The Sensex will now be managed and operated by the new joint venture to be known as S&P BSE Sensex and effective Tuesday, all the BSE indices, including BSE 100 and BSE 200, will be co-branded ‘S&P’
Bombay Stock Exchange (BSE), India’s premier bourse, has inked a pact with S&P Dow Jones Indices to use the S&P brand for Sensex and other indices such as BSE 200 and BSE 100, a week after expiry of the global financial major’s pact with rival exchange NSE.
BSE benchmark index Sensex will now be managed and operated by the new joint venture to be known as S&P BSE Sensex and effective Tuesday, all the BSE indices, including BSE 100 and BSE 200, will be co-branded ‘S&P’.
Besides, these indices would join S&P Dow Jones Indices’ other iconic financial market indicators such as the S&P 500, the Dow Jones Industrial Average, the S&P/TSX 60, and the S&P/ASX 200.
“We expect our partnership with S&P Dow Jones Indices will help BSE raise the global acceptance of the Sensex and other index benchmarks, and help BSE achieve a leadership position in the index derivatives space,” BSE MD and CEO Ashish Chauhan told reporters here. “We have entered into a long-term strategic partnership with S&P Dow Jones Indices and will share revenues on 50:50 basis,” Mr Chauhan said.
Established in 1875, 137 years ago, BSE (formerly Bombay Stock Exchange) is Asia’s first stock exchange.
As of 31 December 2011, more than $1.5 trillion was directly indexed to S&P Dow Jones Indices’ family of stock market indices. “This partnership expands BSE and S&P Dow Jones Indices’ presence in India and in South Asia, while providing a springboard for our efforts in the ASEAN region with an important exchange partner that understands this critical segment of the market,” S&P Dow Jones Indices chief executive officer Alexander Matturri said.
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Defence minister AK Antony said all wings of the government including the ministry, IAF and SPG had “followed all the procedures. In spite of that one thing is clear that something happened somewhere”
Bracing to face opposition heat over the chopper scam in Parliament, defence minister AK Antony on Tuesday said government has “nothing to hide” and is prepared for a discussion even as he played down reports of his resignation.
“I will do my duty. I am now getting ready for the Parliament session. We will explain everything to Parliament. We have nothing to hide. Our hands are very clean,” Mr Antony told reporters on being asked whether he would resign.
Reacting to BJP’s allegations that the defence ministry was ‘sleeping’ over the reports of corruption in the Rs3,600 crore deal for 12 VVIP choppers, he said, “I cannot wake up anybody who is sleeping”. The defence ministry had started taking action on the issue from day one when first media reports in this regard came in, Mr Antony said.
Addressing the media at a BrahMos Aerospace function, he said there were no differences between different ministries on the process to scrap the deal and the whole government was working together. Mr Antony said he was “sad and upset” over the controversy which had erupted despite all precautions having been taken. “Now we are preparing to face Parliament.”
The minister was asked if he was sad over the whole episode and was resigning on the issue taking a high moral ground. Mr Antony said he was upset over the alleged scam as despite blacklisting six firms in one scam for which he was accused of slowing down modernisation, such an incident has happened as “there was no end to human greed and still greedy people were working around the world.”
Mr Antony said in the procurement process for the AgustaWestland choppers, all wings of the government including the ministry, IAF and SPG had “followed all the procedures. In spite of that one thing is clear that something happened somewhere.” “It is the decision of the government that we must get to the root of the controversy to find out the truth and must find out the culprits. And whosoever is responsible, must be brought to justice at the earliest and then ensure maximum punishment. It is the resolve of the entire government,” he said.
Asked about the reason for the government to take a series of actions in the last one week after it waited for one year for details from Italy and the UK, the defence minister said, “When the report came that the CEO of the company (Finmeccanica) was arrested, we decided to refer the matter to the CBI.”
Last Tuesday, Finmeccanica CEO Giueseppe Orsi and AgustaWestland CEO Bruno Spagnolini were arrested by Italian investigators in connection with the alleged scam in which Rs362 crore have been allegedly paid as kickbacks.
The minister said he has taken a series of actions including referring the matter to the CBI, suspending the deal and payments for it after the reports of the arrest came in.
The minister said efforts were on to get reports from the Italian courts conducting the inquiry into the alleged chopper scam and the Italian government.