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Chartered accountants' apex body ICAI may review the financial statements of IndusInd Bank, which is grappling with discrepancies in accounting to the tune of Rs 2,100 crore. On March 10, the private sector lender disclosed some discrepancies in its derivatives portfolio, which could have an adverse impact of about 2.35 per cent of the bank's net worth as of December 2024, as per its internal review. Analysts peg the discrepancy at Rs 2,100 crore in absolute terms. Against this backdrop, the Financial Reporting Review Board (FRRB) of the Institute of Chartered Accountants of India (ICAI) is likely to review the bank's financial statements. "As a proactive measure, ICAI-FRRB may undertake a review of the financial statements of IndusInd Bank," ICAI President Charanjot Singh Nanda told PTI on Thursday. FRRB conducts the review of financial statements of companies to assess compliance with Accounting Standards, Standards on Auditing, Schedule II and III of the Companies Act, 2013, am
Regulator Irdai on Friday permitted insurers to use equity derivatives to hedge their portfolios, a move aimed at reducing risk in a volatile capital market. Insurance Development and Regulatory Authority of India (Irdai) has issued the 'Guidelines on Hedging through Equity Derivatives' following representations from insurers. "This move aims to facilitate insurers to hedge their existing equity exposures against volatility in equity market and ensure preservation of market value of equity investments and thereby reducing risks in equity portfolio," it said. Under the current regulatory framework, Irdai allows insurers to deal in Rupee Interest Rate Derivatives in the form of Forward Rate Agreements (FRAs), Interest Rate Swaps and Exchange Traded Interest Rate Futures (IRFs). Besides Fixed Income Derivatives, insurers are also permitted to deal in Credit Default Swaps (CDS) as protection buyers. "As there is an increasing trend in investments in equity market by insurers and owing
The National Stock Exchange of India (NSE) has again emerged as the world's largest derivatives exchange in 2023, in terms of the number of contracts traded, according to the Futures Industry Association (FIA). This is the fifth straight year when the exchange earned the top position. Additionally, the exchange has ranked third in the world in the equity segment by number of trades in 2023, as per the statistics maintained by World Federation of Exchanges (WFE). The year 2023 has witnessed many milestones such as market capitalisation of listed companies surpassing USD 4 trillion, SME listed companies crossing the Rs 1 lakh crore mark and the Nifty 50 index surpassing the 20,000 index levels for the first time. Also, the number of unique registered investors on the exchange reached 8.5 crore at the end of the calendar year. "Ranking third in the equity segment and being the largest derivatives exchange demonstrates the strong capabilities of the Indian capital market ecosystem on
The National Stock Exchange (NSE) on Monday said it has launched 13 new commodity derivatives contracts, a move that will help investors efficiently manage their risk. With this launch, NSE offers 28 products in the commodity derivatives segment, the exchange said in a statement. The 13 new derivatives contracts that have been launched are 'option on futures' on gold 1kg futures, gold mini futures, silver mini futures, copper futures, zinc futures, gold guinea (8 grams) futures, aluminium futures, aluminium mini futures, lead futures, lead mini futures, nickel futures, zinc futures and zinc mini futures. "With the launch of 13 new products today, futures and options on all key products in energy, bullion, and base metals categories are available on the NSE platform. This will enable participants to efficiently manage their risk across commodities on the exchange platform, " Sriram Krishnan, Chief Business Development Officer, NSE said. Over the last few days, NSE has launched six n