Senior Bharatiya Janata Party leader Mukhtar Abbas Naqvi on Wednesday condemned Madhya Pradesh minister Vijay Shah's controversial remarks about Colonel Sofia Qureshi, a senior Army officer who briefed the media along with Foreign Secretary Vikram Misri and Wing Commander Vyomika Singh during Operation Sindoor.
The Securities and Exchange Board of India (Sebi) has warned stock brokers against forcing clients to give a power of attorney (PoA) in their favour for operating client accounts.
However, in a circular issued earlier, the market regulator had asked stock brokers and trading members to complete the auditing from independent qualified chartered accountants but now the role has been extended to company secretaries or cost and management accountants.
Are you not getting proper service from your stock market broker? Do you have complaints against him or any mutual fund? Here's how you can seek action against the errant brokers and mutual funds.
Shares of brokerages and market infrastructure institutions (MIIs) witnessed heavy selling pressure following the Securities and Exchange Board of India's (Sebi's) pivot to a uniform fee structure, which analysts fear could dent revenues. Discount brokerages, which currently benefit from a spread between client charges and exchange fees, are expected to be most affected. Shares of Angel One, the third-largest brokerage by active clients, fell 8.7 per cent. Groww and Zerodha, the largest brokerages, are not publicly listed.
The Securities Appellate Tribunal (SAT) on Thursday quashed the markets regulator Sebi's order imposing a fine of Rs 7 crore on the National Stock Exchange (NSE) in the dark-fibre case. Additionally, the tribunal has set aside a fine of Rs 5 crore levied by Sebi on the exchange's former official Anand Subramanian. Further, it has partly set aside the regulator's order against former MD and CEO of NSE Chitra Ramkrishna, ex-official Ravi Varanasi and a few stock brokers, among others.
Sebi's mandate restraining mutual funds, stock brokers, and other intermediaries from associating with finfluencers who do not come under the Sebi ambit will impact the earnings of finfluencers through sponsorships, tie-ups, or referral links, as these may dry up due to the restrictions.
Shares of public sector enterprises have corrected by up to 22 per cent month-to-date until March 19, 2024. Analysts attribute this steep fall to the valuation exuberance seen after a sharp run in these counters last year and suggest investors remain selective regarding the stocks in this space. "The rally in public sector undertaking (PSU) stocks has been stretched and sharp, although it is somewhat justified by improvements seen in earnings, operations, balance sheets, and overall profitability.
But big brokerages see no problem with Sebi panel's recommendations.
A Russian missile struck a warehouse belonging to an Indian pharmaceutical company, Kusum, in Ukraine, according to the Ukrainian embassy in India. The embassy alleged that Russia, despite claiming a "special friendship" with India, deliberately targeted Indian businesses in Ukraine. The strike reportedly destroyed medicines intended for children and the elderly. This incident follows a similar attack on a major pharmaceuticals warehouse in Kyiv, which was destroyed by Russian drones, as reported by the UK's ambassador to Ukraine. Kusum Healthcare, the company whose warehouse was hit, has a presence in 29 countries, including Ukraine. This attack comes amidst ongoing tensions in the region as Russia continues its offensive against Ukraine, despite US efforts to push for a ceasefire. Ukrainian Foreign Minister Andrii Sybiha accused Russia of being the sole obstacle to peace and claimed that Moscow rejected a US-brokered proposal for a ceasefire.
A section of senior stocks brokers on Thursday demanded that the Sebi probe the reasons behind the steep decline in share prices on May 17 by analysing the trade data at the BSE and NSE and punish the guilty severely.
Overall market open interest on NSE down 15 per cent to Rs 89,307 crore (Rs 893.07 billion). A majority of stock brokers have unwound their leveraged positions in the futures and options segment. The total leveraged position (in excess of Rs 1 lakh crore or Rs 1 trillion) contributed heavily to the stock market crash.
Markets regulator Sebi's proposal of treating all orders emanating from application programming interface (API) as algorithmic or algo order can restrict the growth of such trading in India, brokerage houses said on Monday. In market parlance, algo trading refers to any order that is generated using automated execution logic. The algo trading system automatically monitors the live stock prices and initiates an order when the given criteria are met.
Sebi has imposed a penalty totalling Rs 44 crore on 18 entities, including the National Stock Exchange, its business development officer Ravi Varanasi, former MD and CEO Chitra Ramkrishna and her adviser Subramanian Anand along with certain stock brokers in the 'dark fibre' case.
In its closure report submitted before a special CBI court New Delhi, the agency is understood to have said it did not find enough evidence to prosecute the accused.
Last week, when Harish Bhasin, the Delhi-based stock broker, made an open offer for DCM Shriram Industries Ltd, he was back in news after almost 25 years.
'Extensive thought has been put in, and we have pondered over each and every suggestions and demands received from our members.'
The share of Ahmedabad in the total value of trades on both the BSE and NSE is set to touch double digits for the third year in a row.
The Securities and Exchange Board of India (Sebi) has proposed stricter eligibility criteria for adding and retaining stocks in the futures and options (F&O) segment, which accounts for the bulk of the trading volumes. The proposal-which comes six years after the securities regulator last revised the stock selection framework---is much awaited by the market players as the derivatives stock list has largely remained stagnant for the last two years.
A leading association of stock brokers today asked both Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) to maintain status quo on trading timings until the infrastructure required for extending the hours was in place.
The stock of online classified major Info Edge (India) was up over 6 per cent on Friday on expectations of demand improvement for Indian IT companies. Strong revenue growth prospects for each of its online verticals - including recruitment, matrimony, real estate, education, and upside from its holdings in companies such as Zomato - had prompted Goldman Sachs to upgrade the stock. Info Edge's standalone revenue grew 10.6 per cent year on year (Y-o-Y) in Q2FY25, beating consensus. 99acres (+16.9 per cent Y-o-Y) and Jeevansathi (+33 per cent Y-o-Y) were drivers of growth while recruitment grew 8.5 per cent Y-o-Y.
"Although extended market hours seems inevitable in the long run, current infrastructure and environment does not completely support the move."
The deal, sources say, is that the retail investor, subscribing on broker's behalf, would have to make an application for 225 shares, the entire cost of which -- considering the discount of Rs 20 a share that RPL has offered -- would come to Rs 96,750.
Why do investors need a broker to buy stocks which were dematerialised long ago and can be delivered directly into their accounts?
Cases of front-running mostly happen when large asset managers and intermediaries are involved in bulk trades as their transaction size is generally big enough to impact the stock price.
Front-running is a fraudulent practice where traders exploit advance knowledge of large client orders for personal profit.
Hindenburg Research, the forensic financial firm that challenged the Adani Group, took its name from the infamous airship that burst into flames upon arriving in New Jersey in 1937. And the counter to its damning report against the conglomerate was dubbed 'Operation Zeppelin,' named after the German dirigible airships used for reconnaissance and bombing during the First World War.
The market share of discount brokers - such as Zerodha, Groww, Upstox, and Angel One - has grown fivefold in five financial years, with more than half of the National Stock Exchange's (NSE's) active client trading coming through them, reveals a report by CLSA. For the first 11 months of 2022-23, discount brokers held sway over 57 per cent of active clients, up from 11 per cent in 2017-18. Moreover, the number of active clients on the NSE with discount brokers has grown from just 1 million to 19 million during this period. Active traders are those who have traded at least once in 12 months.
'Know Your Clients,' ask regulators of brokers. Well, investors should know their brokers as well suggests Sucheta Dalal.
Brokers said the Securities Transaction Tax regime and high stamp duty charges on share market transactions were the main reasons for the high cost of trading in India. As per the current STT rate structure, a delivery-based cash market transaction is taxed at Rs 12,500 per Rs 1 crore (Rs 10 million), or 0.125 per cent. The tax is levied on both buyers and sellers.
Sebi chairperson Madhabi Puri Buch on Wednesday said any business on the 'black box' model that cannot be audited or validated will not be permitted. She also said since data is a public infrastructure, any attempt by any private party to own them cannot be tolerated. "We are not for or against algo trading as long as there is sufficient transparency and disclosures.
The Income Tax Department has moved the Bombay High Court to recover nearly Rs 500 crore from top stock brokers, who have managed to avoid paying income tax on the pretext of claiming depreciation on their Bombay Stock Exchange membership card.
According to stock brokers, the real pain in markets started with the over-zealousness on the part of stock exchanges in collecting margin money after the 700 points fall on January 18 and another 14,00 points fall on January 21. The trading terminals of nearly 90 per cent stock brokers were shut on Tuesday when the markets hit the lower circuit of 10 per cent within a few minutes of opening bell, as the National Stock Exchange doubled the margin money overnight.
In 2024, the Securities and Exchange Board of India (Sebi) implemented significant reforms, focusing on cooling down the derivatives segment, enhancing transparency and accountability in small and midsised enterprise (SME) listings, and deepening the fund management ecosystem.
The October 2008 landslide in stock prices, which caused a nearly 90 per cent drop in India's equity derivatives business, has dealt a severe blow to Asia's oldest bourse, the Bombay Stock Exchange.
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