The customs duty from gold imports could be approximately Rs 8,000 crore, about less than half of what was collected a year ago.
Real reason for crashing gold prices is not Trump victory, says expert.
Consumer sentiment seen better than last year's
The BSE Midcap and the S&P BSE Smallcap indices outperformed to gain 0.6% and 1.1%, respectively
Making a weak opening, shares of FTIL further tanked 45 per cent to Rs 105.5 -- its fresh 52-week low on the BSE.
Seeking to spur foreign investments, Finance Minister P Chidambaram has said the Union Cabinet will decide on raising FDI caps in different sectors in the third week of this month.
Earlier this month, the CBI registered a Preliminary Enquiry against former Sebi Chairman C B Bhave and ex-member K M Abraham, as also against Jignesh Shah-founded FTIL and MCX, among others.
The GIFT City management is in talks with Hong Kong, London, and Singapore arbitration centres
Gold is seen as a preferred asset for all types of investors, even central banks.
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These are FM radio, uplinking news & current affairs, print media (news & current affairs), commodity exchanges, stock exchanges along with depositories and clearing corporation, power exchanges, petroleum & natural gas refining, insurance, defence production and private security agencies.
Rajesh Bhayani examines what SEBI's approval of diamond futures trading means for the diamond market players.
Special audit report conducted by the PricewaterhouseCoopers on Multi Commodity Exchange has met with another opposition. Earlier FTIL, the promoter of MCX had opposed its contents and now Venkat Chary who is FTIL's non-executive chairman has sent a notice to PwC. PwC report submitted to the FMC in last April mentioned the names of Key Management Personnel of MCX and the name of Venkat Chary was mentioned in that list. Chary was Chairman, MCX, during that period. Chary who had in past also served as Chairman of FMC objected to the PwC mentioning his name as the key management personal of MCX. He wrote to the audit firm saying that he was FMC-nominated Non-executive Independent Director and Chairman on the Board of Directors of MCX till July 13 when he resigned following revised FMC guidelines which laid down 70 years as the maximum age for Chairman/Director. Chary sighted provisions of Companies act and Section 2(51) of the Companies Act, which defines " key managerial personnel" in relation to a company include CEO or MD, whole time director, CFO, company secretary and other officer as prescribed. "As non-executive independent director and Chairman nominated/approved by the FMC, I did not fall within any of the above categories," said Chary and hence blamed PWC for not showing due diligence in your special Report to the FMC. Chary has sent a notice to PWC asking it to take immediate steps to rectify this error. Since PwC Report was placed in the public domain, "it has caused serious damages to my reputation as a practising Advocate of the Bombay High Court." Chary has asked PWC if remedial action are not taken he will report the case to the Institute of Chartered Accountants of India for professional misconduct under the Chartered Accountants Act, 1949, by showing gross negligence in the in professional duties. Chary has said, "I also intend to resort to the civil and criminal courts for damages/action against PWC." When contacted PwC spokesperson said that, "Our work has been executed to the expected professional standards and we stand by the content of our report submitted to the Forward Markets Commission". Chary is not the first to oppose PWC, FTIL it self had said the report was prepared without giving them chance to respond and have not accepted contents. Recently, Riddhi Soddhi Bullion, had sent a legal notice for mentioning its name as 'indulging in wash trades on MCX.' The leading bullion trader had claimed damages in their defamation suit.
This measure will ensure that the price of a scrip cannot move upward or downward beyond a limit set for the day.
At present, it is trading at around $1,004 an ounce in the international market, about $150 cheaper than gold
Congestion on Mumbai roads has become chronic.
Derivatives exchange DGCX started trading futures for the S&P BSE Sensex
The manpower requirement will be met with the officers from FMC (both cadre and deputation) and by new hiring.
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FTIL group is in big trouble after over Rs 5,500 crore payment crisis surfaced at its subsidiary NSEL last year.
Wonderla's Rs 180-crore ( Rs 1.80 billion) offering had seen demand to the tune of Rs 6,000 crore ( Rs 60 billion).
The Income Tax department has declined to share details of probe being carried out in Rs 5,600 crore (Rs 56 billion) payment default by National Spot Exchange Limited (NSEL) saying it would "hamper the process of investigation or apprehension of offenders".
The Agricultural Produce Marketing Committee Act of a state regulates the purchase of agricultural products, such as cereals, pulses, fruits and vegetables for that region. It hobbles farmers, imposing multiple levies on produce and disallows direct sales to private companies.
Financials emerged as the top gainers while auto shares rallied on robust September sales
Much of the rise in prices has been in food items
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In most developed markets, there are reporting agencies for spot markets and generally deals took place on the over-the-counter market.
Sebi will be taking a number of measures to develop a derivatives market of commodities.
Bank Nifty closes at a 30-month high; Rate sensitives lead the rally on RBI rate cut optimism.
Largest bidder says FTIL not following correct process and MCX not extending cooperation; FTIL and MCX say cooperating fully
Trading in agri commodities on Saturdays to be reviewed later; more changes likely in the coming months to align with global pattern.
After defaulting for a consecutive time in paying its investors, National Spot Exchange Ltd (NSEL) got a Rs 177-crore (Rs 1.77 billion) lifeline from its main promoter, Jignesh Shah-run Financial Technologies.
A Delhi University alumnus with an MBA in finance and a doctorate, Vaish started his career as a banker in 1984, became an academician a few years later and joined the capital market in 1998.
FTIL stock on Thursday fell by over 60 per cent in early morning trade, while that of Multi Commodity Exchange plunged by 20 per cent following concerns about another group entity National Spot Exchange Ltd.
Gold is often considered a 'hedge' against an economic uncertainty.
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Amidst debate over control of Jet Airways post UAE's Etihad buying stake, the RBI on Thursday notified FDI guidelines defining control of a company, saying that a firm will be said to be controlled by non-residents if they have powers to appoint majority of the directors.
The RBI view comes within a fortnight of the sectoral regulator FMC in a report stating that the promoter Shah and promoter company Financial Technologies are not eligible to run the crippled exchange, an order challenged by the group in the Bombay High Court.
Besides Vodafone, several other major MNCs like Nokia and Shell were locked in tax dispute with the revenue department.
The second-longest serving chairman introduced quite a few measures for the primary market and implemented a new corporate governance framework.
The cash segment turnover at MCX-SX sharply fell to Rs 624 crore (Rs 6.24 billion) in November from Rs 1,119 crore (Rs 11.19 billion) in October, 2013.
S&P upgraded India's credit outlook to 'stable' from 'negative' earlier.
Investors booked profit ahead of the outcome of the two-day US Fed policy meet which begins today.
Benchmark indices finished higher on hopes of economic reforms
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