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.
Shah's emotional statement indicates he has bid farewell to MCX; but is he stooping to hit back?
FTIL stock on Thursday fell by over 60 per cent in early morning trade, while that of Multi Commodity Exchange plunged by 20 per cent following concerns about another group entity National Spot Exchange Ltd.
The turmoil in financial markets seems to be affecting the global expansion plans of Financial Technologies, promoter of top domestic commodity bourse MCX, and trading at its overseas exchange ventures in Singapore, Mauritius and Bahrain may get delayed by about a year.
The trading timing would be from 0900 to 1700 hours from Monday to Friday, the exchange statement said. The Securities and Exchange Board of India Chairman, C B Bhave, will inaugurate the currency derivatives at MCX-SX on Monday, but the trading will commence only the next day, it said.
Gold, a safe-haven bet, is likely to continue its record-smashing journey in the New Year, rising to Rs 85,000 per 10 grams and even Rs 90,000 level in domestic markets if geopolitical tensions and global economic uncertainties continue.
The cash segment turnover at MCX-SX sharply fell to Rs 624 crore (Rs 6.24 billion) in November from Rs 1,119 crore (Rs 11.19 billion) in October, 2013.
MCX launched contracts in gold, heating oil, gasoline, natural gas, sliver HNI and aviation turbine fuel (ATF). The futures contracts will expire between February and May and the trading specifications will remain unchanged, the exchanges said.
To launch technology infrastructure on Nov 18.
Dhanteras is considered auspicious for investment and buying gold.
Gold prices tumbled by Rs 3,350 to Rs 72,300 per 10 grams in the local market in New Delhi on Tuesday amid subdued demand by jewellers after the government announced the customs duty cut on the yellow metal and silver to 6 per cent.
MCX said it has no exposure to crisis-hit NSEL, which has to settle dues worth Rs 5,600 crore to investors after it suspended trading.
The move comes nearly a month after it acquired five per cent in the National Stock Exchange.
Slew of resignations at NSEL over past month in the wake of scrutiny; MCX gaps caused by new-age norms for commexes.
Stock markets regulator Securities & Exchange Board of India on Thursday rejected an application by MCX Stock Exchange (MCX-SX) to offer trading in segments like equities and equity derivatives, citing failure to comply with shareholding norms and illegal buyback agreements by promoters, among several other issues.
The resignation came hours ahead of a scheduled board meeting of MCX-SX, where former LIC Chairman Thomas Mathew T has taken over as new Chairman.
The exchange granted 1.96 million stock options under two employee stock option (Esop) schemes in 2006 and 2008 to those eligible, according to regulatory filings.
Multi Commodity Exchange of India Ltd has emerged the second largest Natural Gas Exchange globally, next to New York Mercentile Exchange.
National Stock Exchange, India's biggest exchange by volume, launched its operations with nearly 200 members in 1994. BSE started operations in 1875 with 318 members.
India's largest commodity bourse MCX is likely to launch its up to Rs 750 crore (Rs 7.5 billion) initial public offer (IPO) by month-end, becoming the first ever exchange in the country to get listed.
However, Deloitte, the latter entity, says regulations don't mandate it to go beyond a basic examination of the books of accounts.
Gold prices slumped for the second straight session by Rs 1,150 to Rs 78,350 per 10 grams in the national capital on Monday on frantic selling by stockists and retailers, the All India Sarafa Association said. The precious metal of 99.9 per cent purity closed at Rs 79,500 per 10 grams on Friday.
The Securities and Exchange Board of India, which had earlier rejected the MCX-SX's plea, was asked by a bench of justices Aftab Alam and C K Prasad to reconsider it within three months.
Anticipating a major shortage of professionals in Futures trading in the coming years, the Multi Commodity Exchange has decided to train 10,000 personnel in the sector this financial year.
In the first major international exchange business initiative by an Indian entity, a new commodity and currency bourse, Singapore Mercantile Exchange (SMX) on Tuesday commenced trading here with derivatives contracts like gold, crude oil and Euro-US dollar.
Largest bidder says FTIL not following correct process and MCX not extending cooperation; FTIL and MCX say cooperating fully
The company's accounts were audited by CAG as its shareholders include public sector banks.
Justices D Y Chandrachud and Anoop V Mohta passed the order on Wednesday after hearing an appeal filed by MCX-SX in October 2010 against Sebi for rejecting its application to set up a new equities trading platform.
The Multi Commodity Exchange on Wednesday launched India's first ever crude oil futures contract.
MCX and MCX-SX are facing the worst crisis in their existence following the Rs 5,574 cr fiasco at the National Spot Exchange.
The London Stock Exchange, the world's third largest exchange in terms of value of shares traded, is in talks with Financial Technologies to buy a stake in its stock exchange arm MCX-SX.
The licence of MCX-SX is coming up for renewal before Sebi later this month.
ICICI Venture Funds Management Co. acquired 3.55 per cent, Infrastructure Leasing & Financial Services 5 per cent and Kotak Group 1 per cent in MCX from the holding company Financial Technologies. The transaction values the company at $1.1 billion.
The newest stock exchange MCX-SX, which is expediting sale of promoters' equity in compliance with regulatory norms, should be valued more than $2 billion going by the comparison its CEO Joseph Massey is drawing with the BSE in terms of value and turnover.
India's largest commodity bourse--the Multi Commodity Exchange of India --may soon unveil futures contract in gold coins in an attempt to tap the small retail investors across India.
Reliance Capital, the financial services arm of Anil Ambani-led Reliance Group, has also listed several other concerns with regard to MXC deal.
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.
The National Spot Exchange Ltd (NSEL), an arm of Multi Commodity Exchange (MCX), is planning to launch gold and silver (bullion) contracts in spot market in Kolkata by end of this month.
Crude oil volumes on the MCX platform touched a record level of 10.19 million barrels on Wednesday because of increased participation from investors amid high volatility in global crude prices. Although, there was a sharp fall in crude oil prices on Wednesday, but volumes remained upbeat, experts said, adding that prices were below $130 per barrel.
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