leaders from around the world extended their greetings to India on its 76th Republic Day, emphasizing the importance of bilateral relations and expressing hope for a stronger future. The Indian diaspora across the globe celebrated the occasion with enthusiasm at Indian missions abroad, where the national tri-colour was unfurled, accompanied by cultural performances and patriotic fervour. The celebrations highlighted the strong bonds of friendship and cooperation between India and its global partners.
'I am optimistic about the Budget because of the fiscal discipline the government has committed to.'
The Cabinet cleared amendments to the Forward Contracts (Regulation) Act, giving the FMC autonomy and including various provisions aimed at developing the market. Business Standard spoke to Khatua on how the amendments will impact the markets once it comes into force.
HDFC Life Insurance Company (HDFC Life) delivered a strong performance in the December quarter of the current financial year (Q3FY25), exceeding market expectations with robust earnings growth. The company reported a 13.7 per cent year-on-year (Y-o-Y) increase in net profit to Rs 414.9 crore in the quarter. The value of new business (VNB) rose 8.6 per cent Y-o-Y to Rs 930 crore, compared to Rs 856 crore in the corresponding quarter of the previous year.
Will get powers to levy fines and penalties and allow options trading in commodities.
To the disappointment of the Forward Markets Commission, the commodity markets regulator, the standing committee of Parliament examining the Bill seeking to amend the Forward Contracts (Regulation) Act, 1952, has invited suggestions from the public and stakeholders, including consumer bodies.
The order says he was the 'highest beneficiary' of NSEL fraud and has proven unfit to handle affairs of any exchange.
'With a very stable technology with limited functionalities, a large network has spanned out.'
Commodity market regulator Forward Markets Commission signed the MoU with China Securities Regulatory Commission. The agreement provides a framework for cooperation between the two authorities, an FMC official said.
Using the debt-to-GDP ratio as a fiscal anchor aligns with efforts to promote fiscal transparency through proper disclosure of off-budget borrowings.
The Forward Market Commission's steely resolve to curb speculation in various agri items like guar futures and the MCX becoming the country's first commodity exchange to be listed were some of the positives during the year.
From bhikshus of Ashokan 3rd century BC and medieval Sufis to Oxfam, Omidyar and Soros now, non-State actors have any real power only when they work in conjunction with a real State, asserts Shekhar Gupta.
Mint Road, on December 21, 2023, flagged the role of self-regulatory organisations (SROs) in strengthening the compliance culture in regulated entities (REs) and providing a consultative platform for policymaking. It also decided to issue an omnibus framework for SROs.
'Margins will be an outcome of that. They will likely remain somewhat range-bound.'
Besides introducing a penalty for illegal trading, the Forward Markets Commission has announced a uniform penalty structure for all the commodity exchanges, while raising the penalty amount for various other offences.
Exchanges had sought clarifications from the commodity markets regulator on this.
In a step to study the functioning of regional exchanges and recommend measures to strengthen them, Commodity market regulator Forward Markets Commission has constituted a task force.
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 Centre may soon come out with an ordinance to amend the Forward Contracts (Regulation) Act to give autonomy to commodity market regulator Forward Markets Commission. "The issue is likely to come up before the Cabinet on January 24," Minister of State for Food Processing Industries Subodh Kant Sahai said on the sidelines of an Assocham-organised conference on futures trading.
Soon, traders in India could play in the global agri futures market. India's commodity exchanges have asked the market regulator, Forward Market Commission, to permit evening trading in internationally linked agri commodities.
India's apex Forward Markets Commission says physical delivery is essential for the transparent functioning of the commodity exchanges.
Turnover stood at Rs. 73.50 lakh crore in the year-ago period, the commodity markets regulator FMC said.
Regulator has asked National Multi-Commodity Exchange to file criminal case against Kailash Gupta.
Before entering into buy and sell transactions please be aware of all the factors that go into the mechanism of pricing, trading and clearing.
Commodity market regulator Forward Markets Commission has banned futures trading in electricity owing to poor volumes of trade.
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.
Only time will tell, if the 'Shah' of exchanges will walk out of this battlefield unscathed.
India's commodity bourses -- Multi-Commodity Exchange and National Commodity and Derivatives Exchange -- are gearing up to launch futures trading in carbon credits.
