Global bourses eye Indian equity and commodity exchanges

With the Securities and Exchange Board of India (Sebi) increasing the limit of a foreign entity in Indian stock exchanges from five per cent to 15 per cent, bankers expect global exchanges to raise their stake or buy stakes in the existing equity and commodity exchanges.

Deutsche Börse could raise stake in the BSE to 15 per cent. The CME group has been keen to buy stake in the Multi-Commodity Exchange since many years. Exchanges from countries like Japan would also be interested, said an investment banker. The National Commodity and Derivatives Exchange (NCDEX) and the National Multi Commodity Exchange (NMCE) are other potential exchanges that could attract foreign investments.

Rajesh Bhayani

 

Firms rush to file draft prospectus before September 30
There is a rush of companies to file draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi). Sources said that as many as 15-20 companies might file their DRHP this week. Sebi regulations require that audited financial information at the time of filing a DRHP should not be more than six months old. Since the majority of unlisted companies do their auditing for year ended March 31, it makes sense for them to file the DRHP by September 30 to avoid the hassle of a separate audit just for a public offering.

Ashley Coutinho

Poaching in broking and fund management set to rise
The sale of Ambit Alpha Fund to Edelweiss Group and Andrew Holland's exit from Ambit could bring some action in the otherwise unexciting broking and fund management job market. "With a recovery in equities and debt markets becoming pronounced now, one can expect an increase in poaching of mid- to top-level executives in the next six months," said a senior employee of a domestic brokerage. "There is reshuffling happening in the asset management industry and a similar pattern will follow in brokerages also," he added.

Hamsini Karthik