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The Reserve Bank on Wednesday said it has recognised the Fixed Income Money Market and Derivatives Association of India (FIMMDA) as an SRO in financial markets regulated by the central bank. In August last year, the RBI had issued the framework for recognition of Self-Regulatory Organisations (SROs) in financial markets. The norms were issued in view of the potential role of SROs in strengthening compliance culture among their members and also providing a consultative platform for policy making. The statement said, an application seeking recognition as an SRO in financial markets regulated by the Reserve Bank was received from the FIMMDA. "Based on an examination of the application against the relevant requirements under the framework, it has been decided to recognise FIMMDA as an SRO in financial markets regulated by the Reserve Bank," it said. FIMMDA, an association of commercial banks, public financial institutions, primary dealers, and insurance companies was incorporated as a
The National Securities Depository Ltd (NSDL) on Friday said Vijay Chandok, a financial market veteran, has joined as its managing director and chief executive officer. Prior to joining NSDL, Chandok served as the MD and CEO of ICICI Securities. He held pivotal roles at the ICICI Group, including on the board of ICICI Bank as an executive director. A seasoned banker and a financial market veteran with over three decades of experience, Chandok brings a wealth of expertise in the BFSI sector, NSDL said in a statement. NSDL is a Sebi-registered market infrastructure institution offering a wide range of products and services to the financial and securities markets in India. Following the introduction of the Depositories Act in 1996, NSDL pioneered the dematerialisation of securities in India in November 1996. It is India's first securities depository to reach Rs 500 lakh crore (USD 6 trillion) in value of assets held in custody in September 2024. In October, NSDL received Sebi's go-ah
Foreign investors have pulled out Rs 26,533 crore from the Indian equity market this month so far owing to increasing allocations to China, concerns over muted corporate earnings and elevated valuation of domestic stocks. While the sell-off continues, the quantum of net outflows has significantly reduced compared to October, when Foreign Portfolio Investors (FPI) withdrew Rs 94,017 crore (USD 11.2 billion) on a net basis. With the latest pull-out, FPI outflows on a net basis are Rs 19,940 crore in 2024 so far. Going ahead, the flows from foreign investors into the Indian equity markets would depend on the policies implemented under Donald Trump's presidency, the prevailing inflation and interest rate dynamics, the trajectory of the geopolitical landscape, and the third-quarter earnings performance of Indian companies, Himanshu Srivastava, Associate Director - Manager Research, Morningstar Investment Research India, said. According to the data, FPIs recorded a net outflow of Rs 26,5