The Securities and Exchange Board of India (Sebi) has dealt a setback to exchanges looking to enter the derivatives market with its revised stance on contract expiry days. Sebi’s ‘one-exchange, one-weekly-expiry’ rule had prompted the Metropolitan Stock Exchange of India (MSEI) and the National Commodity & Derivatives Exchange (NCDEX) to prepare for launching equity derivatives, aiming to add more trading days. However, Sebi’s latest proposal caps expiry days at just two — Tuesdays and Thursdays — across all exchanges. Sources say Sebi wants prospective entrants to present business plans focused on public interest and capital formation rather than relying on weekly index options. In response, shares of both MSEI and NCDEX have tumbled in the unlisted market.
Investors grab the best room in the market — hotels
Hotel stocks have been on a hot streak over the past month, buoyed up by a steady business outlook. Shares of ITC Hotels, Indian Hotels Company, EIH, Ventive Hospitality, Chalet Hotels, and Lemon Tree Hotels have climbed 10-16 per cent in four weeks. While the Nifty remains down 9 per cent over the past six months, most hotel stocks have delivered gains, reinforcing confidence in their growth potential. “The January-March and April-June quarters are typically strong for hotels. Room rates have held firm nationwide, occupancies remain high, and earnings visibility is superior to many other sectors,” said an analyst.
Long goodbye: Madhabi Puri Buch’s send-off comes a month late
Nearly a month after Madhabi Puri Buch stepped down as chairperson of the Securities and Exchange Board of India (Sebi), regulatory officials and market participants finally gathered to bid her farewell. On Friday, representatives from Sebi, market infrastructure institutions, the industry standards forum, and other stakeholders came together in Mumbai to honour the former chairperson. Puri Buch, sidelined by Covid, had delivered a virtual farewell on February 28, missing the customary photo op with her successor, Tuhin Kanta Pandey. Sources say Puri Buch will serve a mandatory one-year cooling-off period before taking on any new role.
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