NSE Withdraws All Trading Rights of Anugrah Stock and Broking
The National Stock Exchange (NSE) has withdrawn all trading rights of crisis-hit Anugrah Stock and Broking Pvt Ltd. Earlier on 1st September, the stock exchange had withdrawn Anugrah's trading rights in future & options (F&O), currency derivatives and commodity derivatives segment.
 
In a circular, NSE says, "On account of the regulatory concerns observed, the relevant authority of Exchange has decided to withdraw the trading rights of the member in all segments of the Exchange with immediate effect. Accordingly, in addition to the aforementioned segments, Anugrah Stock & Broking Pvt Ltd shall also be disabled in all other segments of the Exchange from 4 September 2020 before market hours."
 
Anugrah Stock and Broking, which won a reprieve from Securities Appellate Tribunal (SAT) on 17th August, was unable to deposit Rs165 crore with the NSE by 1st September. The Exchange then withdrawn its trading rights and also seized its computers and books, the brokerage firm has told investors thronging to its office. 
 
Last month, NSE had shut down derivatives business of Anugrah. However, when Anugrah approached the SAT in August after its derivatives business was shut down by the NSE, the Tribunal noted that it has been running an unauthorised derivatives advisory scheme (DAS), which collected over Rs165 crore through an associate firm call Om Shri Sai Investments (OSSI). That scheme, the order noted, was shut in 2019.
 
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    IRDAI sets up group to study index-linked life policies
    With life insurers seeking permission to launch index-linked policies, the Insurance Regulatory and Development Authority of India (IRDAI) has set up a working group to look at the issue and give its recommendations in two months.
     
    The six member group will be led by Dinesh Pant, Appointed Actuary, Life Insurance Corporation of India (LIC).
     
    The other members are: Anil Kumar Singh, Appointed Actuary, Birla Sun Life Insurance Company Ltd, Jose C John, Appointed Actuary, Max Life Insurance, Manish Kumar, Chief Investment Officer, ICICI Prudential Life Insurance Company Ltd, Y.Srinivasa Rao, Deputy General Manager, Investment Department, IRDAI and D.N.K. L.N.K. Chakravarthi, Assistant General Manager, Actuarial Department, IRDAI.
     
    The group will examine the need for index-linked products in India with reference to availability of various indexes and how it will better serve the needs and interests of customers relative to traditional savings products.
     
    It will also examine index linked products, which were earlier available for sale in the Indian market, in terms of product structure, ease of customer understanding and administrative process, sales volumes and other related matters.
     
    The group will also study the practices in various other markets and finally provide recommendations on specific aspects like product structure, its pricing and reserving.
     
    It would also recommend possible amendments to current products and investment regulations.
     
    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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    RBI announces more measures for orderly market conditions
    The Reserve Bank of India (RBI) on Monday announced additional steps to ensure orderly market conditions and congenial financial conditions, including conducting a special open market operation and a repo term operation.
     
    In a statement, the RBI said that recently, market sentiments had been impacted by concerns relating to the inflation outlook and the fiscal situation, amidst global developments that have firmed up yields abroad.
     
    "The Reserve Bank will conduct additional special open market operation involving the simultaneous purchase and sale of Government securities for an aggregate amount of Rs 20,000 crore in two tranches of Rs 10,000 crore each," it said.
     
    The auctions would be conducted on September 10 and September 17, it said, adding that the RBI remains committed to conduct further such operations as warranted by market conditions.
     
    Further, the central bank will conduct term repo operations for an aggregate amount of Rs 1 lakh crore at floating rates -- the prevailing repo rate -- in the middle of September to assuage pressures on the market on account of advance tax outflows.
     
    In order to reduce the cost of funds, banks that had availed of funds under long-term repo operations (LTROs) may exercise an option of reversing these transactions before maturity.
     
    Thus, the banks may reduce their interest liability by returning funds taken at the repo rate prevailing at that time (5.15 per cent) and availing funds at the current repo rate of 4 per cent.
     
    Currently, banks are required to maintain 18 per cent of their net demand and time liabilities (NDTL) in SLR securities. The extant limit for investments that can be held in HTM category is 25 per cent of the total investment.
     
    Banks are allowed to exceed this limit, provided the excess is invested in SLR securities within an overall limit of 19.5 per cent of NDTL. SLR securities held in HTM category by major banks amount to around 17.3 per cent of NDTL at present.
     
    However, there are inter-bank variations with some banks close to the 19.5 per cent NDTL limit.
     
    "Accordingly, it has been decided to allow banks to hold fresh acquisitions of SLR securities acquired from September 1, 2020 under HTM up to an overall limit of 22 per cent of NDTL up to March 31, 2021 which shall be reviewed thereafter," the RBI said.
     
    Further, the central bank said that it stands ready to conduct market operations as required through a variety of instruments so as to ensure orderly market functioning.
     
    "The RBI remains committed to use all instruments at its command to revive the economy by maintaining congenial financial conditions, mitigate the impact of Covid-19 and restore the economy to a path of sustainable growth while preserving macroeconomic and financial stability," it 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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