Tinesh Bhasin explains the pros and cons of trading in gold 'options', which were introduced in India this Dhanteras
India plans to launch trading of government bond futures within the next two months as part of efforts to deepen its financial markets, according to several sources involved in the discussions with the central bank.
The Sebi Act deals with securities and the definition of securities, according to the Securities Contracts Act, doesn't include commodities.
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The plan being negotiated by US Senate leaders would end a partial government shutdown and raise the debt ceiling by enough to cover the nation's borrowing needs at least through mid-February 2014, a source familiar with the negotiations told Reuters.
Such an economic environment tends to be positive for gold, the ultimate safe-haven asset. Since gold cannot be debased by central banks, it naturally gains in value.
India celebrated Dhanteras, the biggest gold buying festival, followed by Diwali, when scarcity of the yellow metal and high prices pushed consumers to buy silver and diamond jewellery.
Reports have suggested Rs 400-650 as the possible IPO price
Sebi on April 4 gave the brokerages 60 days to have their books vetted by third-party auditors.
Market regulator Securities and Exchange Board on Tuesday called for reforms in the underlying market and said regular issuance of government bonds across maturities can go a long way in achieving this by way of increasing liquidity.
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Sentiments turned buoyant after RBI on Monday cut the marginal standing facility rate, at which it lends emergency funds to banks, by 0.5 per cent to 9 per cent with an aim to improve liquidity and boost economic activities.
Economic Offences wing of Mumbai Police, which is probing the case, told the court that the investigating agency intended to file chargesheet against Shah and others on or before August 4.
The Finance Ministry further said decision on seven FDI proposals has been deferred.
Chidambaram on Monday sought to soothe nerves about its external finances by promising to contain the current account deficit at 3.8 percent of gross domestic product this fiscal year with a slew of measures including easing rules for raising loans abroad.
Sinha started his tenure at Sebi a bit shakily making people wonder if he'd complete his three years. Eventually, he went on to stay twice that long.
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The partially convertible rupee closed at 63.37/38 per dollar compared with 62.83/84 on Monday. The unit dropped 0.85 per cent on the day, its biggest single-day fall in two weeks.
The FT stock took a beating, losing 80 per cent in two sessions before recovering. Though in an exchange announcement following the government's missive on July 12, FT identified NSEL as a material subsidiary, rumour mills contemplated two possible transactions: a sale between May 30 and June 30 which had led to the subsidiary becoming an associate and another transaction between June 30 and July 15 when the associate again became a subsidiary.
Wipro, HCL in race for Sebi's fraud detection system upgrade,
'India Inc has been afraid to criticise the government of the day for many years now, and it is perhaps unfair to blame the current one alone,' says Shyamal Majumdar.
In a fresh development in NSEL's Rs 5,600 crore scam, the Enforcement Directorate (ED) on Monday registered a preliminary inquiry into the payment crisis, suspecting large-scale money laundering in the beleaguered spot exchange, a senior official said.
IBM, HP and HCL, have evinced interest in Sebi's proposal to upgrade toolsused for detecting frauds.
Trading in agri commodities on Saturdays to be reviewed later; more changes likely in the coming months to align with global pattern.
Entities reluctant to get into new segment till settlement and margin issues are addressed
After defaulting for a consecutive time in paying its investors, National Spot Exchange Ltd (NSEL) got a Rs 177-crore (Rs 1.77 billion) lifeline from its main promoter, Jignesh Shah-run Financial Technologies.
The domestic currency spurted by 425 paise or 6.28 per cent in last five straight sessions.
The currency fell 3.4 per cent this week, and is below the levels at which it was trading on July 15 when the Reserve Bank of India unveiled its cash tightening steps to defend the currency.
The RBI stipulated on Thursday that foreign institutional investors would require a mandate from participatory note holders to hedge on their behalf.
Forex dealers will keenly watch, instead, if the central bank indicates more measures to stabilise the currency or gives a timeframe for its current action.
For now, the rupee is likely to remain dependant on global factors. The dollar held on to broad gains on Thursday after Fed chairman Bernanke said the central bank still expected to start scaling back its bond purchase programme later this year, but left open the option of altering that plan.
Apple Pay also faces competition from Merchant Customer Exchange (MCX) - a consortium of retailers including Wal-Mart and Best Buy - which is developing its own mobile payment platform.
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Analysts worry that without more fundamental reforms, India will struggle to contain its record high current account deficit and hence support the rupee.
In the first arrest in the NSEL's Rs 5,600 crore (Rs 56 billion) payout scam, a top official of the beleaguered spot commodity bourse, which defaulted on its payment for the eighth time in a row yesterday, was held on Wednesday by Mumbai police's Economic Offence Wing (EOW).
Global currency market sentiment is likely to be driven by the US deficit and debt ceiling negotiations, with markets likely to turn more risk averse closer to October 17, the date by which the US Congress must approve raising the country's borrowing limit.
The improvement in the current account deficit is expected to provide a major reprieve to the government and the Reserve Bank of India which have been battling to prop up the rupee.
Eight FDI proposals worth Rs 1,311.54 crore (Rs 13.11 billion), including that of Norwegian telecom firm Telenor, have been cleared by the government on the basis of FIPB approvals.
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The Reserve Bank of India late on Wednesday unveiled rules to restrict how much its citizens and companies can invest abroad and announced additional curbs on gold imports.
The rupee had dipped by a massive 67 paise to an all-time closing low of 61.10 against the dollar on Friday.
FIPB rejects proposals from firms that have not divulged details of beneficial ownership or source of funding
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.
The BSE Midcap and the S&P BSE Smallcap indices outperformed to gain 0.6% and 1.1%, respectively
Under U K Sinha, Sebi became a pan-India organisation with local offices in 16 cities
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