TagCommodities Markets

Insider Trading in Commodity Derivatives

[Peeyush Agarwal and Zarnaab Aswad are both 5th year law students at Dr. Ram Manohar Lohiya National Law University, Lucknow] Introduction Consider this: X is an employee of Y Corporation, which is a leading steel manufacturing company whose scrips are listed on stock exchanges. X, being an employee gets to know that Y Corporation has just discovered huge deposits of iron ore that, if extracted...

Metal to Paper: India’s Sovereign Gold Bonds

[The following guest post is contributed by Rishi A, a fourth year student of Hidayatullah National Law University] The Government of India recently released a concept paper on Sovereign Gold Bonds. It has been proposed that these bonds would carry a fixed rate of interest of around 1.5-2%, which can be further raised by individual banks, and will be redeemable at the price of gold at the time of...

Dissecting the Convergence of the Securities Markets and the Commodities Markets Regulators

[The following guest post is contributed by Abhilasha Mondal, a 5th year student at the National Law School of India University, Bangalore. She can be contacted at [email protected]] The Finance Bill, 2015-16, actualises the merger between the Securities and Exchange Board of India (“SEBI”) and the Forward Markets Commission (“FMC”).  The unification of the...

Budget 2015: Financial Markets

The Budget makes some proposals to boost the financial markets in India, both in the debt and equity segments, but arguably the reforms are only incremental and many not necessary result in drastic expansion of the markets. Corporate Bonds The first proposal is to give a fillip to the bond markets. As a co-author and I have observed in an earlier paper, the equity markets in India have developed...

Dealing with Duopoly in a Regulated Sector

A recent episode involving determination of fees by commodity exchanges has sparked off an intense debate on the role of a regulator in dealing with a duopoly situation. The regulator here is the Forward Markets Commission (FMC) and the players the two commodities exchanges, NCDEX and MCX. The trigger is a decision by the FMC to prevent NCDEX from dropping its prices. Ajay Shah has a column in...

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