At present, foreign direct investment and foreign institutional investments are added to determine sectoral foreign investment cap in banking, credit information companies, broadcasting, commodity exchanges and telecom. But, with RBI allowing FIIs to acquire shares in companies under the portfolio investment scheme, the government is now likely to mandate that sectoral caps would henceforth be for FDI investment only, official sources said.
MCX launched contracts in gold, heating oil, gasoline, natural gas, sliver HNI and aviation turbine fuel (ATF). The futures contracts will expire between February and May and the trading specifications will remain unchanged, the exchanges said.
Futures contracts of the rupee against the dollar listed on the Dubai Gold
Commodity markets regulator FMC on Wednesday said it has given approval to the Anil Ambani Group to acquire 26 per cent stake in Indian Commodity Exchange from one of its promoters, Indiabulls group.
Market regulator SEBI has asked the new stock exchange MCX-SX to explain why it should be given permission to start trade in equities in view of issues relating to its shareholding, including by Financial Technologies and commodity exchange MCX.
If implemented, it will be the first commodity exchange to offer such a facility.
SMX is a wholly-owned subsidiary of Financial Technologies, which is a leading player in creating and operating exchange platforms.
Four persons privy to the discussions told Business Standard that the deal is close to finalisation, and that regulator Forward Markets Commission (FMC) had been kept in the loop. Indiabulls holds 40 per cent stake in the exchange, which started operations less than a year ago.
With the West Asian/North African crisis not likely to end soon and investors' appetite increasing for gold, it is expected to touch $1,600 an oz by the year-end.
Besides introducing a penalty for illegal trading, the Forward Markets Commission has announced a uniform penalty structure for all the commodity exchanges, while raising the penalty amount for various other offences.
The real battle is between NSE's Ravi Narain and FT's Jignesh Shah.
The global high comes amidst the uncertainties of Brexit, a trade war and slowing growth, with traders increasing their silver bets.
India's leading commodity exchange MCX rejigged its top management on Friday -- it appointed Joseph Massey as managing director and CEO, and Jignesh Shah as vice-chairman.
Market regulator, the Securities and Exchange Board of India, on Monday said one person named Jignesh Shah was found involved in price manipulation in stock markets and has imposed a fine of Rs 2.5 lakh (Rs 250,000) on him.
The government on Monday abolished the Commodity Transaction Tax (CTT) that was announced in the Budget last year, but was yet to be implemented and the commodity exchanges rejoiced the decision.
Indiabulls has offered to sell 26 per cent of its stake in the year-old Indian Commodity Exchange to an ADAG group company.
In a severe indictment, commodity market regulator FMC has said Jignesh Shah and his firm FTIL are not 'fit and proper' to run any exchange in the country and charged him of being the "highest beneficiary" in the NSEL scam.
The regulator's comments has come at a time when national level exchanges NCDEX and NMCE are mulling to cut transaction fees, after leading bourse MCX decided to slash the charges from November 2.
The Bombay Stock Exchange and Foreign Exchange market will remain closed today due to a terrorist attack in Mumbai.
Commodity exchanges -- MCX, NCDEX and NMCE will open for 'muhurat trading session' for at least 2 hours on Tuesday evening for all commodities on account of Diwali.MCX and NCDEX have fixed muhurat trading from 1815 to 1945 hrs, while NMCE from 1815 to 2040 hrs, the exchanges said.
The turnover of 23 commodity exchanges rose by 57 per cent to Rs 11837.26 billion (Rs 11,83,726 crore) till May 15 of the 2010-11 fiscal as against Rs 7525.18 billion (Rs 7,52,518 crore) in the same period last year.
In a memorandum to the Finance Minister, the exchanges said that FM's proposal to impose the Commodities Transaction Tax (CTT) will ruin the budding commodity futures business in India. In its arguments, it said CDM is at a nascent stage. It is only 4 years old. Participation of banks, mutual funds, FIs, FIIs is still not allowed. Options contracts, index futures & futures based on intangibles are still to come. Cost increase in India will induce hedgers to global exchanges.
Commodity exchanges have recorded nearly 50 per cent growth in their total turnover at Rs 77.64 lakh crore in 2009-10 fiscal on the back of a sharp rise in the futures trading of agri-items.
Silver gained 0.20 per cent to Rs 50,276 per kg in special Muhurat trading on the Multi Commodity Exchange (MCX) today as participants built new positions to mark the start of Samvat year 2070.
This could change the way diamonds are traded.
The Bombay Stock Exchange and National Stock Exchange will remain closed on Thursday in the wake of the terror attack in Mumbai.
Slew of resignations at NSEL over past month in the wake of scrutiny; MCX gaps caused by new-age norms for commexes.
Reliance Capital, the financial services arm of Anil Ambani-led Reliance Group, has also listed several other concerns with regard to MXC deal.
An analysis of remuneration paid to the business heads at various national stock and commodity exchanges in the country shows that most of them were paid crores of rupees in the last financial year and were mostly awarded a considerable increase in their compensation from the previous year. Leading the remuneration tally, National Stock Exchange gave its managing director Ravi Narain a total payout of Rs 3.34 crore (Rs 33.4 million) in 2007-08.
Asia's oldest bourse, Bombay Stock Exchange on Wednesday launched currency derivatives segment (BSE-CDX) that would enable participants to hedge their currency risks through trading in the US dollar-rupee future platform.
On August 7, the Reserve Bank of India and the Securities and Exchange Board of India cleared the guidelines for currency futures trading. Exactly six days later, the National Stock Exchange got the market regulator's approval to start such trading and is scheduled to kick off currency futures this Friday.
Commodity futures exchanges are set for another round of equity restructuring with the Forward Markets Commission, the regulator, currently finalising guidelines that will require anchor investors to prune their equity holding to 26 per cent from the present 40 per cent after three years but before five years.
FMC chairman B C Khatua said differential margins were being considered as the perceived risk of hedgers and speculators was different.
The Ahmedabad-based Kunvarji Group has has signed with India's leading bourse, Multi Commodity Exchange of India (MCX) for offering Commodities related Training Programs in Ahmedabad.
Declining volumes in agriculture commodities are prompting the commodity bourses to aggressively focus on futures trading in bullion, metals and energy products.
The National Spot Exchange Ltd (NSEL), an arm of Multi Commodity Exchange (MCX), is planning to launch gold and silver (bullion) contracts in spot market in Kolkata by end of this month.
The steel ministry has asked its finance counterpart to expedite the implementation of the measures that have been decided but not implemented yet to contain steel prices.
According to the US-based Financial Markets International, India's ban on foreign funds into commodity futures market is these days benefiting the Chinese commodity markets. It pointed out that the cumulative effect of foreign investment is undeniably positive. "Limiting foreign investment in India's commodity futures exchanges would deny a key impetus to a rapidly growing sector of the Indian economy," the report said.
Airlines have been conducting fuel efficiency analysis, which involves fuel calculations on a daily basis, based on the availability of optimum routes in terms of wind, flight levels and overflying charges, route rationalisation to prune the number of flights and increase utilisation. They also want the Centre to grant ATF a declared goods status, which would result in a uniform levy of 4 per cent sales tax at the state level.
Gold is ruling over Rs 14,990 per 10 grams level in the spot market and on leading commodity exchange MCX gold for August was trading at Rs 14,724 per 10 grams.
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