01:25pm FMC merger: Capital markets regulator Sebi expects
the proposed merger of commodities regulator FMC with it to be completed in
6-12 months.
While Sebi is assessing all regulatory issues and requirements for
financial, infrastructure and human resources to facilitate a "timely
smooth transition", it wants the Budget allocation being provided by the
government for FMC staff to continue for the next 3-4 years before the
regulator can generate extra resources on its own to meet the costs. As such,
Sebi does not get any grant from the government.
Announced by Finance Minister Arun Jaitley in Budget for 2015-16, the merger
will help streamline regulations and curb wild speculations in commodities
market, while facilitating participation of domestic and foreign institutional
investors and launch of new products such as options.
"The entire transition will take place over the next six months to one
year," a senior official said, adding that the financial implications of
the merger are still being assessed and have not been considered in Sebi's
Budget estimates for the financial year 2015-16.
01:00pm Market Check
The market remained in a positive terrain in afternoon trade with the Sensex
rising 193.78 points to 28710.37 and the Nifty climbing 54.55 points to
8714.85. The BSE Midcap gained 0.8 percent and Smallcap rallied 1.6 percent.
The market breadth also remained strong with the advance:decline ratio at
1653 to 857 on the Bombay Stock Exchange.
Index heavyweight Reliance Industries extended rally, up 3 percent followed
by Infosys, TCS, ITC, Tata Motors, SBI, Dr Reddy's Labs, Cipla, Wipro and BHEL
with 1-2 percent upside.
Coal India maintained its top position in the buying list, up 5 percent. The
government removed the cap on e-auction sales volumes. Bipin K Saxena,
Director-Marketing, CIL told that the company is looking to sell more coal via
the e-auction route, targeting 10 percent of total sales via e-auction route.
Real estate has been one of the top performing sectors today after the
cabinet approved the real estate development and regulation bill which paved
the way for setting up a regulator for the sector. HDIL said the bill was a
positive move which will increase transparency in the sector. DB Realty,
Brigade, Indiabulls Real, HDIL, Parsvnath, Sobha and Puravankara gained 2-6
percent.
However, HDFC and ONGC fell more than 1 percent followed by ICICI Bank, Axis
Bank, Sun Pharma and NTPC with marginal gains. Sesa Sterlite declined nearly 2
percent after S&P downgraded Vedanta's credit rating to BB- from BB with a
negative outlook citing weak financial performance for atleast 12 more months
because of low oil prices. For More information please visit this site www.bigprofitbuzz.com
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