As per the SEBI circular SEBI/DNPD/Cir-34/2008 issued on 11-Janury-2008, BSE has introduced 'Long Dated Options on Sensex ' whereby trading in Sensex (normal lot of 15 only and not 'mini' Sensex) Options contracts is available with an expiry upto 3years. The following new options are available for the Sensex (normal lot of 15) Options contracts:
a. Along with the existing 3 monthly rolling contracts, three additional 3 fixed quarterly months of the cycle Mar/Jun/Sep/Dec would be available.
b. Further, 5 additional semi-annual months of the cycle Jun/Dec would be available, so that at any point in time there would be options contract with up to 3 years tenure available.
To illustrate, from the March series onwards i.e from February 29, 2008 onwards, the users will get to trade the following Futures and Options contracts on the normal Sensex market lot of 15 :
Three monthly Futures contracts viz. March, April and May 2008
Three monthy Options contracts viz. March, April and May 2008
Three quarterly Options contracts viz. June 2008, September 2008, December 2008
Five semi-annual Options contracts viz. June 2009, December 2009, June 2010, December 2010 and June 2011.
The existing three monthly Futures and Options series will continue for all the other underlyings presently available in the system and there will be no long dated options available for those underlyings.
Security Symbol BSX
Underlying SENSEX
Contract Multiplier 15
Contract Period Upto 3 years
Exercise Style European
Settlement Style Cash
Tick size 0.05 index points
Premium Quotation In index points
Strike price Intervals Shall have a minimum of 3 strikes (1 in-the-money, 1 near-the-money, 1 out-of-the-money).
Trading Hours 9:55 a.m. to 3:30 p.m.
Last Trading/Expiration Day: Last Thursday of the contract month in case of monthly & last Friday of contract maturity in case of weekly options. If it is a holiday, then the immediately preceding business day. For this purpose business day is a day during which the underlying stock market is open for trading.
Tuesday, March 4, 2008
Thursday, February 28, 2008
Announcement of Risk of Mutual Funds
26 Feb 2008
With reference to clause 2 of the circular SEBI/MFD/CIR No.6/ 12357/03 dated June 26, 2003 for Advertisements through Audio-Visual media SEBi made the following observations.
The rapid fire manner in which the standard warning ?Mutual Fund investments are subject to market risks, read the offer document carefully before investing is recited in the audio visual and audio media renders it unintelligible to the viewer / listener.
In order to improve the manner in which the said message is conveyed to the investors it has been decided in consultation with AMFI that with effect from April 1, 2008:
the time for display and voice over of the standard warning be enhanced to five seconds in audio visual advertisements.
in case of audio advertisements the standard warning shall be read in an easily understandable manner over a period of five seconds.
With reference to clause 2 of the circular SEBI/MFD/CIR No.6/ 12357/03 dated June 26, 2003 for Advertisements through Audio-Visual media SEBi made the following observations.
The rapid fire manner in which the standard warning ?Mutual Fund investments are subject to market risks, read the offer document carefully before investing is recited in the audio visual and audio media renders it unintelligible to the viewer / listener.
In order to improve the manner in which the said message is conveyed to the investors it has been decided in consultation with AMFI that with effect from April 1, 2008:
the time for display and voice over of the standard warning be enhanced to five seconds in audio visual advertisements.
in case of audio advertisements the standard warning shall be read in an easily understandable manner over a period of five seconds.
Sunday, February 24, 2008
Sovereign wealth fund for energy assets abroad
India plans sovereign wealth fund for energy assets abroad
New Delhi, Feb 19 (PTI) India plans to set up a multi billion dollar sovereign wealth fund to invest in energy assets overseas.
"The plans are at a very initial stage. A decision on this would be taken after the budget. The fund would invest in overseas energy assets like Temasek of Singapore does," Planning Commission Member Surya Sethi said here.
When asked about the corpus of the fund, he said it has to be in billions of dollars.
Asked about the need to set up such a fund, a top Plan panel official said the proposed fund would be one of the way to earn higher returns as compared to those investing in domestic projects.
"We have large (forex) reserves... Which have associated costs. Up to a certain level, costs are justified in minimising the risk of fluctuations and any kind of shocks," he said.
Beyond a point, costs cannot be justified and "therefore you need to find other ways to earn revenue", the official said. PTI
New Delhi, Feb 19 (PTI) India plans to set up a multi billion dollar sovereign wealth fund to invest in energy assets overseas.
"The plans are at a very initial stage. A decision on this would be taken after the budget. The fund would invest in overseas energy assets like Temasek of Singapore does," Planning Commission Member Surya Sethi said here.
When asked about the corpus of the fund, he said it has to be in billions of dollars.
Asked about the need to set up such a fund, a top Plan panel official said the proposed fund would be one of the way to earn higher returns as compared to those investing in domestic projects.
"We have large (forex) reserves... Which have associated costs. Up to a certain level, costs are justified in minimising the risk of fluctuations and any kind of shocks," he said.
Beyond a point, costs cannot be justified and "therefore you need to find other ways to earn revenue", the official said. PTI
Saturday, February 23, 2008
Order against Moneycare Securities & Financial Services Ltd
Order against Moneycare Securities & Financial Services Ltd.,
Member of NSE
21 Feb 2008
Dr. T.C.Nair, Whole Time Member, SEBI has passed an order against Moneycare Securities & Financial Services Ltd., Member, National Stock Exchange of India Ltd., imposing a penalty of suspension of Certificate of Registration of the broker for one day.
The order has been passed for the dealings of the broker in the shares of Adani Exports Ltd.(AEL) during the period January 1, 1999 to March 31, 1999.
The order shall come into effect immediately after the expiry of 21 days from the date of the order.
SEBI PR No. PR No.64/2008
Member of NSE
21 Feb 2008
Dr. T.C.Nair, Whole Time Member, SEBI has passed an order against Moneycare Securities & Financial Services Ltd., Member, National Stock Exchange of India Ltd., imposing a penalty of suspension of Certificate of Registration of the broker for one day.
The order has been passed for the dealings of the broker in the shares of Adani Exports Ltd.(AEL) during the period January 1, 1999 to March 31, 1999.
The order shall come into effect immediately after the expiry of 21 days from the date of the order.
SEBI PR No. PR No.64/2008
IFC Global Corporate Governance Forum
Feb 22, 2008
IFC Global Corporate Governance Forum Partners with SEBI and NISM to Promote Awareness of Governance Reform in India
(India Press Release by Integral PR Services)
In consultation with the Securities Exchange Board of India and the National Institute for Securities Markets, the IFC Global Corporate Governance Forum has designed a program to address key elements of corporate governance reform, capacity building, and enhance awareness in India.
As part of this collaboration, a business investor dialogue is being organized to facilitate discussions between the private sector, domestic and international investors, and the Securities Exchange Board and to shed light on that state of governance in Indian companies. Issues to be explored include the effectiveness of various governance structures, the role of the board, disclosure, and enforcement.
The event will give participants an opportunity to make recommendations for improving corporate governance among enterprises. Discussions around research on the state of corporate governance in India’s listed companies will be conducted by Professor Vic Khanna of the University of Michigan, Professor Bernard Black of the University of Texas, and Professor N. Balasubramanian of the Indian Institute of Management in Bangalore.
The ongoing research includes surveys of 500 publicly traded companies, representing various sectors in the country's six largest cities. This research is supplemented by publicly available information. The data analysis seeks to identify the connections between various aspects of governance, company performance, and profitability.
The event aims to identify challenges facing companies, offer possible measures for improvement, and provide an opportunity for local and international business leaders and investors to share views and experiences on the investment climate in India. It also aims to generate discussions and obtain policy recommendations from an assembly of local business representatives and investors.
Participants expected include investors and senior business leaders from Barclays, Bombay Stock Exchange, Crisil, National Stock Exchange, Fortis, Kotak, KPMG, Tata Motors, and Wipro.
IFC Global Corporate Governance Forum Partners with SEBI and NISM to Promote Awareness of Governance Reform in India
(India Press Release by Integral PR Services)
In consultation with the Securities Exchange Board of India and the National Institute for Securities Markets, the IFC Global Corporate Governance Forum has designed a program to address key elements of corporate governance reform, capacity building, and enhance awareness in India.
As part of this collaboration, a business investor dialogue is being organized to facilitate discussions between the private sector, domestic and international investors, and the Securities Exchange Board and to shed light on that state of governance in Indian companies. Issues to be explored include the effectiveness of various governance structures, the role of the board, disclosure, and enforcement.
The event will give participants an opportunity to make recommendations for improving corporate governance among enterprises. Discussions around research on the state of corporate governance in India’s listed companies will be conducted by Professor Vic Khanna of the University of Michigan, Professor Bernard Black of the University of Texas, and Professor N. Balasubramanian of the Indian Institute of Management in Bangalore.
The ongoing research includes surveys of 500 publicly traded companies, representing various sectors in the country's six largest cities. This research is supplemented by publicly available information. The data analysis seeks to identify the connections between various aspects of governance, company performance, and profitability.
The event aims to identify challenges facing companies, offer possible measures for improvement, and provide an opportunity for local and international business leaders and investors to share views and experiences on the investment climate in India. It also aims to generate discussions and obtain policy recommendations from an assembly of local business representatives and investors.
Participants expected include investors and senior business leaders from Barclays, Bombay Stock Exchange, Crisil, National Stock Exchange, Fortis, Kotak, KPMG, Tata Motors, and Wipro.
Friday, February 22, 2008
FII purchases in Oct - Dec 2007
Feb. 18 2008
According to SEBI data, net FII purchases dwindled from Rs 32,000 crore between July and September 2007 to Rs 20,000 crore in the October-December quarter. However, the value of FII holdings in S&P CNX 500 stocks rose from Rs 10 lakh crore at the end of September to more than Rs 12 lakh crore at the end of December.
http://www.thehindubusinessline.com/2008/02/19/stories/2008021952461400.htm
According to SEBI data, net FII purchases dwindled from Rs 32,000 crore between July and September 2007 to Rs 20,000 crore in the October-December quarter. However, the value of FII holdings in S&P CNX 500 stocks rose from Rs 10 lakh crore at the end of September to more than Rs 12 lakh crore at the end of December.
http://www.thehindubusinessline.com/2008/02/19/stories/2008021952461400.htm
Business Confidence Index
23 Feb 2008
In its latest BCI tracked by the non-profit think-tank on policy the National Council of Applied Economic Research (NCAER) shows that the latest round for the third quarter of the current fiscal has logged an increase of 5.4 per cent, which is the second successive improvement, following the recovery in the second quarter.
http://www.thehindubusinessline.com/2008/02/23/stories/2008022352421000.htm
In its latest BCI tracked by the non-profit think-tank on policy the National Council of Applied Economic Research (NCAER) shows that the latest round for the third quarter of the current fiscal has logged an increase of 5.4 per cent, which is the second successive improvement, following the recovery in the second quarter.
http://www.thehindubusinessline.com/2008/02/23/stories/2008022352421000.htm
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