The Supreme Court's verdict directing Tiger Global to pay capital gains tax on its 2018 sale of Flipkart shares is unlikely to accelerate the selloff by foreign portfolio investors (FPIs). However, legal and tax experts say the ruling sharpens scrutiny around treaty benefits and could influence how offshore investors structure future India bets.
The Bombay Stock Exchange (BSE) planned to list the futures trading in its benchmark index, Sensex.
Tasting success with the relaunch of Sensex derivatives in the onshore market, BSE is preparing for the 'offshore' debut of its 30-share index, which has become synonymous with the domestic markets. Sources in the know said that the India International Exchange (India INX), a subsidiary of BSE, received approval in July from the International Financial Services Centres Authority (IFSCA) to launch Sensex 30 derivatives contracts.
Gift Nifty will provide Indian investors cues on how domestic markets could react to global events.
Close on heels of the launch of Gift Nifty (earlier SGX Nifty), domestic exchanges are pushing for extension of trading hours for the onshore derivatives market, said sources. Bourses are waiting for a final approval from market regulator Sebi on the proposal to keep the derivatives market open for longer hours, they said. The move is aimed at attracting more trading members for onshore futures and options (F&O) contracts amid risk that global investors could prefer trading at Gift City given the tax benefits.
The proposal to merge the Gujarat International Finance Tec-City (GIFT City) units of the National Stock Exchange (NSE) and BSE has reached an advanced stage, and both bourses could file an application before the National Company Law Tribunal as early as this month, according to a top regulatory official. Sources indicate that the merger proposal has received approval from their respective boards. Both the NSE and BSE are arch rivals when it comes to onshore trading.
The Nifty Options would add to SGX's suite of Asian equity derivatives, which include SGX S&P CNX Nifty futures, the dominant Indian product for international participants.
HCL Technologies on Monday said it has signed a 110 million Singapore dollars (around Rs 366 crore) five-year deal to manage computerised network for the Singapore Exchange.
Singapore Exchange plans to launch more India-based products to provide opportunities for global investors interested in tapping the Indian market.
The government on Friday proposed hiking the securities transaction tax on Futures & Options (F&O) contracts, a move that will increase the trading costs in the derivatives segment as well as help in curbing excessive trades. In the Finance Bill 2023, passed by the Lok Sabha on Friday, the Securities Transaction Tax (STT) on options is proposed to be increased to 0.0625 per cent from 0.05 per cent and on futures contracts to 0.0125 from 0.01 per cent. Analysts opined that higher STT will shore up the government's revenues to some extent and also discourage excessive trading since a large number of retail traders are losing money in the segment.
Indian companies have now started looking at the Singapore Stock Exchange for fund raising and listing. The SGX became a shareholder in the Bombay Stock Exchange last week.
The General Anti-Avoidance Rule (GAAR) may have been deferred for a year but many foreign institutional investors (FIIs) do not want to take chances. They are shifting their trading positions to Singapore, where derivatives of India's key equity index, the Nifty, are listed.
On the occasion of the National Stock Exchange's (NSE's) silver jubilee celebration, its MD and CEO Vikram Limaye, bottom, left, spoke to Somesh Jha to discuss the way forward and how the exchange plans to deal with the present set of issues.
India's premium benchmark equity index, the S&P CNX Nifty, also the fastest growing index on SGX, will be traded for 16 hours on that exchange, compared to the six-and-a-half hours that it traded on the National Stock Exchange in India. The SGX will be traded from 6.30 am to 10.30 pm IST.
Unitech and Indiabulls Real Estate Ltd (IBREL) have deferred the listing of their respective real estate investment trusts (REITs) on the Singapore Stock Exchange (SGX)owing to the liquidity crunch in the global markets. Both Unitech and IBREL have received approval from the SGX for the initial public offers (IPOs) of their trusts.
India's fourth biggest realty company (by market cap) Indiabulls Real Estate (IBREL) on Tuesday said that it was planning to launch an initial public offering (IPO) for its property trust Indiabulls Properties Investment Trust (IPIT) on the Singapore Stock Exchange (SGX).
As real estate investment trusts are yet to take shape in India, about a half a dozen realty firms have started the spadework for listing REIT-like vehicles on the Singapore Stock Exchange.
The move is meant to curb or reverse the export of India's financial markets to overseas trading platforms.
While stock exchanges worldwide are consolidating, not much action is happening in India due to the cap on equity holding in stock exchanges.
The rules of the two platforms are equally applicable to all listed companies regardless of their origin.
The Singapore Exchange on Tuesday said in a statement it was "in preliminary discussions with BSE on a number of possibilities".
The much-awaited demutualisation of Bombay Stock Exchange was completed on Friday after Asia's oldest bourse sold its 51 per cent stake to 21 investors.
As many as 60 investors, overseas and domestic, private and institutional, have evinced interest in buying equity in the BSE.
Exchange valued at $600-800 mn.
Overseas bourses may take similar action and stop providing data on foreign indices and commodities traded in India, Ashish Chauhan, chief executive officer, BSE said.
Derivatives exchange DGCX started trading futures for the S&P BSE Sensex
The S&P BSE Sensex ended the session at 25,342, up 3 points while the Nifty50 closed at 7,738 points.
Oil prices have already fallen over 70 per cent since the downturn began in mid-2014.
Sensex gains 2.4%, Nifty crosses 7,000; investors feel exit polls have vindicated their stand
Reports have suggested Rs 400-650 as the possible IPO price
The Zenfone 6 is based on Android 4.3 Jelly Bean operating system but is upgradable to Android 4.4 KitKat version.
Of late, competition has forced companies to price their tablets competitively, thus bringing them within reach of Indian consumers. We have compiled a list of some tablets that are expected to make waves in 2016.
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