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.
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.
Despite changes in rules, the exchange is not in a hurry
Ashok Samani, a Mumbai-based stock broker, on Friday won the bids for the eight apartments owned by late Harshad Mehta and his family in upscale Worli by quoting a price of Rs 32.60 crore. The sale has to be approved by the Supreme Court. The price of the property, with total super built-up area of 12,500 sq ft, works out to be Rs 26,080 per square feet, nearly three times than the official valuation of Rs 11.50 crore.
The markets are nearing the bottom and the worst will be over soon. That's the overwhelming mood among a range of brokers, research analysts and fund managers, according to a poll conducted by Business Standard on a day the Bombay Stock Exchange's benchmark Sensex shed 499 points to close below 13,000.
The sector has become a serial capital issuer.
In a landmark judgment, a federal jury in the US has indicted three Indians - two from Chennai and one settled in Malaysia - for hacking online accounts of brokerage firms and siphoning off millions of dollars.
Rising outgo towards clearing and settlement fees has led to an altercation between the BSE and the National Stock Exchange of India (NSE), with the latter striking down the former's request to lower the charges. NSE said it has no plans to restructure the same and that it will continue with the pricing defined under the interoperability framework. The interoperability framework, introduced in 2019, allows trades executed on any of the exchanges to be settled or cleared at either of the two clearing corporations -- NSE Clearing (NCL) or Indian Clearing Corporation (ICCL), fully-owned by the NSE and the BSE, respectively.
The NSE said it is investigating the matter and the abnormal orders that resulted in multiple trades at low prices.
Capital markets regulator Sebi on Tuesday barred five brokerage houses for up to six months from making fresh applications seeking registration as commodity brokers as they failed to meet 'fit and proper' criteria in the NSEL case. The affected brokerage houses include India Infoline Commodities, Anand Rathi Commodities and Geofin Comtrade (banned for 6 months each), and Phillip Commodities and Motilal Oswal Commodities Broker (for 3 months each). "There were enough red flags for a reasonable person to come to conclude that what was being offered as paired contracts on NSEL were not spot contract in commodities," Sebi said in five separate orders.
Pratik Gandhi once again proves that he is an actor who can bring any character to life with his dedication to his craft and instinctive understanding of what the role requires, observes Deepa Gahlot.
Madhabi Puri Buch, the first female chairperson of Sebi, doesn't plan to rest on her laurels in her third and final year in office and has set out an ambitious goal, such as moving towards a same-day and instantaneous settlement cycle for the secondary market.
'If you see another 1000-point correction, people may start panicking.'
Eight per cent felt that the markets should be extended in both the morning as well as the evening sessions.
With the Securities and Exchange Board of India allowing the extension of trading time by two-and-a-half hours, stock brokerage companies fear loss in productivity. However, they expect a rise in volumes simultaneously, at virtually no big rise in costs.
The current spurt in the stock market is on account of strong fundamentals and robust corporate earnings and retail investors can look for buying opportunities to accumulate quality stocks, experts said.
Union Finance Minister P Chidambaram, during his two-day visit to Mumbai will interact with brokers, bankers, investors and industrialists. The finance minister arrives in the city on Wednesday afternoon.
The Securities and Exchange Board of India has cancelled registration of four National Stock Exchange brokers with immediate effect.
'Liquid ETFs help in cash management by enabling a smooth transition between equity and cash within the same settlement cycle, as they trade in the same segment as equity.'
An investment banker handling the PSU issues said, "When employees pick application forms, these typically have stamps of brokers. But there was no clarity who will bear the cost. Now with this provision, government will pay 25 bps. It is lesser than retail because there is often no marketing effort from the broker, as a lot of it is done by the company itself."
The arrests were made from different districts of Tripura by teams of Assam police's special task force, he said.
Embattled Egyptian President Hosni Mubarak is likely to step down immediately and turn over power to a transitional government headed by Vice President Omar Suleiman, backed by the army.
Broker Hiten Dalal and Canara Bank Mutual Fund's former General Manager B R Acharya have been sentence to one year imprisonment.
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.
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.
Mutual fund investors no longer need to link their PAN with Aadhaar to obtain 'KYC-registered' status.
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.
'Valuations of midcaps and smallcaps have reached very high levels, and hence to that extent leave little margin of safety.'
Max Life Insurance plans to hire 30,000 agents and open 50 to 100 new offices in the financial year 2024-25 (FY25) to drive premium growth, said Prashant Tripathy, managing director and chief executive officer of the company. The private insurer's total agent count will rise to 1,30,000 in FY25. It added 47,957 agents in FY24, 54 per cent more than the year before.
Before buying a life insurance policy, weigh the pros and cons of who you are buying froman agent, broker or bancassurance.
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.
Regulator ha also proposed a higher base minimum capital for those using high-frequency algorithmic trading.
Helicopters are anticipated to be more in demand compared to fixed-wing aircraft as choppers will help in providing accessibility to rural and remote areas in a shorter time.
A 61-year-old lawyer suffering from cancer was found dead inside her house in Noida in a posh locality, with the police Monday arresting her former Indian Information Service (IIS) officer husband and charged him with the murder.
The Israeli PM Office informed that among those rescued as part of a swap deal with Hamas were 11 foreign nationals.
During the truce brokered by Qatar, 80 Israeli hostages were freed in exchange for 240 Palestinian prisoners.
