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.
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.
Shah came under scanner last year, when his group company NSEL faced a payment crisis and nearly 18,000 investors allegedly lost millions in late July.
The Reserve Bank has asked banks to encourage borrowers to hedge agri-products on commodity bourses.
The court, later in the day, allowed his application.
Commodity exchanges -- MCX, NCDEX and NMCE will open for 'muhurat trading session' for at least 2 hours on Tuesday evening for all commodities on account of Diwali.MCX and NCDEX have fixed muhurat trading from 1815 to 1945 hrs, while NMCE from 1815 to 2040 hrs, the exchanges said.
While NSE is exploring 8-10 new agri-commodities, BSE is eyeing as many as 15, most of which aren't traded on any other online derivative exchange in India.
While MCX-SX is still waiting for regulatory approval to host equity trading, BSE has been struggling to maintain its 30 per cent market share in the cash segment.
Shah wants to focus this time on a mentoring role and help youngsters with innovative ideas live their entrepreneurship dreams by providing them a platform for "institutionalisation, globalisation and scaling up" of their ventures.
In addition to that, an increasing number of airlines like SpiceJet, national carrier Air India and GoAir are either getting into hedging of aviation turbine fuel or increasing the quantum of ATF hedged on the MCX. Last month, state-run Indian Oil Corporation approached MCX to provide it with a platform to hedge its refinery margins and end products from crude oil.
Ajit Mishra, vice president, research, Religare Broking, answers your queries.
The RBI banned imports on a consignment basis, making it difficult for jewellers to source raw material.
Treat silver as part of the procyclical or growth assets in your portfolio, advises Sanjay Kumar Singh.
The sessions court on Thursday extended the police custody of the Financial Technologies and Multi Commodities Exchange (MCX) promoter Jignesh Shah and former managing director and chief executive of the commodity exchange Shreekant Javalgekar till May 19.
It has been three years since it has been opened to retail investors, but few have taken to it. A primer for those prepared to dive in to find the pearls.
India has imposed several restrictions on imports of gold, the biggest non-essential import item, to curb a record trade deficit.
March was the worst month for gold imports because of a strike by jewellers over the imposition of an excise duty.
Shah and Javalgekar were arrested on May 7.
An interview with Jignesh Shah.
Jignesh Shah had to give up his MCX cash cow and his personal assets have been attached.
The government should partner with commodity exchanges such as MCX.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Mandatory hallmarking of gold would be a positive in making the gold market more organised. Mandatory hallmarking would come into effect from January 15, 2020, with a one-year transition period for trade to sell existing inventories. Experts also expect more policy measures next year to bring in more transparency in terms of gold as an asset class.
This has steered a rally in global equities and dollar Index also ticked higher, trading near its four year high.
Experts recommend buying gold as the fundamentals supporting a rally have not changed.
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.
Reversal is because of strengthening rupee, subdued demand, and lack of reasons for bulls to continue positions and speculation of reduction in import duty.
Some term it as "good for capital market", while others saying it is not "market friendly".
The duo bought additional shares in pharmaceutical companies Lupin and Jubilant Life Sciences, along with Agro Tech Foods and NCC during Q2FY21
In his order, SEBI member dealt with the "fit and proper" criteria of the exchange promoted by Financial Technologies (FT) and Multi Commodity Exchange (MCX) and their founder Jignesh Shah.
It will be the first to go, in what has become an overcrowded segment since India first allowed futures trading in commodities in 2003.
Jignesh Shah, the outsider intent on crashing the party, is in danger of losing his empire.
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.
Investors have turned cautious and parked their funds in less risky and fundamentally strong stocks ahead of the second-quarter earnings season.
Jeweller and importers were awaiting the correction to stock the yellow metal for upcoming marriage season.
Though retail demand was weak, jewellers were restocking for Pongal festival.
No reason was cited for rescheduling of the meeting.
