Blog Posts
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SWFs and Capital Flows
[Posted by Umakanth Varottil] The Indian Government’s latest position on sovereign wealth funds (SWFs) can be gathered from a recent speech delivered by the Governor of the Reserve Bank of India, Dr. Y.V. Reddy at a session on ‘The Role of Government-owned Investment Vehicles in Global Capital Flows’ in the International Capital Markets and Emerging…
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More on the Indian Derivatives Saga
[Posted by Umakanth Varottil] While the legalities of several derivative transactions entered into between banks and corporates are pending consideration of courts, it appears that these matters have ended up in court in the first place because of unexpected market movements over the last few months which defied all prior indications and past market history.…
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Amendments to Clause 49
[Posted by Pramod Rao] SEBI has on April 8, 2008 issued a press release and circular amending certain provisions of Clause 49 relating to corporate governance, and can be viewed here: http://www.sebi.gov.in/Index.jsp?contentDisp=WhatsNewScroll&FilePath=/press/2008/200895.html The composition of board of directors has been required to be as under:(a) where chairman is an executive chairman, atleast half the board…
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Draft Report of the High Level Committee on Financial Sector Reforms
[Posted by Pramod Rao] The Draft CFSR report is up on the Planning Commission website for public view and can be accessed from the following link: http://www.planningcommission.gov.in/reports/genrep/report_fr.htm A commentary which appeared in Business Standard is available at: http://www.business-standard.com/common/news_article.php?autono=319612&leftnm=4&subLeft=0&chkFlg=
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Direct Market Access to Institutional Investors
[Posted by Umakanth Varottil] SEBI yesterday issued a circular to the BSE and NSE with a view to granting direct market access to institutional clients through the brokers’ infrastructure. The rationale for the move is described in the circular as follows: “Direct Market Access (DMA) is a facility which allows brokers to offer clients direct…
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Foreign Investment in the Small Scale Sector
[Posted by Umakanth Varottil] The small scale sector has continued to receive protection from the Government when it comes to foreign investment, despite liberalisation pervading in the economy generally. It is time to alter that position, argues an editorial in today’s Financial Express: “Foreign direct investment (FDI) in small-scale industry (SSI)? It could be just…
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Derivatives in Commodities: Some Issues
[Posted by Umakanth Varottil] This is a cross-post from the Law and Other Things Blog.The issue over commodities exchanges and trading of futures and options in respect commodities has been brought to the fore with the Left parties deciding not to support the Forward Contracts (Regulation) Amendment Bill. By way of background, commodities trading can…