Regulations
Ashok Chawla is the new chairman of NSE
Former finance secretary Ashok Chawla has been appointed the new chairman of the National Stock Exchange (NSE), it was announced on Friday.
 
Market regulator Securities and Exchange Board of India (Sebi) approved the name of Chawla, who was heading the Competition Commission of India (CCI), the NSE said, adding his appointment was effective from May 3 and till March 27, 2019.
 
The NSE's board of directors had elected the 1973 batch Gujarat cadre IAS officer as its chairman.
 
Chawla who has over 40 years of experience in various sectors of the economy in India as well as in international agencies, did his masters in economics from the Delhi School of Economics in 1972.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
 

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Tamil Nadu election: Assets of 89 re-contesting MLAs zooms 98% in past 5 years
As Tamil Nadu gears up for the Assembly elections, an analysis shows that assets of 89 outgoing members of Legislative Assembly (MLAs) from across the parties, who are re-contesting, have jumped 98% over the past five years.
 
Tamil Nadu Election Watch and Association for Democratic Reforms (ADR) analysed the affidavits of 89 outgoing MLAs who are re-contesting from major parties in the 2016 Tamil Nadu Assembly Elections. According to the analysis, average assets of these MLAs increased by 98% or by Rs4.27 crore to Rs8.63 crore in 2016 from an average asset of Rs4.35 crore in 2011 election.
 
 
While All India Anna Dravida Munnetra Kazhagam (AIADMK) is the ruling party in Tamil Nadu, opposition party Dravida Munnetra Kazhagam (DMK)'s MLA from Katpadi emerged at top in term of highest percentage wise increase in assets. Katpadi MLA Duraimurugan's assets rose 224% to Rs29 crore in 2016 from Rs9 crore five years ago. Chief Minister and AIADMK chief J Jayalalithaa features third while DMK boss M Karunanidhi is at fifth position on the list.
 
 
MLAs belonging to ruling AIADMK saw their average asset going up by 118%, followed by Pattali Makkal Katchi (PMK) members at 88%, shows the analysis carried out by ADR. 
 

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COMMENTS

D S Ranga Rao

7 months ago

That shows what a Banana Republic ours is! Thoroughly lax laws, an indolent, indulgent and indifferent judiciary, a bunch of corrupt, inefficient and ineffective regulatory
agencies, viz., IT, DRI, ED, ECI, etc., that pretend to be blind, deaf and mute when they ought to have acted to stem the rot when the elected candidates openly declare and flaunt their ill-gotten wealth, all summing up to an acquiescent government at the helm. The situation won't change on its own unless and until the voter, each and every voter, realizes that's he alone has to decide his fate by electing a right person.

agencies, viz.,

Nifty, Sensex struggling to rally – Weekly closing report
We had mentioned in last week’s closing report that Nifty, Sensex might rally a bit. The major indices went through ups and downs through the week to make small gains at Friday’s close over the previous week. The weekly trends of the major indices of the Indian stock markets are given in the table below:
 
 
On Monday, healthy buying was observed in interest rate sensitive stocks like banks, auto and capital goods. In addition, investors' risk appetite was increased after a dismal US non-farm payrolls data reduced the potential for a June rate hike there. The US data for last month showed that the economy created 160,000 jobs, against 215,000 in March. A US rate hike could potentially lead to a pull-back of foreign funds from emerging economies like India. However, there was a catch in the strong rally. NSE turnover was only at 66.39 crore and hence the rally was on thin volumes.
 
Home prices have touched record high levels but a faster rise in disposable income has made house purchasing the most affordable ever, housing loan major HDFC has said in a report. According to latest data compiled by HDFC, the average property value of housing units have risen to an all-time high of over Rs50 lakh this year, while the annual income of an average homebuyer has also grown to record levels of over Rs12 lakh. A sharper increase in income levels compared to housing prices has brought down the affordability ratio to 4.1, making this the lowest in India's history and below the previous all-time low score of 4.3 posted in the year 2004. The ratio stood at 4.4 in 2015. A lower ratio indicates that house purchase has become more affordable now. The report said improved affordability has largely been driven by rising disposable income and affordable interest rates on home loans. The affordability ratio stood at a high of 22 in 1995, signifying that an average home buyer needed to pay 22 times of his/her annual income to purchase a house. HDFC shares closed at Rs1,204.00, up 3.12% on the BSE.
 
Negative global cues, coupled with profit booking, subdued the Indian equity markets on Tuesday. Consequently, the key indices of the Indian equity markets traded flat -- marginally in the green in the morning. With value buying in capital goods, healthcare and bank stocks lifting prices, by afternoon, the major indices closed with small gains. The BSE market breadth was marginally tilted in favour of the bears -- with 1,315 declines and 1,298 advances.
 
The government on Wednesday announced amendments to the DTAA (Double Taxation Avoidance Agreement) with Mauritius as a result of which the key Indian indices plunged on Wednesday at the open. The amended DTAA has increased the potential of a massive outflow of foreign funds from the equity markets since Mauritius is a major source of such foreign investments. Consequently, the key indices of the Indian equity markets closed the day's trade in the red, although the market made a spirited recovery in the first two hours. The BSE market breadth was skewed in favour of the bears -- with 1,454 declines and 1,114 advances.
 
Parliamentary approval for key economic legislation and value buying, buoyed the Indian equity markets on Thursday. Consequently, the key indices of the Indian equity markets traded in the green since morning, went down for a while and closed strongly. The BSE market breadth was tilted in favour of the bulls - with 1,545 advances and 960 declines. The Rajya Sabha on Wednesday had passed the Insolvency and Bankruptcy Code 2016, which is seen as a key reform that will encourage entrepreneurship.
 
India's factory output growth turned flat in March after rising during the month before, even as the annual retail inflation for April rose to 5.39% from 4.83% in March, official data showed on Thursday. The factory output for February, based on the index of industrial production, which had turned positive at 2%, after two straight months of decline, rose negligibly by 0.1% in March, as per data released by the Central Statistics Office. As regards annual retail inflation, based on consumer price index, the rise came after two straight months of decline. The inflation rates for the preceding three months were 4.83% for March, 5.26% for February and 5.69% for January. At the same time, the annual food inflation rose sharply to 6.32% from 5.21%. This apart, the annual retail inflation in the rural economy was relatively higher at 6.09%, against 4.68% in the urban areas. Worryingly for industry, the index for manufacturing, which has the maximum weight in the overall index, actually fell by 1.2% in the month under review. While the index for mining also fell, albeit marginally by 0.1%, that for electricity grew by a robust 11.3%.
 
Disappointing macro-economic data, along with profit booking, dragged the Indian equity markets lower on Friday. Consequently, the key indices closed the day's trade deeply in the red.

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