According to a senior CBI official, the agency has evidence to suggest the finance ministry's recommendations were overlooked while giving a licence to MCX-SX in 2008.
An interview with Jignesh Shah.
The National Stock Exchange, Bombay Stock Exchange, MCX Stock Exchange and United Stock Exchange have been invited for the August 6 meet.
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.
Jignesh Shah had to give up his MCX cash cow and his personal assets have been attached.
This article reviews what happened at NSEL, according to information available in the public domain, and reiterates what could be done to reduce the risk of similar scams.
The three stock exchanges -- NSE, MCX-SX and USE -- had cumulatively recorded a currency derivative turnover of Rs 7.42 lakh crore (Rs 7.42 trillion) in July, which was down 42 per cent from the preceding month, as per the latest data compiled by market watchdog Securities and Exchange Board of India.
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.
Silver gained 0.20 per cent to Rs 50,276 per kg in special Muhurat trading on the Multi Commodity Exchange (MCX) today as participants built new positions to mark the start of Samvat year 2070.
Indian stock market regulator, the Securities and Exchange Board of India, on Tuesday paved the way for Indian investors to trade in large indices of 24 global exchanges, including that of the United States, Europe and Asia.
The five-month-old exchange traded currency futures market is set to witness competition, rising volumes and innovations with the United Stock Exchange of India gearing up to launch the product in April.
The Bombay Stock Exchange and Foreign Exchange market will remain closed today due to a terrorist attack in Mumbai.
The stock market historically exhibits volatility on Budget day.
"The Securities and Exchange Board of India is working on the concept paper on SME exchanges. It may soon release the guidelines," Minister of State for Micro, Small and Medium Enterprises Dinsha Patel said at a seminar jointly organised by MCX-SX and the Society for Capital Market Research and Development in New Delhi on Tuesday.
But big brokerages see no problem with Sebi panel's recommendations.
Asia's oldest bourse, Bombay Stock Exchange on Wednesday launched currency derivatives segment (BSE-CDX) that would enable participants to hedge their currency risks through trading in the US dollar-rupee future platform.
The National Stock Exchange is chalking out a strategy to launch a separate trading platform for small and medium companies.
Indian Energy Exchange has joined world's leading power exchanges like Powernext (France), EEX (Germany, Northern Europe), PJM (USA), JEPX (Japan and Norway's Nordpool which is the largest power exchange in the world). IEX, India's first power exchange got its approval from CERC on August 31, 2007. It is promoted by Financial Technologies Ltd & PTC financial services, a wholly owned subsidiary of PTC India Ltd. Joseph Massey, Deputy MD of MCX, is in charge of the exchange.
The Bombay Stock Exchange and National Stock Exchange will remain closed on Thursday in the wake of the terror attack in Mumbai.
No reason was cited for rescheduling of the meeting.
The Reserve Bank has asked banks to encourage borrowers to hedge agri-products on commodity bourses.
Commodity futures market's dream run came to a halt in 2013 as a Rs 5,600 crore scam in Jignesh Shah-led spot exchange NSEL and imposition of transaction tax on non-farm items hampered the growth of business, with turnover estimated to dip by 30 per cent to Rs 125 lakh crore.
'We were number one in commodity, currency, electricity, bonds, spot and everything. 'The purpose was to create an accident and then exploit it to eliminate the group. There were so many vested interests and therefore they did this," said Shah.
The government should partner with commodity exchanges such as MCX.
New bourse for currency derivatives the United Stock Exchange of India began operations on Monday and witnessed good volumes in the first hour of trade.
The RBI banned imports on a consignment basis, making it difficult for jewellers to source raw material.
While some bankers said that responses to the Sebi are being delayed deliberately in some of the cases in view of the turbulent market conditions prevailing on the bourses, those associated with some of these deals said these are 'routine' clarifications and would be responded in the due course. According to the latest processing status as on March 14 of draft offer documents filed with Sebi, clarifications are currently awaited from lead managers in relation to 20 IPOs.
"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.
Though retail demand was weak, jewellers were restocking for Pongal festival.
Jeweller and importers were awaiting the correction to stock the yellow metal for upcoming marriage season.
The move will help in increasing transparency as well as providing correct picture of the actual shareholding of a listed company.
Investors have turned cautious and parked their funds in less risky and fundamentally strong stocks ahead of the second-quarter earnings season.
India has imposed several restrictions on imports of gold, the biggest non-essential import item, to curb a record trade deficit.
Financial Technologies India Ltd, the main promoter of India's largest commodity exchange MCX, on Thursday said it has acquired 90 per cent stake in a South Africa-based ICX Platform (Pty) Ltd for $1.5 million (about Rs 6 crore).Financial Technologies has acquired 90 per cent stake in ICX Platform (Pty) Ltd, a technology company situated at Johannesburg, South Africa, the firm said in a filing to the Bombay Stock Exchange.
The MCX chief was in the US to clinch a deal with the NYSE that has bought 5 per cent stake in MCX.
Ajit Mishra, vice president, research, Religare Broking, answers your queries.
NSE's own handle @nseindia was content tweeting out the press release in seven tweets.
Shah and Javalgekar were arrested on May 7.
Commodity market regulator Forward Markets Commission has banned futures trading in electricity owing to poor volumes of trade.
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