Stocks
BSE transfers 46 scrips to trade-to-trade segment
As part of its preventive surveillance measure to ensure market safety and to safeguard the interest of the investors, BSE says it has transferred 46 scrips to its T / XT group. This will be effective from 7 September 2016.
 
"Trading Members are requested to take adequate precaution while trading in above scrips, as the settlement will be done on trade-to-trade basis and no netting off positions will be allowed. As per the provisions of Exchange Notice No. 20050805-12 dated 5 August 2005, a VaR Margin of 100% will also be levied on these scrips. Further, scrips in T / XT Group will continue to attract a circuit filter of 5% or lower as applicable," BSE said in a release.
 
The Exchange said that it was transferring 46 scrips to T / XT Group, while 203 scrips would continue to remain in the same group. BSE said, there are about 81 scrips that are eligible for transfer to T / XT group, however as these scrips are in P, Z and ZP group and already traded and settled on a trade-to-trade basis the same shall continue to remain in their respective groups. 
 
There are 29 scrips, which will be shifted back to their original groups from 7 September 2016 and will continue to attract the circuit filter of 5% or lower as applicable and will be reviewed for upward revision during the price band review activity scheduled in the month of October 2016, the Exchange said.
 
BSE also told its trading Members that the transfer of scrips for trading and settlement on a trade-to-trade basis is purely on account of a market surveillance measure and should not be construed as an adverse action against the company. Further, this is a temporary measure and will be reviewed periodically depending on the market conditions, it added.
 
Here is the list of scrips that are moved to T / XT Group...
 
 

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Nifty, Sensex in a strong momentum – Tuesday closing report
We had mentioned in Friday’s closing report that Nifty, Sensex have bucked the weakness, and have headed higher. The major indices of the Indian stock markets rallied strongly on Tuesday after the long week-end to close with gains of around 1.50% over Friday’s close. The trends of the indices in the course of Tuesday’s trading are given in the table below:
 
 
Positive global cues and healthy inflow of foreign funds pushed the Indian equity markets to a striking distance of all-time highs by the end of the session on Tuesday as healthy buying was witnessed in all the 19 sub-indices of the BSE, led by stocks of banking, automobile and consumer durables. The BSE market breadth was tilted in favour of the bulls -- with 1,624 advances and 1,126 declines. On the NSE, on Tuesday, there were 938 advances, 524 declines and 60 unchanged. The Indian stock markets were closed on Monday on account of Ganesh Chaturthi.
 
Reliance Capital, a part of the Anil-Ambani-led group, on Tuesday said it has raised $300 million through private placement of debentures with tenures of 5 and 10 years. "The issue size offered was $ 150 million with an option to retain oversubscription by way of a greenshoe option of up to $150 million). The issue was fully subscribed, including the greenshoe option, and will be listed," the company said in a regulatory filing. The company’s shares closed at Rs558.00, up 2.46% on the BSE.
 
Indian drug major Sun Pharmaceutical Industries Ltd on Tuesday said it has signed a strategic distribution agreement with Mitsubishi Tanabe Pharma Corporation. In a statement, Sun Pharma said Japanese company Mitsubishi Tanabe will distribute the 14 prescription brands acquired from Novartis Pharma earlier this year. Mitsubishi Tanabe will also provide information on their proper use to healthcare professionals. "Through this alliance we have the opportunity to leverage Mitsubishi Tanabe Pharma Corporation's specialized expertise to create a strong business foundation for us in Japan," Isao Muramatsu, President & Representative Director, Sun Pharma Japan Ltd, was quoted as saying in the statement. "Sun Pharma will focus on expanding its sales channels in Japan's pharmaceutical market while continuing to ensure a stable supply of medicines and healthcare information," Muramatsu said. The company’s shares closed at Rs782.10, with no change from the previous close, on the BSE.
 
Urjit Patel has taken charge as Governor of the Reserve Bank of India (RBI), an official statement said here on Monday. "Urjit R. Patel assumed charge as the twenty-fourth Governor of the Reserve Bank of India, effective September 4, 2016 after serving as Deputy Governor since January 2013," the RBI statement said. Patel, who has been given a three-year term, succeeds Raghuram Rajan, whose three-year term ended on Sunday. The elevation of Urjit Patel as governor has raised expectation among those who were critical of Rajan for not easing enough the monetary policy by cutting interest rates. "We are in the midst of the age of competitive depreciation and of a beggar-my-neighbour philosophy. It brings to mind an old African saying that when elephants fight, the grass suffers," Patel said at the press conference to announce the policy review, on the trend of accommodative monetary policies being adopted by developed economies. "While the ECB (European Central Bank) and the Bank of Japan are printing money and devaluing their currencies on one hand, the US economy is reviving on the other. Anyone in the middle is getting crushed," he added.
 
The top gainers and top losers of the major indices are given in the table below:
 
 
The closing values of the major Asian indices are given in the table below:
 

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Central bank seeks to dispel rumours about KYC guidelines
The Reserve Bank of India has sought to dispel rumours and curb malpractices in banks on the pretext of Know Your Customer (KYC) norms by issuing clarifications on the guidelines.
 
The RBI guidelines say: "If your current address is not the same as the proof submitted to your bank, a simple declaration of your new address is adequate."
 
Even without the "proof of identity and address", anyone can open a savings bank "small account" by submitting a recent photograph and signature and enjoy account balance of up to Rs 50,000, withdrawals of up to Rs 10,000 per month and total credits of up to Rs 1 lakh per financial year, it said.
 
Banks need to reconfirm KYC details only in every 2, 8 or 10 years depending on the risk profile, it added.
 
For KYC norms, one "proof of identity" and "proof of address" and a recent photograph are enough to open a bank account, RBI stated.
 
The Aadhaar card, a driving license, voters' identity card, passport or National Rural Employment Guarantee Act (NREGA) card serves as both proof of identity and proof of address while PAN card serves only as proof of identity, the apex bank clarified.
 
For any grievances about the KYC process, a person can complain to the bank and if unsatisfied with the response, can directly complain to the RBI's Banking Ombudsman, the notification said.
 
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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