CBI arrests former NSE CEO Chitra Ramkrishna in co-location case

 She will be presented before a Delhi court on Monday morning

The Central Bureau of Investigation (CBI) on Sunday night arrested former managing director (MD) and chief executive officer (CEO) of National Stock Exchange Chitra Ramkrishna in Delhi in the co-location case after her anticipatory bail plea was rejected by a Special CBI court on Saturday.

“She will be presented before a Delhi court on Monday morning,” a CBI official said under condition of anonymity. CBI had arrested former group operating officer of NSE Anand Subramanian last week. CBI may also seek extension of Subramanian’s custody on Monday whose 10-day custody ended on Sunday.

The arrests were made in the case related to the co-location scam, the FIR for which was registered in May 2018, amid fresh revelations about irregularities at the country’s largest stock exchange. The CBI had last month questioned Ramkrishna, Subramanian and Ravi Narain, also former CEO of the NSE. A report of the Securities and Exchange Board of India last month showed that Ramkrishna took key decisions at the NSE from 2013 to 2016 on the advice of a “Himalayan yogi”, whom she had never met and who instructed her to appoint Subramanian group operating officer…Read More

India to move to T+1 settlement from Friday: Here's what it means

 India To Start with T+1 stock settlement from February 25, which means that trade-related settlements must be done within one day of the transaction’s completion.

Currently, trades on the Indian stock exchanges are settled within two days, just like most major markets such as Singapore, Hong Kong, Australia, Japan, and South Korea. Indian exchanges, however, will be moving to T+1 settlement from February 25 in a phased manner. T stands for trade day. Here is the lowdown on what the shorter settlement cycle means:

What is the new T+1 settlement cycle?

T+1 means that trade-related settlements must be done within one day of the transaction’s completion. Trades on Indian stock exchanges are currently settled in two working days after the transaction is completed (T+2). For example, if you buy shares on Wednesday, they will be credited to your Demat account by the next day, which is Thursday. Till now they were getting settled on Friday.

Will it be a gradual transition?

Initially, on the last Friday of February, only 100 stocks that are placed at the bottom according to their market valuation will be placed under the new settlement cycle. After that, 500 more stocks will be added every last Friday of subsequent months, until every stock is placed under the new settlement system…Read More

I-T crackdown: Brokers, speculators go under scanner for false exchanges

Conducts searches at over 150 places linked to brokers, investors for alleged tax evasion

Countless merchants and speculators are under the scanner of the annual assessment (I-T) office for supposedly executing fake exchanges illiquid investment opportunities.

As per sources, I-T authorities on Wednesday directed overviews and search tasks at around 150 areas the nation over, including Delhi, Mumbai, Hyderabad, and Kolkata. “We have propelled a test in the issue following data from the market controller about anomalies in the value subordinate portion,” said an assessment official conscious of the improvement. The authority included this was a crisp test dependent on the investigation of certain subordinate agreements both on the BSE and the National Stock Exchange (NSE).

The test covers exchanges of the most recent five years, beginning 2014, and will proceed for a couple of more days, sources said.  The I-T office associates the inclusion with more than 20,000 substances, including exchanging individuals and financial specialists, in the issue, which could have prompted tax avoidance of about Rs 80,000 crore.

Early this year, the Securities and Exchange Board of India (Sebi) exacted an all out punishment of over Rs 55 lakh on nine substances for fake exchanging illiquid investment opportunities of the BSE. The activity had come after the controller led an examination concerning the exchanging action the section from April 2014 to September 2015, subsequent to watching huge scale inversion of exchanges….Read More

NSE, MCX in merger talks, could submit proposal to Sebi this month

The merger will help NSE and MCX cement their leadership position both in the equities and commodity derivatives space

Market News :  The National Stock Exchange (NSE) and the Multi Commodity Exchange (MCX) entered into merger talks ahead of the implementation of the universal exchange framework in October, said a top official. The two entities are planning to approach market regulator Securities and Exchange Board of India (Sebi) as early as this month, according to the official.

The merger will help NSE and MCX cement their leadership position both in the equities and commodity derivatives space.

Both the exchanges have readied a blueprint for the merger proposal which will be discussed with Sebi. Sources say NSE entered talks with the commodity bourse soon after the market regulator allowed exchanges to dabble both in the equities and commodities space. The decision was taken by the Sebi board at its December 2017 meet.

NSE spokesperson said, “We will not comment on market speculations.” An query sent to MCX did not elicit immediate response.

Sources say that NSE which already has a strong hold in equity and index derivatives wants to be leader in the commodity segment as well.

“Commodity space is still evolving and has great opportunity to develop in the current scenario. So, having a dominant player will help bring in lot of economies of scale,” explained a person in the know.

In the equity derivatives space, NSE has near monopoly, while in commodity derivatives MCX enjoys a lion’s share of 90 per cent.

“It is premature to share any further details of the proposal, since talks are still in the preliminary stage,” said the official cited above.

Click Here : NSE MCX Merger