The stocks will replace two ADAG group companies-Reliance Infrastructure and Reliance Communications-which would be removed from the sensitive index from 8th August
Mumbai: The premier stock exchange BSE will include Coal India (CIL) and Sun Pharma in the Sensex effective from 8 August 2011, reports PTI.
The opening bell ceremony to include Coal India in the BSE Sensex will be held on Monday, BSE said no Thursday.
Sun Pharma was part of the Sensex earlier and is making a comeback.
Coal India's chairman and managing director, NC Jha and secretary department of disinvestment, ministry of finance Mohammed Haleem Khan will attend the ceremony.
Two ADAG group companies Reliance Infrastructure and Reliance Communications would be removed from the sensitive index from 8th August.
It would be for the fourth time in the last 15 odd months that the Sensex will undergo a change. On 3rd May last year, Sun Pharma had made way for Cipla while on 26th May, Grasim was replaced by Jindal Steel. On 6th December, ACC was replaced by Bajaj Auto.
Unions have called one-day protest against banking reforms and privatisation
Thousands of bank employees of public sector and some private sector banks stayed away from work today, in response to a strike call by the unions, disrupting banking operations in most parts of the country. The strike is spearheaded by the United Forum of Bank Unions (UFBU) in protest against the proposed banking reforms that the unions say are harmful to the banking industry and the interests of employees.
Ravindra Shetty, convenor of UFBU, said this morning that about 10 lakh bank employees are on strike. Employees of regional rural banks have also joined the protest action. However, according to information available, while most private banks are functioning, operations at some of the older private banks have been partially affected.
Mr Shetty claimed that most of the staff of 24 private banks had joined the protest, although some high-level officers were at work.
While it was announced that ATMs would also be affected, there is expected to be pressure on the ones that are working, as they have limited cash storage.
"At the 65,000 banking outlets across the country that offer ATM services there is going to be load on the ATMs since they can hold only Rs2 lakh to Rs3 lakh cash," Mr Shetty said. "Since the banks are shut and people would crowd the ATMs, the cash could run out within a couple of hours."
The unions say that reforms have led to outsourcing of regular bank jobs that will curtail the opportunity for younger people looking for jobs.
They have demanded the scrapping of recommendations of the AK Khandelwal Committee, which proposed sweeping changes in the functioning of public sector banks, particularly in the matter of recruitment and compensation. Other pending issues include pension and regulated working hours for officers.
The unions say that in the name of banking reforms the government is trying to reduce its equity share in public sector banks and allowing the increase of private capital in these banks.
The unions have unsuccessfully discussed the issues with representatives of the government, and earlier this week even with the chief labour commissioner.
As part of the consent terms, NSE has agreed to remove ‘FTIL-ODIN’ from its watch-list with immediate effect and has also agreed to FTIL the Application Protocol Interface (API) for the currency market segment
New Delhi: Weeks after being pronounced guilty of abusing its dominant market position by the Competition Commission of India (CCI), leading bourse the National Stock Exchange (NSE) has settled a trading software dispute with its fierce rival Financial Technologies (FTIL).
“National Stock Exchange and Financial Technologies settled all their disputes in relation to a suit in the Bombay High Court in this matter,” FTIL said today in a regulatory filing.
The two filed ‘consent terms’ for the settlement yesterday, the filing further said.
NSE and FTIL have had significant business relationship, till the time the latter was only in trading software and commodity exchange business with MCX.
However, they came into direct rivalry after FTIL group decided to enter stock exchange business with MCX-SX and their dispute is said to have come into light over the ODIN matter.
The dispute dates back to 2008, when NSE had put FTIL’s trading and risk management system software ODIN on 'watch list' after alleging it to have bugs and various other issues.
At that time, ODIN used to command about 80% market share in Indian market as a vast majority of brokerage houses were using this trading platform.
However, ending their long-running dispute in this matter, NSE and FTIL have now reached a settlement.
As part of the consent terms, NSE has agreed to remove ‘FTIL-ODIN’ from its watch-list with immediate effect and has also agreed to FTIL the Application Protocol Interface (API) for the currency market segment.
Also, the NSE has agreed “to grant approvals in respect of new services/products of FTIL, subject to completion of pre-described requirements as agreed and FTIL shall co-operate with NSE for the same”.
Earlier in June this year, the CCI ruled that NSE was guilty of abusing its dominant market position. The CCI order followed a probe by it pursuant to a complaint filed by MCX-SX, where NSE was accused of killing competition in the currency derivatives business.
MCX-SX is currently allowed to trade in currency market only and its application for equity and other segments has been rejected by SEBI. MCX-SX has challenged the SEBI decision and the matter is currency sub-judice.
In its order, CCI had also directed NSE to put in place a system that would allow brokers a choice to select any software for trading, including ODIN, on the NSE platform.
According to the CCI, NSE’s conduct in refusing to share Application Programme Interface Code (APIC) with ODIN and putting FTIL on watch list was an ‘exclusionary conduct’.
The APIC would allow the ODIN users to connect to the NSE trading platform through their preferred mode.