Stock Exchanges

Sebi introduces framework for scheme of arrangement by clearing corps

Capital market regulator Sebi on Tuesday introduced a framework for 'scheme of arrangement' by unlisted stock exchanges, clearing corporations and depositories. A scheme of arrangement is a court-approved agreement between a company and its shareholders or creditors. At present, there is no specific provision for unlisted Market Infrastructure Institutions (MIIs) -- stock exchanges, clearing corporations and depositories -- to file the draft scheme of arrangement with Sebi prior to filing the application before any court or tribunal. Further, the process to be followed by unlisted MIIs in case of a scheme of arrangement is currently not specified. Under the new framework, Sebi said that unlisted MII desirous of undertaking a scheme of arrangement will have to file the draft scheme of arrangement along with a non-refundable fee with the regulator for obtaining the observation letter or no-objection letter before filing such a scheme with any court or tribunal. The provision may not

Managing director Mohanty named LIC interim chairperson as Kumar era ends

Takes charge on March 14 for three months, faces challenges of LIC's falling market share and share price, apart from depleted value of its holdings in Adani group

Exchanges designate 15 stock brokers as QSBs with enhanced obligations

Additional responsibilities are in areas of financial stability, audit, related-party transaction, cyber security, risk management; enhanced monitoring of these QSBs to start on July 1

Stock markets achieve complete transition to T+1 settlement regime

Indian stock markets on Friday achieved a complete transition to a shorter settlement cycle or T+1 regime, a move that will bring significant capital efficiencies to the investors and improve risk mitigation for the entire industry. T+1 (trade plus one) means that market trade-related settlements will need to be cleared within one day of the actual transactions taking place. Earlier, trades on the Indian stock exchanges are settled in two working days after the transaction is done (T+2). All trades from January 27 executed in any securities in the equity segment will be settled on a T+1 basis, the National Stock Exchange (NSE) said in a statement. The journey to shortening the settlement cycle began on September 7, 2021, when capital markets regulator Sebi allowed stock exchanges to introduce the T+1 settlement cycle from January 1, 2022, on any of the securities available in the equity segment. Following this, all the market infrastructure institutions -- stock exchanges, clearing

Sebi allows stock exchanges to launch multiple contracts in same commodity

Also, the stock exchanges have suggested Sebi to launch multiple contracts on same commodity to cater to all value chain participants

Sebi allows exchanges to launch future contracts on corporate bond indices

In order to enhance liquidity in the bond market and to provide opportunity to the investors to hedge their positions, Sebi on Tuesday allowed stock exchanges to launch future contracts on corporate bond indices. The index should composed of corporate debt securities, constituents of the index should have adequate liquidity and diversification at issuer level and the constituents of the index should be periodically reviewed, Sebi said in a circular. Further, single issuer should not have more than 15 per cent weight in the index, there should be at least 8 issuers in the index, and the index should not have more than 25 per cent weight in a particular group of issuers (excluding securities issued by public sector undertakings, public financial institutions and public sector banks). "The value of the Cash Settled Corporate Bond Index Futures (CBIF) contracts shall not be less than Rs 2 lakh at the time of introduction," Sebi said. The stock exchanges may introduce contracts of up to

Sebi board approves phasing out shares buyback through stock exchanges

Buybacks will be undertaken through a separate window on stock exchanges until then

Sebi to tighten norms for stock exchanges, other market infra institutions

Sebi on Tuesday decided to amend the governance norms for stock exchanges and market infrastructure institutions, including categorising their functions into three verticals and rationalising the appointment process for public interest directors. The regulatory changes are expected to bring in "greater transparency and accountability" in the functioning of Market Infrastructure Institutions (MIIs), Sebi said after its board meeting here. The changes, cleared by the board, have been finalised after a comprehensive review of the governance of MIIs -- stock exchanges, clearing corporations and depositories. Going forward, the function of an MII will be categorised into three verticals -- critical operations, regulatory, compliance and risk management, and other functions, including business development. The Key Management Personnel (KMPs) heading the functions under the first two verticals will be at par in the hierarchy with the KMPs heading the third vertical. Also, MIIs will have t

Sebi sets up three panels to push market reforms, ease of doing business

Experts to advise changes to framework around FPI, takeover code and social stock exchanges

Sebi gives nod to appointment of Ramamurthy as MD & CEO of BSE

Ramamurthy is currently the Chief Operating Officer-India at Bank of America

Former Nykaa CFO Arvind Agarwal joins PayU India as chief financial officer

"We are excited to welcome Arvind to our leadership team," said Prosus-owned PayU India in a statement

Sebi issues rules for managing technical glitches, cyber security threats

Stock exchanges to put a structure of financial disincentives for non-compliance by brokers

1.8 million shares tendered on day two of Adani's NDTV open offer

The names of those who tendered their shares will be disclosed on the final day of the open offer

T+1 settlement of all F&O stocks pushed to Jan 2023, transition at one go

However, the timeline issue for many FPIs remains, as the relaxation still compels them to book forex during non-market hours

Carlyle Group sells Rs 607 crore shares in logistics firm Delhivery

The six-month post-initial public offering (IPO) lock in on shares of Delhivery ended on November 20

Thierry Bollore quits JLR, Adrian Mardell to take over as interim CEO

Bollore's sudden resignation after a two-year stint comes at a time when the UK arm is battling various headwinds including chip semiconductor even as the order book remains strong

Nippon Life-Birla Sun Life merger talks fail ahead of RCap deal deadline

Sources say Nippon Life of Japan not keen on diluting its holding in Reliance Nippon Life Insurance Company to less than 10%--something that the merger will bring about

Tata Motors to delist ADS, net loss in second qtr narrows to Rs 945 crore

The move will help simplify the company's financial reporting requirements and reduce administrative costs, it said

'It is unacceptable': Investors react to 40-minute Toronto Exchange Outage

A 40-minute outage across three stock exchanges stalled equity trading in Canada, leaving some investors frustrated and others refusing to place orders even after it reopened.

Sebi bans Mehul Choksi from securities market for 10 years, fines Rs 5 cr

Choksi is already facing Income Tax department and ED action