NSE said the stock broker would be moved back to the normal risk management mode as and when his collateral is lower than 85% utilisation level
Mumbai: The National Stock Exchange has asked its trading members to compulsorily implement a risk reduction mode when 90% of their capital is utilised towards margins, following market regulator Securities and Exchange Board of India (SEBI)'s directive, reports PTI.
The move would be applicable for capital market and future & options segment. It would be effective from 24 December 2012, NSE said in a statement.
The stock broker would be moved back to the normal risk management mode as and when the collateral of the stock broker was lower than 85% utilisation level, NSE said.
SEBI last week asked bourses to ensure that the stock brokers mandatorily put in place "risk-reduction mode".
Under this mode, all unexecuted trades would be cancelled when 90% of the stock broker's collateral available for adjustment against margins gets utilised.
SEBI came out with stringent norms for bourses after a set of erroneous orders placed by brokerage Emkay Global on 5th October led to the Nifty crashing over 15% within a few minutes of opening.
The board of Axis Bank approved to raise Tier-I capital of the lender through GDRs or QIP issue and preferential issue to promoters of the bank
New Delhi: Axis Bank said it proposes to raise funds by offering 4.58 crore shares by various means, including qualified institutional placement (QIP) or global depository receipt (GDR), reports PTI.
The board of the private sector lender has also approved to increase the authorised share capital of the bank from Rs500 crore to Rs850 crore, Axis Bank said in a BSE filing.
The bank would be able to raise about Rs6,228 crore at Monday's closing price.
The board approved to raise Tier-I capital of the bank by issue of equity shares not exceeding 4.58 crore equity shares through GDRs or QIP issue and preferential issue to promoters of the bank.
The decision will be subject to approval of shareholders, Reserve Bank of India and other regulatory authorities as may be required, it added.
Earlier this month, Axis Bank raised $20 million (about Rs108 crore) from overseas bonds.
The fund was raised under the medium-term note (MTN) programme through its Hong Kong branch.
Meanwhile, the bank launches e-Gift Card which offers customers an alternate channel through which they can buy a gift card for their dear ones.
Domestic customers can purchase these online e-Gift Cards using their credit or debit card issued by their respective bank, the bank said in a statement.
This card is an online version of the physical plastic gift card can be sent via email or SMS to recipient, who can then use it to purchase anything online across categories like apparels, airline tickets, books, etc.
The validity of the card is one year from the date of issuance.
Allahabad Bank cut its domestic retail term deposit rate to 9% for maturity period of one year to less than two years
Mumbai: State-run Allahabad Bank has cut its domestic retail term deposit rate by 0.15% to 9%, reports PTI.
"...the Bank has decided to revise the interest rate downward by 0.15% per annum i.e. from existing 9.15% to 9% on domestic retail term deposits scheme with maturity period of one year to less than two years," it said in a BSE filing.
The new rates would be applicable from 18 December 2012, it said.
Earlier in October, Oriental Bank of Commerce and Bank of India had lowered term deposit rates for select maturities.