Few financial products could match its derivative contracts that always sold at a premium. But the exchange forgot one crucial link: to back its contracts with solid assets.
After National Spot Exchange Ltd (NSEL) this week suspended trading in forward contracts, the Forward Markets Commission (FMC), the commodities market regulator, on Friday sought to allay fears over the exchange defaulting on open contracts.
Spot exchanges to trade in commodities are set to be launched across the country in a few months' time. The man in the limelight most of the time these days is Anjani Sinha, managing director and chief executive officer of National Spot Exchange.
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In most developed markets, there are reporting agencies for spot markets and generally deals took place on the over-the-counter market.
The company, which has applied for a license, is likely to get an ad hoc license in another 10 to 15 days.
Gold prices in India extended their losing streak, falling by Rs 1,500 to Rs 1,60,900 per 10 grams, influenced by hawkish remarks from Federal Reserve Chair Kevin Warsh and rising oil prices, which have increased expectations of an interest rate hike.
Dhakshineswar Suresh lost to South Korea's Soonwoo Kwon in a hard-fought three-set match, giving the hosts a 1-0 lead in the Davis Cup Qualifiers Round 2 tie. Despite a strong start, Suresh couldn't maintain his momentum against Kwon's improved play. Sumit Nagal now faces Hyeon Chung in the second singles rubber, with India needing a win to level the tie.
'Xi is conveying that China is a pre-eminent power, and India should modulate its actions or approaches accordingly.'
India's U20 football team secured a historic qualification for the AFC U20 Asian Cup main tournament after a 20-year hiatus, following a dominant 3-0 victory over Bangladesh. Goals from Danny Meitei Laishram, Vishal Yadav, and Md Arbash sealed their spot as one of the best runners-up, with the main tournament scheduled for 2027 in China.
Indian refiners are diverting 350,000 tonnes of sugar, originally slated for export, to the domestic market to ease a supply crunch and stabilise prices ahead of the festive season.
The main accused, Naushad, in the Kaushambi firecracker factory blast that killed 11 people, including eight children, has been arrested after an encounter. Two police personnel were suspended and three sent to police lines for alleged negligence, as the factory was operating illegally despite a previous licence suspension. Authorities are taking strict action, including invoking the Gangsters Act and NSA.
The Safal National Exchange, an on-line spot exchange based in Bangalore has begun online spot trading in mangoes.
India and China are in what experts call 'a cooperation-versus-competition situation'.
India's good old 'mandis' are all set to make way for swanky spot exchanges soon. In two months' time, winds of change will sweep across the country's agricultural sector with the launch of electronic spot exchanges.
The National Company Law Appellate Tribunal (NCLAT) has dismissed an appeal by MMTC, challenging the settlement scheme between National Spot Exchange Ltd (NSEL) and its traders, affirming the earlier approval by the NCLT and the Supreme Court.
Police are investigating the mysterious death of Asish Banerjee, former deputy speaker of the West Bengal Assembly and a prominent TMC leader, who was found hanging in a party office with a purported suicide note expressing regret over entering politics and denying corruption.
India's boxing contingent had a stellar day at the Commonwealth Games, securing five more semifinal berths and bringing the total to nine. This achievement surpasses India's previous medal tally in boxing from Birmingham 2022, guaranteeing at least nine medals for the nation.
Indian boxers delivered a flawless performance at the Commonwealth Games, with four more pugilists - Ankush Yadav, Sakshi Chaudhary, Arundhati Choudhary, and Sachin Siwach - advancing to the semifinals. This brings the total number of Indian boxers in the semifinals to nine, ensuring a minimum of nine bronze medals for the country.
Bihar on Wednesday witnessed a pitched battle between hundreds of student activists demanding Union minister Dharmendra Pradhan's resignation and the police, which used tear gas shells, water cannons and batons in a bid to prevent their 'Lok Bhavan march'.
Mikel Oyarzabal scored from the penalty spot and Pedro Porro added another goal as Spain advanced to its first World Cup final since winning in 2010 with a 2-0 victory over France on Tuesday.
The Indian National Lok Dal (INLD) held protests across Haryana against the fuel price hike, stating that inflation has severely impacted the common man. Protests were led by various INLD leaders across the state, with demonstrations including symbolic acts and confrontations with local authorities.
The International Monetary Fund (IMF) has reduced India's growth forecast for FY27 to 6.4 per cent, citing the potential impact of higher energy prices offsetting the country's economic resilience. Despite this, India remains among the fastest-growing major economies.
A truck driver was killed and a police constable injured in Manipur's Ukhrul district when suspected militants attacked a convoy of goods vehicles. The Chief Minister condemned the attack and vowed to restore peace.
The Indian government has increased import duties on gold and silver from 6 per cent to 15 per cent to curb inbound shipments of precious metals amid a rising import bill due to the West Asia crisis.
Punjab AAP president Aman Arora criticised Union Minister Ravneet Singh Bittu for alleged misconduct and objectionable behaviour towards police personnel in Dhuri, following an incident where Bittu intervened in the detention of a BJP leader during the election silent period.
'We are profoundly energy-dependent on the Gulf. That dependency must now be redirected towards the United States, because we require American permission to procure oil.' 'We additionally require Iranian permission to acquire oil from that source. So India now has to seek two separate permissions merely to secure its energy supply.' 'Should we be compelled to source from America, or from Venezuela -- which is, in effect, American-controlled supply -- that will inevitably carry a price premium, an elevated shipping cost, and a considerably extended delivery timeline, given the distances involved.'
The rupee weakened to a record low against the US dollar due to Gulf tensions, rising oil prices, and foreign capital outflows.
The Indian rupee plummeted to an all-time low of 95.80 against the US dollar, settling at 95.66, driven by elevated crude oil prices and escalating geopolitical tensions in West Asia, despite potential RBI intervention and import curbs on gold.
Hospital stocks have emerged as a strong theme in 2026, outperforming benchmark indices due to robust earnings growth, improved occupancy, higher average revenue per occupied bed, and aggressive expansion plans by major chains.
The rupee recovered to 95.18 against the US dollar after hitting an all-time intra-day low of 95.44. The recovery was supported by possible RBI intervention amid renewed Gulf tensions and rising crude oil prices.
Punjab's AAP president, Aman Arora, has criticised Union Minister Ravneet Singh Bittu for alleged misconduct and objectionable behaviour towards police personnel in Dhuri, while Bittu accuses the AAP government of misusing the police to target BJP workers.
The Reserve Bank of India (RBI) Governor Sanjay Malhotra is now confronting the classic growth-inflation tradeoff, a situation exacerbated by the West Asia war, which threatens to end the 'goldilocks period' of low inflation and robust growth.
The Indian rupee depreciated by 52 paise to settle at 93.35 against the US dollar, driven by failed US-Iran peace talks, surging crude oil prices due to a potential US blockade of Iranian ports, and a global flight to the greenback. This geopolitical uncertainty is also leading to foreign capital withdrawal from domestic equities.
Delhi Police have arrested Asad Siddiqui, the main suspect in the double murder of an elderly man and his son in the Alaknanda area. The victims, Rakesh Sood and Karan Sood, were stabbed to death following a financial dispute. A third person, Rahul, was injured in the attack.
The question is whether the clocks allow enough time for two deeply mistrustful sides to get there, and whether the surface calm holds long enough for the paddling to produce something before the ceasefire ends on April 22, notes Prem Panicker in his must read blog on the Iran War.
Gold and silver prices experienced a significant drop in the national capital due to a global selloff driven by inflation concerns, central bank policies, and geopolitical tensions.
...is a way out, notes Prem Panicker in his must read blog on the Iran War. What the indefinite extension produces is a prolonged condition of not-war-not-peace, in which oil markets cannot stabilise, Asian refineries cannot plan, European governments cannot stop subsidising consumption they cannot afford, and the next flashpoint -- a seized tanker, a miscalculated drone strike, a Truth Social post that claims too much -- is one news cycle away.
A deadlock between Delhi Police and Himachal Pradesh Police occurred over the arrest of three people in connection with a protest at the AI Impact Summit, leading to a nightlong impasse and accusations of obstruction of justice.
Iran's participation in this year's World Cup has been called into question after co-hosts the United States launched joint air strikes at the country along with Israel at the weekend.
