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.appsmine.org
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