French banking major BNP Paribas is planning to sell its domestic retail broking unit, Sharekhan, according to news reports on Tuesday. The reports even named leading financial institutions as possible suitors. "We would not be able to comment on the mentioned queries at this time," said a company spokesperson in response to a query from Business Standard seeking clarification on the news item.
Most of the action in the markets now lie in the midcaps and smallcaps
Mihir Tanna, Associate Director, S K Patodia & Associates, will answer your personal income tax queries.
Without giving specific details, Sebi said that SBI was being probed for 'alleged violation of regulations' contained in as many as 11 sections, sub-sections and clauses, including those related to the Code of Conduct, of the Securities and Exchange Board of India (Debenture Trustees) Regulations.
The restrictions under section 144 of the Code of Criminal Procedure are in place since lockdown began.
Do you think financial or corporate crimes are on the rise in India? What would you say is the cause for these scams: lack of monitoring, corruption in high places, pure greed.? Tell us what you think.
A Kolkata court on Thursday rejected the bail application of leading stock broker Ketan Parekh and extended his judicial custody till April 19.\n\n\n\n
ONGC was the top loser in the Sensex pack, followed by HCL Tech, SBI, ICICI Bank, IndusInd Bank, Hero MotoCorp and M&M.
The Central Bureau of Investigation on Monday produced former managing director and chief executive officer of National Stock Exchange (NSE) Chitra Ramkrishna before a Delhi court in connection with the NSE co-location case. The probe agency produced the accused before special Special Judge Sanjeev Aggarwal and sought 14-day custodial interrogation in the case. The CBI arrested the accused on Sunday after her anticipatory bail application was dismissed by the court on Saturday. The CBI had recently questioned Ramkrishna in the matter.
A person availing the services of a bank for 'commercial purpose' is not a consumer under the Consumer Protection Act, the Supreme Court has said. The apex court stated that to come within the ambit of the consumer, a person will have to establish that the services were availed exclusively for earning his livelihood by means of self employment. A bench of Justices L Nageswara Rao and B R Gavai said there cannot be any straitjacket formula and such a question will have to be decided in the facts of each case, depending upon the evidence placed on record.
Asia Securities Industry & Financial Markets Association (Asifma) has raised concerns about the Securities and Exchange Board of India (Sebi) proposal to introduce a T+0 settlement cycle. The industry association of top foreign portfolio investors (FPIs) has stated that this move could give rise to several issues, including the bifurcation of the market, liquidity fragmentation, and deterioration of market quality. In a discussion paper floated last month, Sebi has proposed a separate same-day settlement cycle that will run parallel to the existing T+1 cycle, where trades are settled the next day.
In the high profile co-location case, markets regulator Sebi on Wednesday imposed a penalty of Rs 1 crore on the NSE for failing to provide a level-playing field for trading members subscribing to its tick-by-tick (TBT) data feed system. In addition, the regulator levied a fine of Rs 25 lakh each on NSE's former managing directors and chief executive officers Chitra Ramakrishna and Ravi Narain. Alleged lapses in high-frequency trading offered through NSE's co-location facility came under the scanner of the watchdog after a complaint was filed in 2015.
Top gainers in the Sensex pack were Tata Motors, ONGC, Yes Bank, IndusInd Bank and Vedanta -- rising up to 2.71 per cent.
Stock exchanges have increased scrutiny of investors domiciled in Sikkim, following reports of illegal routing of investments through the Northeast state to evade taxes. The National Stock Exchange (NSE) has directed its trading members (brokers) to re-verify and certify investors who have declared their permanent address as Sikkim. Further, brokers have been told to maintain a vigil on the location of devices used by Sikkim-based clients for trading to ensure these are genuine investors from the region.
There is no sure-shot formula to succeed in the stock market.
To make its stock market investments transparent and avoid further controversy, Life Insurance Corporation (LIC) has discontinued deals that were first negotiated over the telephone and then executed on the stock exchange platform, according to brokers familiar with the matter.
Public sector banks have raked in more profits in the three months ended June on the back of a persistent decline in bad loans and the trend may have a positive bearing on their balance sheets in the coming quarters. In the June quarter, Bank of Maharashtra (BoM) and State Bank of India (SBI) were in the lowest quartile as far as Gross Non Performing Assets (NPAs) and net NPAs were concerned, according to an analysis of the quarterly financial numbers published by the public sector lenders. Cumulatively, all the 12 public sector banks reported a profit of about Rs 15,306 crore in the three months ended June, registering an annual growth of 9.2 per cent. However, leading public sector lenders -- SBI and PNB -- posted lower profits in the June quarter.
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As home deals are down to a trickle, most are looking at life beyond broking.
The CBI has arrested Sanjay Gupta, owner and promoter of Delhi based OPG Securities Pvt. Ltd, in connection with the NSE co-location scam in which brokers allegedly abused the facility to make gains by getting early access to the stock market, officials said on Wednesday. The agency has already arrested Chitra Ramkrishna, former CEO and managing director of NSE and Anand Subramanian, former group operating officer of the market, they said. Gupta was arrested on Tuesday night, four years after the agency had registered the FIR in the Co-location scam case against him and his company.
While Geojit Financial Services and Kotak Securities are already managing large NRI portfolios in West Asian countries, Sharekhan, yet another local brokerage outfit, recently launched a broking platform called India First in Bangkok for NRI clients.
Mumbai stock broker Ketan Parekh, in custody for about four weeks now, is planning to move the Supreme Court next week for bail after his prayer was rejected by the Calcutta high court.
The broader NSE Nifty too fell below the 10,100 level by dropping 100.10 points to end at 10,094.25
According to Rahul Rege, business head (retail) at Emkay Global Financial Services, it is difficult to track more than 10 stocks.
Dogged by brokers' interference, exits at the top and clash of opinions, regional stock exchanges still struggle to launch their trading platform.
Why self-audit by NSE, why weren't charges probed under your supervision, ministry asks regulator.
Because they have become too big and pervasive and the time to regulate is long gone, points out Debashis Basu.
Sources said non-banking financial companies of brokerage outfits had extended loans to clients by availing of bank credit. They could face serious trouble if auditors 'qualify' their books for extending loans on small- and mid-cap stocks as 'highly risky'. With just over a week to go before the end of the current financial year, most of the NBFCs are cleaning up their books before the audit to avoid being caught on the wrong foot.
The last time a bear attack was launched on a controversial businessman was when a cabal of brokers launched an assault in the early 1980s on what they thought was an over-priced Reliance share, recalls T N Ninan.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Most rate-sensitive stocks ended on a negative note, with BSE auto, bankex, finance and realty indices cracking up to 2.10 per cent.
Delhi Stock Exchange's (DSE) struggle to end its life without hurting the diverse interests of its multiple stakeholders will continue into another year.
Top losers in the Sensex pack were Hero MotoCorp, HCL Tech, TCS, Asian Paints, IndusInd Bank and Infosys, shedding up to 3.08 per cent.
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