Budget 2021: SEBI to be the regulator of proposed spot gold exchange; proposal to introduce an investor charter

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In her budget speech, India’s finance minister called upon Securities and Exchange Board of India (SEBI) to act as a regulator for the proposed exchange for spot gold. SEBI currently regulates the equities market along with commodity futures market. “In the budget of 2018-19, government had announced its intent to establish a system of regulated […]

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India unveils expansionary budget to combat pandemic’s impact

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With covid pandemic in mind, Finance Minister Nirmala Sitharaman announced a plethora of allocations and tax incentives in the annual budget to expedite the economic recovery process. The Union Budget 2021-2022 definitely cheered investors and propelled the benchmark stock index (SENSEX) by 2,000 points, the largest in 10 months. The budget made substantially higher allocations for […]

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Grasim Industries to sell fertiliser business for Rs 2,649 crore

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Grasim Industries plans to sell the company’s fertiliser business, Indo Gulf Fertilisers (IGF) to Indorama India (IIP), a subsidiary of Indorama Corporation, Singapore, for a cash consideration of Rs 2,649 crore. Analysts are calling it a slump sale. Indo Gulf Fertilisers is engaged in manufacture, trade and sale of urea and other agri-inputs with a 1.2 MTPA urea […]

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SEBI eases norms for disposal of physical gold, silver assets held by mutual funds

Markets regulator SEBI has relaxed the timelines for disposal of physical gold and silver assets held by mutual funds for settlement purposes for investments made through exchange traded commodity derivatives. Underlining that mutual fund schemes cannot invest in physical goods except in gold through gold ETFs, SEBI modified its nearly a year-old directives on disposal timeline for physical goods held by the mutual fund schemes […]

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Sebi proposes one commodity, one exchange model to make India influence global prices

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To deepen and grow commodity markets in India with an intention to make India a price-setter than a price-taker, the Securities and Exchange Board of India has proposed, ‘one commodity, one exchange’ plan even though currently multiple exchanges are allowed to launch contract on the same commodity to create competition and give choice to investors, says a report in Business […]

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SEBI board allows non-bank custodians to manage gold products

India’s regulator, the Securities and Exchange Board of India (SEBI) board has decided to allow non-banking custodians to manage gold-exchange traded funds (ETFs) and other gold-related products. Banking custodians can continue to provide these services, it stated after a meeting. The board decided to bring amendments to the SEBI (Mutual Funds) Regulations, 1996, in this […]

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Commodity Participants’ Association to create investor database to rein in defaulters

The Commodity Participants’ Association of India plans to create a registry of individual clients trading on the exchange platform to avoid defaulted members from one exchange moving to another. It has been observed that some clients who were banned in the recent castor-seed crisis in NCDEX, had moved to other exchanges in the absence of […]

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Market regulator, SEBI adds diamond, base metals and alloys to liquid assets list in commodities derivatives

Capital markets regulator Securities and Exchange Board of India (SEBI) added diamond, base metals and alloys to the list of eligible liquid assets for the commodity derivatives segment. Currently, the list of commodities permitted as liquid assets consists of bullion, steel and agricultural commodities. “Considering the introduction of compulsory delivery-based diamond and base metal derivatives […]

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SEBI likely to give Deutsche Bank nod to operate as commodity custodian for Mutual Funds

Markets regulator SEBI is likely to give approval to Deutsche Bank by next month to operate as a custodian in the commodities space, a move which will enable participation from institutional investors, including mutual funds and portfolio management service providers, in such segment. To help broaden the commodity derivatives market, SEBI’s board in March this […]

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