TIME experts Sourajit Anthony Ghosh and Rahul Reddy chatted with GA readers about career options after Class XII.
Stock broker Ketan Parekh sentenced to one year jail term in the 1992 Canfina scam. Earlier, on November 12, 2007, the Securities and Exchange Board of India had barred Ketan Parekh and his associates, who were instrumental in the stock scam of 1999-2001, from accessing the stock market for another ten years.
The Delhi high court on Wednesday granted bail to former National Stock Exchange (NSE) head Chitra Ramkrishna and ex group operating officer Anand Subramanian in the co-location scam case being probed by the CBI. Justice Sudhir Kumar Jain said he was granting "statutory bail" to the two former officials of the NSE. A detailed copy of the order is awaited.
Nextbillion Technology (Groww), the venture capital-backed broking platform, has dislodged Zerodha Broking as India's largest brokerage in terms of number of active clients. Groww had 6.63 million active clients at the end of September, as against Zerodha's 6.48 million, ending the latter's long run at the top. AngelOne and RKSV Securities (Upstox) were ranked third and fourth with 4.86 million and 2.19 million active clients, according to data available on the National Stock Exchange (NSE).
It was alleged in an audit that Subramanian was the Yogi, but Sebi dismissed that claim in its final report on February 11.
Benchmark equity indices Sensex and Nifty pared early gains to settle lower on Wednesday due to late selling in index major Reliance Industries, ITC and HDFC Bank even as the RBI took the first step towards a rate cut in its monetary policy review. Erasing its early gains, the 30-share BSE Sensex fell 167.71 points or 0.21 per cent to close at 81,467.1. During the day, it surged 684.4 points or 0.83 per cent to hit an intra-day high of 82,319.21.
The Sensex and Nifty ended at fresh lifetime peaks on Tuesday amid a largely firm trend in other Asian markets and continuous foreign fund inflows. The 30-share BSE Sensex gained 177.04 points or 0.28 per cent to settle at 62,681.84, its fresh record closing high. During the day, it jumped 382.6 points or 0.61 per cent to its lifetime intra-day peak of 62,887.40.
The broader NSE Nifty sank 177.65 points or 1.53 per cent to 11,419.25.
PowerGrid was the top gainer in the Sensex pack, spurting 2.76 per cent, followed by NTPC, M&M, L&T, Hindustan Unilever, HDFC, and Infosys.
Equity markets would be mainly driven by global trends and foreign fund trading activity in the holiday-shortened week, analysts said. The BSE and the National Stock Exchange have listed March 7 (Tuesday) as a holiday on account of Holi. However, stock brokers' association ANMI has urged the government, exchanges and Sebi to shift the holiday to March 8 from March 7.
Market players said the new norms were more suited for online brokers, where clients were typically internet savvy.
BSE (formerly Bombay Stock Exchange) has seen its market share go past the critical 20 per cent mark in the derivatives segment, intensifying its battle with bigger rival - the National Stock Exchange (NSE) - which, less than a year ago, had a monopoly in this space. In April, the average daily trading volume (ADTV) for BSE stood at Rs 89 trillion, accounting for 20.6 per cent of the overall ADTV of Rs 432 trillion (based on notional volumes for options).
Stock exchanges would have to provide a platform to stock brokers to upload the details of their clients.
The Securities and Exchange Board of India (Sebi) has proposed that at least 10 per cent of corporate bond market trades by foreign portfolio investors (FPIs) should be done on the request for quote (RFQ) platform. At present, most trades in the corporate bond market are over-the-counter (OTC), creating a lot of opacity. The markets regulator has been nudging debt market participants such as mutual funds (MFs), alternative investment funds (AIFs) and brokers to use the RFQ platform to boost secondary market liquidity and transparency.
Market benchmarks Sensex and Nifty soared to new peaks on Tuesday, driven by gains mainly in metal, financial and IT stocks amid firm global cues and sustained foreign fund inflows. Tata Steel was the top gainer in the Sensex pack, surging 4.38 per cent, followed by Bharti Airtel 4.37 per cent, Vedanta 3.50 per cent, Tata Motors 3.03 per cent, HDFC 2.46 per cent and Bajaj Finance 2.39 per cent.After surging to its record intra-day peak of 41,401.65, the 30-share BSE barometer settled 413.45 points, or 1.01 per cent, higher at its all-time high of 41,352.17. Similarly, the broader NSE Nifty rallied 111.05 points, or 0.92 per cent, to its record closing high of 12,165.
The Securities and Exchange Board of India's (Sebi's) six-step plan to curb retail participation in speculative index derivatives may lead to a substantial drop in volumes - potentially by 30-40 per cent. These measures aim to reduce excessive speculation in the futures and options (F&O) segment, where daily turnover often exceeds Rs 500 trillion and retail investors end up on the losing side of the trade more often. Sebi has decided to increase the contract size from Rs 5 lakh to Rs 15 lakh, raising margin requirements and mandating the upfront collection of option premiums from buyers.
Brokers also want tax rebates, removal of additional tax on dividends, streamlining of GST...
Millions of people in Pakistan were left without electricity when a major power outage occured on January 23.
The CBI arrested former National Stock Exchange CEO Chitra Ramkrishna in the co-location scam case on Sunday, officials said. Ramkrishna was arrested in Delhi and taken for medical checkup, they said. She was later lodged in lockup at the CBI headquarters, they said.
RIL was the biggest gainer in the Sensex pack, rising 2.63 per cent, followed by NTPC, Axis Bank, Tata Steel, PowerGrid, HDFC twins, Bharti Airtel, M&M, ICICI Bank, SBI and Bajaj Finance -- gaining up to 2.51 per cent.
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While the systems in place at leading Indian bourses are considered to be very robust and can withstand any possible technical glitches, it is advisable to conduct a precautionary check after an unprecedented three-hour trading halt at a large exchange like Nasdaq, a senior Sebi official said.
The Enforcement Directorate (ED) on Tuesday arrested former Mumbai police commissioner Sanjay Pandey in connection with a money laundering case linked to the alleged illegal phone tapping of NSE employees, officials said.
As many as 5,532 complaints were received by the regulator in January, an 80 per cent increase over the number of complaints filed in the previous month.
The government on Thursday said it expected Rs 800-1,000 crore (Rs 80-100 billion) to be recovered from liquidation of the assets of late stock broker Harshad Mehta who was convicted in the stock market scam of 1990s.
'Sebi had no problem with derivatives until trading exploded after Covid.' 'But now, having built a dangerous road, from which different entities, mainly governments, are extracting a heavy toll, Sebi is concerned that people are driving on it in much greater numbers,' explains Debashis Basu.
Top gainers in the Sensex pack included Tata Steel, Kotak Bank, NTPC, HDFC twins, PowerGrid and ONGC, rising up to 4.60 per cent.
'As the markets are expected to remain jittery in the near term, we advise investors to use this opportunity to enter quality largecaps from a long-term perspective.'
The Reserve Bank of India's (RBI's) decision on Wednesday to relax restrictions on banks operating in the International Financial Services Centre (IFSC) related to the repatriation of idle funds in foreign currency accounts (FCA) could give a fillip to trading in foreign stocks at the GIFT City.
This period of strong growth not only offers opportunities but also calls for strategic considerations to ensure sustainable development and equitable prosperity in the years to come, suggests Sujan Hajra.
On a five-day rolling basis, FPI selling is the highest in 24 years.
Top laggards in the Sensex pack included HDFC, ICICI Bank, TCS, HCL Tech, Kotak Bank, Asian Paints, TechM and HUL, dropping up to 2.67 per cent.
A case has been registered against Karvy Stock Broking Ltd promoter C Parthasarathy and others for allegedly cheating ICICI Bank to the tune of Rs 563 crore.
'Rather than abolishing stamp duty as STT is already levied on all transactions, the government has de-facto imposed a state STT in the guise of stamp duty'
The Supreme Court asked on Thursday market regulator Securities and Exchange Board of India and some stock brokers to file written submissions in a case relating to modification of penalty imposed on intermediaries.
Markets continued to fall on Monday, with the Sensex declining 94 points as investors remained cautious amid unabated selling by foreign funds and elevated crude oil prices ahead of the RBI's policy decision later this week. The 30-share BSE Sensex declined 93.91 points or 0.17 per cent to end at 55,675.32. During the day, it tanked 473.49 points or 0.84 per cent to 55,295.74.
Top gainers in the Sensex pack included Yes Bank, TechM, Bajaj Finance, Bharti Airtel, Maruti, Asian Paints and Hero MotoCorp - rising up to 5.30 per cent. The 50-share Nifty ended 85.65 points, or 0.79 per cent, higher at 10,948.25 points.
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