BSE's fresh shot at cracking the derivatives market is off to a promising start. However, Asia's oldest bourse is facing resistance from brokerages with nearly 10 large brokers yet to offer the relaunched Sensex and Bankex derivatives on their platforms. Many brokers maintain that they are working on the back end to enable BSE derivatives on their apps and websites. Some said while volumes are picking up, they are still miniscule compared to bigger rival NSE, which is the most-preferred venue for derivatives trading. Only a few brokers responded to formal queries sent by Business Standard on the issue of allowing BSE derivatives on their platform.
The rupee tumbled 3 per cent against the US dollar in 2024 as concerns over slower economic growth and a stronger greenback in global markets weighed, but it was among the least volatile currencies in the world and the headwinds may be less intense in the coming year.
The Securities and Exchange Board of India (Sebi) is mulling changes to the 'fit & proper' criteria for market infrastructure institutions (MIIs), such as stock exchanges, in a bid to segregate the role of an individual from the entity, said sources. Under the current framework, wrongdoing by senior personnel could lead to a debarment of the MIIs such as stock exchanges, depository participants and clearing members-with quite a few such instances in the past. Additionally, Sebi is also mulling to introduce a clause through which any order passed against an MII will not affect their operations, unless it is specifically mentioned so in the order.
An interesting imaginary conversation between Kirtan A Shah and an investor about how investing in mutual funds is better than investing directly in stocks.
Markets regulator Sebi will put in place a framework for the Application Supported by Blocked Amount (ASBA) facility for investors in secondary market trading, similar to the existing system for IPO investors. Sebi's board approved the proposal during its meeting here on Wednesday. Through the proposed facility, which would be optional for investors as well as stock brokers, Sebi aims to bring in "efficiency in the secondary market ecosystem by allowing usage of same blocked amount towards margin and settlement obligations.
Anish Damania of Emkay Shares and Stock Brokers gives his view on certain stocks post their results
The market capitalisation of BSE-listed companies soared to an all-time high of Rs 406.52 lakh crore on Monday thanks to a rally in equities where the BSE Sensex climbed over 1 per cent. The 30-share BSE Sensex rallied 941.12 points or 1.28 per cent to finish at 74,671.28. During the day, it zoomed 990.99 points or 1.34 per cent to 74,721.15.
Finance Minister Nirmala Sitharaman on Tuesday said buyback of shares will be taxed in the hands of shareholders similar to dividend from October 1, a move that will increase the tax burden on investors. Further, the cost paid by the shareholder to acquire these shares will be considered for computation of capital gains or loss to them.
The possible instances of front running at Quant Mutual Fund have likely pushed the Securities and Exchange Board of India (Sebi) to expedite the implementation of an institutional mechanism framework designed to curb such market abuses. This framework, approved by the Sebi board in April, was slated to take effect six months after its notification. But, recent developments have set the wheels of regulation turning faster.
The exchange moved through many ups and downs through the years.
Leading stock exchange BSE has decided to discontinue Stop Loss Market (SL-M) orders from October 9 to prevent erroneous order placement arising out of manual or algo trades. This came after a recent freak trade incident caused a lot of angst among the trading community earlier this month due to an SL-M order. SL-M is a type of order that automatically sells or buys a security at the market price when the trigger price is reached.
Avinash Gorakshakar discusses his favourite picks
The mutual fund (MF) industry is set to approach the Securities and Exchange Board of India (Sebi) for relaxation in the recently implemented rules designed to prevent market abuse. According to MF executives, the new rules that came into effect in November for large schemes have created operational challenges for fund managers, particularly when executing large transactions or participating in block deals.
Shares of asset management companies (AMCs) have rallied in the last 3-4 sessions due to clarity on regulatory changes in total expense ratios (TER) and expectations that it won't upset profits much in the long run. HDFC AMC has gained over 12 per cent in the last four sessions, while Nippon AMC and UTI AMC are up around 5 per cent. Aditya Birla Sun Life (ABSL), the only other listed AMCs, has risen more than 2.3 per cent in the last four sessions.
Some of the sops being offered to rope in new clients and retain the existing ones are cashbacks, reduced fee, and customised consultancy for clients.
M&M was the top laggard in the Sensex pack, cracking over 7 per cent, after the home-grown auto major on Saturday reported 73 per cent decline in consolidated quarterly net profit.
The bears are likely to tighten their grip on the market in the short term, following hardening of interest rates by the Reserve Bank amid negative cues from global markets, say analysts.
Holding that stock exchanges are service providers coming within the ambit of Consumer Protection Act, the National Consumer Commission has ruled that bourses would have to compensate investors in case its broker defaults.
Leading brokers are expected to increase brokerage rates in the coming weeks, as they navigate a series of regulatory changes that are expected to squeeze profitability. According to industry sources, top brokers may soon begin charging for equity trades and raise the flat fees for intra-day and derivatives trading by 10-30 per cent. Several smaller players have already hiked their brokerage charges, signalling a potential end to the zero-brokerage era that has drawn millions of new investors into the stock market and fuelled active trading.
If you leave too much money lying in your trading account or hand over your securities to brokers, there is always the risk that they could use it to trade in the markets.
Kamlesh Chandra Varshney, a whole-time member of the Securities and Exchange Board of India (Sebi), said on Friday that the market regulator in the last three months had removed around 15,000 content sites linked to unregistered finfluencers or providing unauthorised investment advice. Speaking at the Global Fintech Fest, he said there was successful engagement with the technology providers who are complying with the regulator's request.
Amid a political furore over a meltdown in the Adani group shares, stock market data shows it is not only the plunge now but the sharp surge of the past also drew regulatory attention and enhanced surveillance. Adani group stocks have taken a huge beating on the bourses, losing billions of dollars in market value, after US-based activist short-seller Hindenburg Research made a litany of allegations, including fraudulent transactions and share price manipulation at the Gautam Adani-led group. The Adani group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.
Shares of Le Travenues, which operates online travel booking platform ixigo, soared 78 per cent on their market debut (June 18) and surged 80.4 per cent in the three days over their issue price. Ixigo has joined competitors EaseMyTrip and Yatra on the bourses. Analysts believe the blockbuster response to ixigo may lead to greater scrutiny of the financial performance of other online travel aggregators (OTAs) like Easy Trip Planners, and Yatra Online.
Parekh was held guilty in the case related to the 1992 stock scam, in which Canbank Financial Services was duped of over Rs 47 crore (Rs 470 million). On April 1, a special court in Mumbai had sentenced Parekh, Hiten Dalal and four others to one year in jail for siphoning off funds from Canbank Financial Services Ltd, a unit of Canara Bank.
'More investors now view the stock market as a valuable opportunity, though many still seek quick gains, leading to a rise in futures and options trading.'
The government has received reports that tainted stock broker Ketan Parekh, barred from the capital markets till 2017 over a securities scam, is still active and has taken positions in oil PSUs like ONGC and HPCL.
Dr Nagesh Kumar, one of the three new MPC members, wanted the MPC to reduce the repo rate by 25 basis points to 6.25%.
What's required is proper implementation of the rules and better coordination between market intermediaries such as stock exchanges and clearing members who play a key role in monitoring brokerages.
The sector has become a serial capital issuer.
Indian companies are generating more cash than ever. The net cash flow from listed firms' operations hit a new high of Rs 11.1 trillion in financial year 2023-24 (FY24), crossing the Rs 10-trillion mark for the first time, according to the Centre for Monitoring Indian Economy (CMIE) data going back to 1990-91. The FY24 figure represents a 19.3 per cent jump over the previous year, even as quite a few companies are yet to release their numbers.
The CBI on Friday questioned former CEO of National Stock Exchange (NSE) Chitra Ramkrishna in view of fresh facts emerging in connection with its ongoing probe into the alleged abuse of co-location facility in the NSE, officials said. The agency has also opened look out circulars against Ramkrishna, another former CEO Ravi Narain and former COO Anand Subramanian to prevent them from leaving the country. The central probe agency had booked a owner and promoter of Delhi-based OPG Securities Pvt. Ltd, Sanjay Gupta and other in connection with alleged abuse of NSE co-location facility to make gains by getting early access to the stock market, they said.
The Securities and Exchange Board of India (Sebi) is considering segregation of settlement for proprietary trades and retail trades to avoid misuse and circumvention by certain brokers, its chairperson Madhabi Puri Buch said recently. Proprietary trading refers to trades done by brokers and other financial institutions using their own capital. "There are some people who are permitting access to their clients through prop accounts for a variety of reasons, including wanting to fund their margins.
'He will be remembered more for what he did as finance minister -- as someone who functioned well when the political fallout was taken care of.'
The Securities and Exchange Board of India (Sebi) is likely to notify soon stricter derivatives trading norms aimed at curbing speculative trading activity and curtailing losses of over Rs 50,000 crore incurred by retail investors every year. Based on the feedback received from industry participants, seven measures proposed by the market regulator in a consultation paper in July may be implemented with minor tweaks ahead of its forthcoming board meeting, said sources.
F&O trading is a zero-sum game where one person's loss is another's gain. Only one per cent of traders gained the money lost by 93 per cent, warns Harsh Roongta.
The Supreme Court has upheld the conviction by the special court at Mumbai of stock broker Harshad Mehta, who died during the pendency of the appeal in the Apex court.
Mutual fund investors no longer need to link their PAN with Aadhaar to obtain 'KYC-registered' status.
'The years after the financial crisis of 2008 were tough for brokers as volumes dwindled and retail investors stayed away.'
A Delhi court on Monday sent to 14-day judicial custody the former managing director and chief executive officer of National Stock Exchange Chitra Ramkrishna in connection with the co-location scam case.
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