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NSE lays framework for action against brokers for misuse of clients funds

The National Stock Exchange (NSE) on Wednesday came out with a framework for taking immediate actions against trading members in case of misuse of client funds by them. In the recent past, the exchange has observed instances of misuse of client funds during its inspections as well as in the alerts generated under offsite supervision. In order to initiate immediate actions in critical cases where misuse of client funds is observed, the exchange said that proprietary deposits of the trading member available with the clearing house, NSE Clearing Ltd (NCL), will be blocked to the extent of the misuse amount or Rs 10 crore, whichever is lower, according to a circular. The action will be taken for violating "principles of enhanced supervision" for stock brokers in case of misuse of clients funds. In case misuse is observed with regards to "principles of enhanced supervision" for stock brokers, NSE said the amount equivalent to the aggregate amount of all principles, will be ...

NSE, Maha, Moneybee Institute sign MoU to launch investor-awareness project

The institute's website says that it has been engaged in training related to finance and investments since 2007

India set for $168 bn behemoth as HDFC merger to be completed by 20 July

Announcement of the so called 'record date' - or the cut-off day set for investors - for the swapping of shares of Housing Development Finance Corp. for HDFC Bank Ltd

Stay put in investment-worthy stocks for at least a year: Kisan R Choksey

Making money fast is not possible in the stock market; one needs to hold the stock/shares for at least a year,

Cracking the investment strategy: FPIs are bullish on finance, auto stocks

Load up on financials, automotive stocks in May

Stellar show by banks, but will it continue?

There are challenges ahead. It won't be easy for the banking sector to put up a better performance every quarter

Street signs: Mkts turn skittish near new highs, Index fund inflows & more

The benchmark indices registered declines in the previous two trading sessions, which could be a bearish sign, observe analysts

Sebi makes rule for upstreaming of client funds by brokers to clear corps

To safeguard clients' funds, capital markets regulator Sebi on Thursday came out with a framework that requires the upstreaming of all client funds received by stock brokers to clearing corporations. Under the framework, no clients' funds will be retained by stock brokers on an end-of-day (EoD) basis. Further, clients' funds will be upstreamed by stock brokers and clearing members to clearing corporations (CCs) only in the form of either cash, lien on Fixed Deposit Receipt (FDR) or pledge of units of mutual fund overnight schemes, Sebi said in a circular. Other than the FDRs (liened to CCs) and mutual fund overnight scheme (pledged to CCs), any remaining client funds with brokers will be upstreamed to a CC before a stipulated cut-off time. The new framework will come into effect from July 1, 2023, the Securities and Exchange Board of India (Sebi) said. With regards to upstreaming through FDRs created out of clients' funds, Sebi said stock brokers may create FDRs out of clients' fun

Proventus Agrocom made stellar debuts with around 12% premium on NSE Emerge

/ -- Proventus Agrocom Limited, the Mumbai-headquartered one-stop shop for healthy snacking solutions, made a stupendous debut on NSE Emerge the SME exchange platform of the National Stock Exchange. The company's shares were listed at a premium of 12% at Rs 862 a share over its issue price of Rs 771 per share. It locked at upper circuit with only buyers on exchange. The company witnessed total traded volumes of 1.67 lakh shares and clocked a turnover of approx. Rs 13.86 crore as of 11am on its debut day. The company's IPO was issued open for subscriptions from May 24 to May 26 and the issue saw an overall subscription of close to 2.75 times. On the listing ceremony, many dignitaries and industry personalities were present to grace the occasion. Durga Prasad Jhawar, Managing Director & CEO, Proventus Agrocom, said: "We aim to inspire healthier choices for nutritious living and sustained well-being by facilitating our customers with nature's most nutritious snacks. The IPO and its

IKIO Lighting IPO collects Rs 182 cr from anchor investors at Rs 285 apiece

LED lighting solution provider IKIO Lighting Ltd on Monday said it has mobilised Rs 182 crore from anchor investors ahead of its initial share sale that opens for public subscription on Tuesday. The company has allotted 63.84 lakh equity shares to 16 funds at Rs 285 apiece, aggregating the transaction size to Rs 182 crore, according to a circular uploaded on the BSE website. Societe Generale, Citigroup Global Markets Mauritius, Goldman Sachs, Malabar India Fund, Quant Mutual Fund (MF), HDFC MF and ICICI Prudential MF are among the anchor investors. The issue, with a price band of Rs Rs 270-285 per share, will be open for public subscription during June 6-8. The IPO of the Noida-based firm consists of a fresh issue of equity shares worth up to Rs 350 crore and an offer-for-sale (OFS) of up to 90 lakh equity stocks by promoters Hardeep Singh and Surmeet Kaur. At the upper end of the price band, the initial share sale will fetch Rs 606.5 crore. Proceeds from the fresh issuance worth

Wipro shareholders approve Rs 12,000 cr share buyback at Rs 445 apiece

IT company Wipro shareholders have approved a share buyback programme worth Rs 12,000 crore, according to a scrutinizer report released on stock exchanges on Monday. The Wipro board had approved the buyback of 26.96 crore equity shares at a price of Rs 445 apiece. According to the Scrutinizer's report on the special resolution by way of postal ballot and e-voting process, 99.9 per cent voted in favour of the share buyback resolution. "The Chairman noted the results of voting as stated above and it was declared and recorded that the special resolution as set out in the Notice of Postal Ballot dated April 27, 2023, was duly passed by the shareholders on June 01, 2023, with requisite majority," the report said. The e-voting period commenced at in the morning of May 3 and ended at 5 pm on June 1. The Board of Wipro had approved a proposal to buyback up to 26,96,62,921 equity shares, being 4.91 per cent of the total paid-up equity shares of the company for an aggregate amount not ...

Westlife Foodworld makes its debut on the National Stock Exchange

Westlife was previously only permitted to trade, but it is now listed on both the NSE and the BSE

Over half of NSE 500 stocks deliver 10x return in 20 years: Goldman Sachs

Some of the prominent Indian stocks that delivered over 10x total returns over a 5-year rolling period since 2000 include Westlife Foodworld, Bharti Airtel, Adani Total Gas, said the report

NSE, BSE to introduce surveillance mechanism for micro-small firms on Jun 5

To curb volatility in small-cap counters, leading stock exchanges BSE and NSE have put in place an enhanced surveillance mechanism for companies that have a market cap of less than Rs 500 crore. The Enhanced Surveillance Measure (ESM) will be effective from June 5. Sebi and exchanges in a joint meeting have decided to introduce ESM framework for "micro-small" companies (on the main board with market cap less than Rs 500 crore), the National Stock Exchange (NSE) and BSE said in two separate circulars on Friday. The parameters for shortlisting the securities under the ESM framework include high-low price variation and close-to-close price variation. Under the framework, the exchanges said, "... the trading for these securities will be settled through a trade for trade mechanism with a price band of 5 per cent or 2 per cent (if the scrip is already in the 2 per cent band)." "For securities in Stage II, the trading will be settled through a trade for trade mechanism with a price band

There is caution among retail investors, says Sharekhan's Gaurav Dua

The one-way rally in the broader market lasts for 17/18 months (on average) and is followed by a corrective phase of 18-24 months

ICICI Prudential Bluechip Fund: Consistent in outperformance and holdings

The fund's month-end assets under management increased to Rs 35,876 crore in April 2023, from Rs 21,765 crore in May 2020

Auto, metal, FMCG shares lift Sensex 119 pts up; Broader markets outshine

Stock Market Live updates on June 2, 2023: At 7:15 am, the SGX Nifty quoted 18,619 levels, up 55 points

BSE, NSE put NDTV securities under short-term ASM framework from Tuesday

Leading bourses BSE and NSE will put the securities of NDTV, an Adani Group company, under the short-term ASM framework from Tuesday. The parameters for shortlisting securities under ASM include high-low variation, client concentration, number of price band hits, close-to-close price variation and price-earning ratio. New Delhi Television Ltd (NDTV) is shortlisted in the short-term Additional Surveillance Measure (ASM) framework Stage-I effective from May 30, the National Stock Exchange (NSE) and BSE said in two separate circulars on Monday. The move came after both bourses had put the flagship firm of the conglomerate Adani Enterprises under the short-term ASM framework on May 25. Last week, BSE and NSE removed NDTV from the long-term ASM framework. On Monday, NDTV stock jumped 5 per cent on BSE and NSE. US short-seller Hindenburg Research in its January 24 report levelled allegations of fraud and stock manipulation against the Adani group. However, a Supreme Court-appointed pan

NSE to reduce time for trades in unlisted market as it awaits IPO

The bourse plans to process approvals for its unlisted shares within a week

Buy low, sell high and repeat: Timing is taking root in mutual funds

Inverse correlation between net equity MF inflows, market performance