Udai Kumar appointed as full-time MD and CEO of MSEI

Udai Kumar has been appointed as full time Managing Director(MD) and Chief Executive Officer(CEO)  of Metropolitan Stock Exchange of India(MSEI) Ltd.

His appointment was approved by SEBI(Securities and Exchange Board of India)  and comes after stringent shortlisting process and Interviews by the Selection committee.

Prior to this appointment, he was given an interim charge after then MD and CEO Saurabh Sarkar had resigned….
Udai Kumar is a veteran of the capital and financial markets. He has over two decades of rich experience in stock exchange administration, fund-raisin,capital markets, restructuring and merger and acquisition functions.

About Metropolitan Stock Exchange of India (MSEI) Ltd

  • MSEI formerly known as MCX Stock Exchange Ltd. (MCX-SX), is India’s youngest and one of the three stock exchanges recognized by SEBI. It was founded in 2008….
  • It offers an electronic, transparent and hi-tech platform for trading in Capital Market, Currency Derivatives, Futures & Options, Interest Rate Future (IRF) and Debt Market segments….

Union Cabinet increases limit for foreign investment in Stock Exchanges from 5% to 15%

The union cabinet has given it’s approval for raising foreign shareholding limit from current 5% to 15% in Indian Stock Exchanges.

The decision brings the investment limit of foreign entities at par with that of domestic institutions.

This enhanced limit is for a stock exchange depository banking company insurance company and commodity derivative exchange.

IMPLICATIONS

  • Enhance global competitiveness of Indian stock exchanges
  • Enable Indian stock exchanges to acquire and adopt latest technology and global best practices.
  • Pave way for better overall growth and development of the Indian capital market

BACKGROUND

  • The Union cabinet approval is in pursuance of implementation of the 2016-17 Budget Announcement made by the Union Finance Minister Arun Jaitley.
  • Finance Minister had made this announcement with regard to reforms in FDI Policy in order to enhance investment limit for foreign entities in Indian stock exchanges form 5% to 15%.

Market pares gains from record highs ; Nifty below 10,850

 A government move to slash extra borrowing by 60 per cent to Rs 20,000 crore from Rs50,000 crore announced earlier gave the equity indices a lift to fresh peaks on Wednesday.

  • ULTRATECH cement slips 3% as Q3 PAT falls 23%
  • ADANI Ports Q3 profit pushed up 17%
  • 5PAISA capital gets NOD for commodity trade
  • NCDEX names VIJAY KUMAR as MD & CEO
  • China’s local government debt growth almost doubles in 2017
  • HDFC bank m-cap crosses Rs 5 Lakh crore

A protracted cryptocurrency crash would ‘spill over’ into stocks, Wells Fargo warns

The crypto currency market’s largest player BITCOIN, tanked. It plummeted 20 percent over two days, recouped much of those losses and then plunged below $10,000 Tuesday afternoon on coin base.

A two day selling frenzy isn’t what’s going to affect the stock market, according to Harvey. It’s what could transpire when a shock is deeper and longer.

Harvey, who has a S&P 500 year-end price target of 2,863, was one of the first wall street strategists to suggest that a crypto market bust could hurt the stock market rally.  He contended stocks could easily be dragged into the chaos-citing the high levels of speculation and euphoria surrounding the emerging asset class.

In a worst-case scenario, he sees it affecting technology stocks first and then financials. Harvey believes investors don’t recognize how much exposure they may have to the cryptomarket through stocks.

“If speculation comes out of the cryptocurrency market, you would expect some of that optimism to start to fade,” Harvey said. “Almost every day that market is getting bigger. It’s starting to touch more and more parts of the marketplace and different regions of the world.”

Buy Indian Bank, target Rs 410: Pritesh Mehta

The Bank has reported a Gross Nonperforming Assets of Rs 9623.94 crore and net Non performing Assets .For the quarter ended 30-09-17, the company has reported a Standalone interest income of Rs 2902.34 crore,up 2.63 per cent from last quarter interest income of Rs 2827.87 Crore and down 0.59 per cent from last year same quarter interest income of Rs 2919.51 Crore

Upbeat global cues

Asian stocks pulled off record highs on Thursday, with a rally on Wall Street supporting bullish investor sentiment. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.2 per cent after rising as much as 0.4 per cent to a fresh peak. South Korea’s KOSPI was effectively flat Japan’s  Nikkei reached its highest level since late 1991 earlier before ending down 0.4 per cent .

“Events related to North Korea pose potential risks, but there are very few factors holding equities back at the moment,” said Junichi Ishikawa, senior FX strategist at IG Securities in Tokyo. “And bullish US stocks, higher Treasury yields and signs of the euro’s recent surge running its course are all dollar-supportive factors,” Ishikawa said.

Near-term market focus was on China’s gross domestic product data due at 0700 GMT. Analysts polled by Reuters expect the world’s second-largest economy to have grown 6.7 per cent in the October-December quarter from a year earlier, slowing from a rise of 6.8 per cent in the previous quarter.

“The downward trend is clear. We expect investment to come under pressure this year but we are relatively optimistic about consumption and exports,” said Li Huiyong, an economist at Shenwan Hongyuan Securities in Shanghai.

All eyes on GST Council meet

The good and services tax council is slated to hold 25th meeting on Thursday, where revision in tax rates over 50+ items such as bio-diesel, agriculture equipment and online services.

Council may consider simplification of law, rules and procedure as the law review committee has suggested a slew of changes. It may also approve a new definition for handicrafts to give a leg up to the sector.

Currently, all those registered under GST are bound to file three monthly returns, in addition to one annual return. They actually file two returns while the third is culled from the figures in these returns. The businesses are facing much hardship since they have to submit all data online instead of uploading ready data and there is no provision for one to keep a copy of the forms filled up, nor a provision to file corrections in the returns.

The trade bodies are complaining that the burden on registered taxpayers to pay the tax is a retrograde step, while small or unregistered taxpayers are running out of business if registered dealers are not buying goods from them.

According to a report in the Economic Times, the GST Council could also discuss new measures to boost digital payments in the country. A government official said the government could look at incentivising digital transactions for both customers and traders.