IFSCA allows banks in IFSCs to undertake portfolio management, investment advisory services
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Last Updated: Mar 16, 2021, 10:06 PM IST
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The market infrastructure institutions (MIIs) viz stock exchanges, clearing corporations and depositories are of critical importance in the growth and stability of any financial system, IFSCA said in a statement.
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The IFSCA also approved the Market Infrastructure Institutions Regulations, which will provide more flexibility in the shareholding of MIIs in the IFSC.
International Financial Services Centres Authority (IFSCA) on Tuesday approved the inclusion of portfolio management and investment advisory services in the permitted activities for banking units at IFSCs. The IFSCA also approved the Market Infrastructure Institutions Regulations, which will provide more flexibility in the shareholding of MIIs in the IFSC.
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Domestic stocks may see a cautious start to Friday s trade, even as optimism over the US stimulus, ECB s dovish tone and strong jobless data in the US sent Walls Street to record highs in overnight trade and kept Asian market buoyant this morning.
Here s the breaking down of the pre-market actions:
STATE OF THE MARKETS
Nifty futures on the Singapore Exchange traded 4 points, or 0.03 per cent, lower at 15,415 in signs that Dalal Street was headed for a tepid start on Friday.
Tech View: Nifty sets sight at 15,220
Nifty50 took out its immediate resistance at 15,100 level on Wednesday, but formed a small bearish candle with a long lower wick, suggesting intraday selling got bought into. Analysts said the index seems to have won a mini-battle, but is still indecisive and needs to take out the 15,220 level for the positive momentum to sustain.
MUMBAI: Two government regulators domestic markets watchdog Sebi and its counterpart for Gujarat’s GIFT City, the International Financial Services Centres Authority (IFSCA) are on track to facilitate launching of Special Purpose Acquisition Companies (SPACs) in India. As the name suggests, SPACs are formed with a definite purpose of acquiring one or more companies but, at the time of formation, the entities do not disclose the name(s) of the target.
SPAC-like structures have been in existence for years now, floated mainly by private equity players. But of late, they have gained popularity in the developed markets. These structures are also called ‘blank cheque companies’ since investors, other than those setting these up, usually do not know for which acquisition target or the assets of a company they are putting in money till those are bid for by the SPAC. This aspect inherently makes these structures a risky proposition for retail investors, market players said.
sebi: Sebi, IFSCA look at setup for blank cheque cos in India indiatimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indiatimes.com Daily Mail and Mail on Sunday newspapers.