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To set up International Bullion Exchange at GIFT CityMulti Commodity Exchange of India
(MCX) has signed a Memorandum of Understanding with National Stock Exchange of India
(NSE), India INX International Exchange (IFSC) (India INX), National Securities
Depository (NSDL) and Central Depository Services (India) (CDSL) for setting
up Market Infrastructure Institutions comprising of International Bullion Exchange, Clearing
Corporation and Depository at Gujarat International Financial Trade (GIFT) City in lines with the
Government of India objective to make India a price setter in bullion through GIFT International
Finance Service Centre (IFSC) and in accordance with the International Financial Services Centres
Authority (Bullion Exchange) Regulations, 2020 and other applicable laws.
Multi Commodity Exchange of India (MCX), along with other exchanges and securities depositories, will set up market infrastructure institutions in the GIFT City.
In a BSE filing made after market hours yesterday, the commodity exchange said that it had signed a Memorandum of Understanding with National Stock Exchange of India (NSE), India INX International Exchange (IFSC) (India INX), National Securities Depository (NSDL) and Central Depository Services (India) (CDSL) for setting up market infrastructure institutions comprising of International Bullion Exchange, Clearing Corporation and Depository at Gujarat International Financial Trade (GIFT) City.
The setting up of market infrastructure institutions is in line with the Government of India objective to make India a price setter in bullion through GIFT International Finance Service Centre (IFSC) and in accordance with the International Financial Services Centres Authority (Bullion Exchange) Regulations, 2020 and other applicable
Shares of IIFL Securities, on Thursday, shot up 17 per cent to hit a record high of Rs 65.60 on the BSE in intra-day, thereby surging 40 per cent in the past two trading days, after the company emerged as the successful bidder for demat accounts held by Karvy with National Securities Depository (NSDL) and Central Depository Services (India) (CDSL).
On February 6, depositories NSDL and CDSL had said that trading as well as demat accounts held by Karvy Stock Broking (Karvy) will be transferred to another member or participant through a formal bidding process on the basis of laid down eligibility criteria.
In accordance with the above, IIFL Securities had participated in the formal bidding process for transfer of demat accounts held by Karvy.
Brokerages on a song with rising retail participation
February 19, 2021
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From offering global stocks to facilitating AI-enabled services, stock brokers adapt to keep new investors in the market
The Covid-19 pandemic brought every industry to its kneesin 2020, but one segment that not just beat the fever but was strongly up on its feet was brokerage. ICRA expects the broking industry to clock a record income of ₹27,500-28,500 crore in FY2021, registering 30-35 per cent growth (₹21,000 crore in FY2020) and beating the rating agency’s earlier estimate of ₹23,000 crore.
Active retail participation
One key reason for the stellar comeback of the broking industry is the huge participation of retail investors. Contrary to the expectation, new investors entered the stock market during the lockdown in their droves.