JSW Steel, Infosys, Vedanta, Jet Airways, Future Lifestyle, Bharat Forge, KEC International stocks in focus

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Indian equity markets are expected to open in the red on Wednesday as trends in the SGX Nifty indicated a gap-down opening benchmark indices BSE Sensex, NSE Nifty 50 with a loss of 329 points. In the previous session, Sensex rose 456 points to 60,571, while the Nifty climbed 134 points to 18,070 and formed a small-bodied bullish candle on the daily charts. “The biggest catalyst and next direction for Nifty depends on the US CPI inflation print for August. For Wednesday’s session, Nifty’s major hurdle is seen at an all-time high of 18,605 mark, with an immediate hurdle at 18301,” said Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities.

Stocks in focus on 14 September, Wednesday

Vedanta: Vedanta Group, which has formed a joint venture with Taiwan’s Foxconn for setting up a semiconductor manufacturing unit in India, will invest Rs 1.54 trillion in the project and expects to break-even in five years. The JV firm’s fab unit will come up in Gujarat and the company on Tuesday signed a memorandum of understanding (MoU) with the state government to this effect. The 60:40 joint venture will set up a semiconductor fab unit, a display fab unit, and a semiconductor assembling and testing unit on a 1000-acre land in the Ahmedabad district.

JSW Steel: The flagship company of the $22-billion JSW Group, on Tuesday signed a memorandum of understanding (MoU) with Germany-based SMS group to explore multiple cutting-edge solutions and research & development (R&D) projects, to reduce carbon emission in its iron and steelmaking operations in India. The company will invest Rs 10,000 crore to reduce carbon emission in steel making. The SMS group will provide its technology experts’ design, engineering consultancy and commissioning for executing various projects.

Infosys: Infosys has shot off a missive to its employees, asserting that dual employment or ‘moonlighting’ is not permitted, and has warned that any violation of contract clauses will trigger disciplinary action “which could even lead to termination of employment”. “No two timing – no moonlighting!” India’s second largest IT services company said in a strong and firm message to employees. Moonlighting refers to employees taking up side gigs to work on more than one job at a time. Infosys’ internal communication titled “no double lives” makes it clear that “dual employment is not permitted as per…Employee Handbook and Code of Conduct”. It also cites the relevant clause in the offer letter to drive home the point.

Jet Airways: Jet Airways CEO Sanjiv Kapoor said that the company is “tracking close to target” of getting the troubled carrier airborne, amid resignations of three senior executives that has upset the airline’s first flight operations. However, plans for Jet’s first flight have been plagued by multiple appeals filed before the NCLAT (National Company Law Appellate Tribunal) against the National Company Law Tribunal-cleared resolution plan of JKC, leading to the delay. Kapoor tweeted, “There is no ‘deadline’. Our internal goal that we are working towards is to open for sale by October. We are tracking close to the target.”

Future Lifestyle: Debt-ridden Future Lifestyle Fashions Ltd (FLFL) is facing three petitions before the NCLT from its creditors to initiate insolvency proceedings and one of them has been reserved for orders, the Future Group firm said on Tuesday. Three creditors – two financial and one operational – have filed claims totaling around Rs 1,100 crore before the National Company Law Tribunal (NCLT), said an update on other matters under the Insolvency and Bankruptcy Code by FLFL. All the claims “are being defended by the company before the NCLT,” said FLFL adding “none of them has been admitted till date by NCLT”.

KEC International: Infrastructure EPC (engineering, procurement and construction) major KEC International has secured new orders of Rs 1,108 crore across its various businesses including transmission & distribution and railways. The transmission & distribution business has secured orders for T&D and cabling projects in India, Middle East and Africa.

Also Read: Inflation, slowing global growth to weigh on India’s IIP; recovery in domestic demand to be positive trigger

Bharat Forge: Bharat Forge subsidiary Kalyani Powertrain and commercial electric vehicle company Harbinger Motors Inc announced a joint venture to develop electrified drivetrains for the commercial trucking industry. The new JV named ElectroForge will leverage the strengths of both the partners to offer best in-class drivetrains developed for Class 3 through eight markets.

CICs to compensate for delay in credit info updation: RBI

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Credit information companies (CICs) will have to pay a compensation of Rs 100 per day to customers for delays in updation or rectification of their credit information, the Reserve Bank said on Thursday.

Credit institutions (CIs) and CICs have been given six months to put in place the necessary systems and processes to implement the ‘Framework for compensation to customers for delayed updation/rectification of credit information’. In a circular, the Reserve Bank directed CICs and CIs to implement the compensation framework for delayed updation/rectification of credit information.

Allow premature withdrawal on term deposits of up to Rs 1 crore: RBI to banks

The Reserve Bank on Thursday said banks will have to offer premature withdrawal facility on all term deposits of up to `1 crore, raising the limit from Rs 15 lakh currently.

Banks have been permitted to offer domestic term deposits (TDs) without premature withdrawal option, provided that all TDs accepted from individuals for an amount of `15 lakh and below should have premature withdrawal facility.

“On a review, it has been decided that the minimum amount for offering non-callable TDs may be increased from Rs 15 lakh to Rs 1 crore” meaning all domestic term deposits accepted from individuals for amount of Rs 1 crore and below should have premature-withdrawal-facility, the Reserve Bank said in a circular.

Further, as per the extant norms, banks have also been permitted to offer differential rate on interest on TDs based on non-callability of deposits (non-availability of premature withdrawal option) in addition to tenor and size of deposits.Differential interest rate are offered only on bulk deposits.

MCX Gold October futures may rise to Rs  51300 per 10 gram in coming sessions ahead of festive season

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By Jigar Trivedi

Comex gold traded near two-year lows at around $1,670 an ounce, remaining under pressure from a strong dollar and surging Treasury yields that reflected expectations for tighter monetary policy and slowing global growth. The US Federal Reserve led a raft of central bank rate hikes this week, delivering its third straight 75 basis point rate increase to bring down inflation. The European Central Bank is also expected to raise rates further, with ECB board member Isabel Schnabel saying that elevated inflationary pressures in the eurozone are likely to be more persistent than anticipated. Higher interest rates raise the opportunity cost of holding non-yielding bullion, denting its appeal.

Also read: Rupee likely to fall further, dollar index may rise to 114 if US Fed hikes rate by 75 bps in November

Dollar hovers near 20-year high on Fed boost

The dollar index held above 111, hovering near a 20-year high of 111.81 hit on Thursday, underpinned by expectations that the Fed will remain aggressive in fighting inflation even at the risk of a recession. The Fed raised interest rates by 75 basis points for a third time in a row on Wednesday and projected rates to peak at 4.6% next year with no cuts until 2024, defying market speculations that the central bank could ease policy in 2023 to better manage the economy.

The dollar also benefited from safe-haven flows amid escalating geopolitical tensions surrounding Ukraine and growing fears about a global economic slowdown. The greenback scaled multi-decade highs against the euro and the sterling while hovering over two-year highs against the Australian and New Zealand dollars. Meanwhile, the dollar weakened against the yen after Japanese authorities intervened in the currency markets for the first time since 1998.

Indian rupee hits all-time low

USDINR weakened to an all-time low of 81.23, amid a continued rally in the US dollar after the Fed raised interest rates by another three-quarter of a percentage point and signalled it will keep rising well above the current level. Domestically, foreign portfolio outflows have also pushed the rupee lower while inflation has stayed above the upper end of the central bank’s 6% target this year. The RBI already raised borrowing costs by 140bps so far this year and has been selling dollars to prevent the rupee to fall further. Still, such intervention is weighing on the country’s foreign reserves and widening the current account deficit.

Also read: Reliance New Energy to acquire 20% stake in solar tech company Caelux Corp to produce low cost solar modules

India gears up for the festival season

Indians will be celebrating Dussehra, Diwali and Dhanteras in October when buying gold is considered auspicious. India’s love for gold is well-known. The precious metal has a central role in the country’s culture, a fundamental part of many rituals, considered to be a store of value, passed on from generations, and symbolic of Goddess Lakshmi, a mark of wealth. Usually, the second half of the calendar year reports an increase in gold demand with the onset of the festive season. In March 2022, MCX Gold hit a high near Rs. 55,4500 per 10 gram and from there it declined to the current point of approx Rs. 50,000 per 10 gram. With such a drop in prices, we may see increased food fall in the jewellers’ shops. Although the central bankers around the world are in the race to beat inflation, the dollar is up and safe haven demand has gone down, the return of Indian retail demand may push gold in the near term. MCX Gold October futures may rise to Rs. 51,300 per 10 gram in sessions to come.

(Jigar Trivedi, Senior Analyst – Currency & Commodity, Reliance Securities. Views expressed are the author’s own.)

Gotegaon Madhya Pradesh Assembly Constituency Election 2023: Date of Result, Voting, Counting; Candidates

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Gotegaon MP Assembly Election 2023 Details: The election for Gotegaon Assembly Constituency in Madhya Pradesh will be held on November 17 this year. The final date of voting and result were known after the formal announcement by the Election Commission of India. Here are the important details of the Gotegaon Constituency Assembly Election 2023 that you should know.

Gotegaon Constituency Madhya Pradesh Assembly Election 2023: Voting Date

November 17 is the date of voting for the Gotegaon Assembly Constituency Election 2023 as announced by the Election Commission of India.

Gotegaon Constituency Madhya Pradesh Election 2023: Candidates List

Bharatiya Janta Party (BJP), Congress and other political parties in the state will announce their candidates for the Gotegaon Assembly Constituency Election 2023 after the announcement of voting dates by the Election Commission of India.

Why Gotegaon Constituency Assembly Election 2023 is Important

Gotegaon is a state Assembly/Vidhan Sabha constituency in the state of Madhya Pradesh and is part of the Gotegaon Lok Sabha/Parliamentary constituency. Gotegaon falls in the Gotegaon district of Madhya Pradesh and is categorised as an urban seat.

Gotegaon Constituency MP Election Result: What happened in 2018

Narmada Prasad Prajapati (n P ) of the Indian National Congress was the winning candidate from the Gotegaon constituency in the MP Assembly elections 2018, securing 79289 votes while 66706 votes were polled in favour of Dr Kailash Jatav of the Bharatiya Janata Party. The margin of victory was 12583 votes.

2018 Gotegaon Assembly Constituency Election Result

Winning Candidate NameParty NameTotal VotesNarmada Prasad Prajapati (n P )Indian National Congress79289

Candidate List Party Name Votes Gained (Vote %) Narmada Prasad Prajapati (n P ) Indian National Congress 79289 (49.74%) Dr Kailash Jatav Bharatiya Janata Party 66706 (41.85%) None Of The Above None Of The Above 3121 (1.96%) Suresh Kumar Mehra Gondvana Gantantra Party 2584 (1.62%) Mahesh Prasad Choudhary Aam Aadmi Party 2109 (1.32%) Jagdish Choudhary (bedu Wale) Bahujan Samaj Party 2071 (1.3%) Pramod Jhariya (tiger) Independent 1704 (1.07%) Virendra Singh Sapaks Party 914 (0.57%) Balaram Ahirwar Independent 895 (0.56%)

Gotegaon Constituency MP Election Result: What happened in 2013

Dr Kailash Jatav of the Bharatiya Janata Party was the winning candidate from the Gotegaon constituency in the MP Assembly elections 2013, securing 74759 votes while 54588 votes were polled in favour of Narmada Prasad Prajapati (n P ) of the Indian National Congress. The margin of victory was 20171 votes.

2013 Gotegaon Assembly Constituency Election Result

Winning Candidate NameParty NameTotal VotesDr Kailash JatavBharatiya Janata Party74759

Candidate List Party Name Votes Gained (Vote %) Dr Kailash Jatav Bharatiya Janata Party 74759 (51.81%) Narmada Prasad Prajapati (n P ) Indian National Congress 54588 (37.83%) Mansingh Jhariya (kusiwada) Bahujan Samaj Party 4590 (3.18%) None Of The Above None Of The Above 4317 (2.99%) Mankuwar Chadar (gudai) Gondvana Gantantra Party 1774 (1.23%) (patrakar) Vimal Bangatri Independent 1743 (1.21%) Somnadh Mehra Urf Tularam Akhil Bhartiya Gondwana Party 1058 (0.73%) Pramod Kumar Independent 900 (0.62%) Mansingh Jhariya Urf Baddu Samajwadi Party 572 (0.4%)

Gotegaon Constituency MP Election Result: What happened in 2008

Narmada Prasad Prajapati of the INC was the winning candidate from the Gotegaon constituency in the MP Assembly elections 2008, securing 53664 votes while 31344 votes were polled in favour of Shekhar Choudary of the BJP. The margin of victory was 22320 votes.

2008 Gotegaon Assembly Constituency Election Result

Winning Candidate NameParty NameTotal VotesNarmada Prasad PrajapatiINC53664

Candidate List Party Name Votes Gained (Vote %) Narmada Prasad Prajapati INC 53664 (44.94%) Shekhar Choudary BJP 31344 (26.25%) Hakam Singh Chadar BJSH 10693 (8.95%) Dhirendra Singh Dhiru GGP 7978 (6.68%) Harishankar Kastwar BSP 7734 (6.48%) Hakam Singh IND 3905 (3.27%) Suresh Nagesh IND 1645 (1.38%) Jagdhishprasad Ahirwar GMS 933 (0.78%) Harigovind Mehra SP 833 (0.7%) Sanjay Kumar Jhariya RSMD 693 (0.58%)

Bulls to stage a comeback or bears to drag Nifty below 16750? 5 things to know before market opening bell

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Indian share market is likely to open higher in the green as trends in the SGX Nifty hinted at a positive opening for domestic equities. In the previous session, the 30-pack BSE Sensex tumbled 638.11 points or 1.11% to settle at 56,788.81, and the broader NSE Nifty fell by 207 points or 1.21% to end at 16,887.35. According to analysts, any sustainable move below 16750 levels on Nifty could bring sharp negative momentum on the cards. On the upside, 17060-17100 could act as a strong hurdle for the short term. The next important support for the index is placed at 16750 levels.

Also Read: Share Market LIVE: Nifty, Sensex may open in green on positive global cues; Electronics Mart IPO opens today

Global Markets: Asian markets traded higher today morning after stocks on Wall Street rallied overnight. Japan’s Nikkei 225 rose 2.19% in early trade, while South Korea’s Kospi advanced 1.81%. MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.71%. Markets in mainland China and Hong Kong are closed for a holiday. Meanwhile, in the US, the Dow Jones Industrial Average jumped 2.7%, the S&P 500 advanced about 2.6%, and the Nasdaq Composite added nearly 2.3%.

Nifty technical view: “A long bear candle was formed on the daily chart, that has engulfed more than half way mark of previous long bull candle of Friday. Technically, this pattern indicates a lack of strength to sustain the upside bounce in the market and the crucial lower support of 16750-16800 levels could be tested again. This is negative indication. Hence, a decisive slide below 16750 levels is likely to negate the bullish pattern created on Friday’s upmove and that could eventually result in further strengthening of downside momentum in the market. The short-term trend of Nifty remains weak,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

Levels to watch for: “On the derivatives front, the highest call OI is at 17000 followed by 17100 strike price while on the put side, highest OI remains at 16500 strike price. Nifty Bank has witnessed continuous selling pressure and closed below the support of 38500. This indicates further bearishness in the near term. The index remains in a sell-on-rise mode with multiple hurdles at 39000-39500 where fresh call writing has been observed. The next crucial support on the downside is placed at 36600 which coincides with its 200 DMA,” said Om Mehra, Technical Associate, Choice Broking.

IPO Watch: Consumer durables and electronics retailer Electronics Mart India’s initial public offer (IPO) to open for subscription on 4 October and close on October 7. The price band for the offer has been fixed at Rs 56-59 per share. The company has mopped up Rs 150 crore through its anchor book, ahead of the opening of its initial public offer (IPO). The company has finalised the allocation of 2.54 crore equity shares to anchor investors at a price of Rs 59 per share, as per the filing with the exchanges.

Also Read: GAIL, Bombay Dyeing, HDFC, Avenue Supermarts, Nykaa, Vedanta, Dilip Buildcon stocks in focus

Stocks under F&O ban on NSE: The National Stock Exchange has not added any stock under its F&O ban list for 4 October. Securities thus banned under the F&O segment include companies where derivative contracts have crossed 95 percent of the market-wide position limit.

Petrol, Diesel Price Today, 26 Sep 2022: Fuel cost steady; check rates in Delhi, Mumbai, Noida, other cities

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Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Lucknow: The price of petrol and diesel has been kept steady on 26 September 2022 (Monday), keeping costs steady for more than three months now. The petrol rate and diesel rates in Delhi are at Rs 96.72 and Rs 89.62 a litre, respectively. In Mumbai, petrol is retailing at Rs 106.31 per litre and diesel at Rs 94.27 per litre. The last country-wide change in price came on 21 May 2022, when Finance Minister Nirmala Sitharaman announced a cut in excise duty on petrol by Rs 8 per litre and Rs 6 per litre on diesel. Since then, Maharashtra is the only state to have cut rates. The Maharashtra government had announced a cut in value-added tax (VAT) on petrol by Rs 5 a litre and by Rs 3 a litre for diesel in July.

Also read: Rupee falls to new record low on strong dollar, risk aversion in equity markets; may slip to 82 per USD

Petrol, diesel prices in Chennai, Kolkata, Bengaluru, Lucknow, Noida, Gurugram

Mumbai: Petrol price: Rs 106.31 per litre, Diesel price: 94.27 per litre

Delhi: Petrol price: Rs 96.72 per litre, Diesel price: Rs 89.62 per litre

Chennai: Petrol price: Rs 102.63 per litre, Diesel price: Rs 94.24 per litre

Kolkata: Petrol price: Rs 106.03 per litre, Diesel price: Rs 92.76 per litre

Bengaluru: Petrol: Rs 101.94 per litre, Diesel: Rs 87.89 per litre

Lucknow: Petrol: Rs 96.57 per litre, Diesel: Rs 89.76 per litre

Noida: Petrol: Rs 96.79 per litre, Diesel: Rs 89.96 per litre

Gurugram: Petrol: Rs 97.18 per litre, Diesel: Rs 90.05 per litre

Chandigarh: Petrol: Rs 96.20 per litre, Diesel: Rs 84.26 per litre

Also read: Harsha Engineers, Britannia, Embassy REIT, Coal India, BPCL, State Bank of India stocks in focus

Public sector OMCs including Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the fuel prices daily in line with international benchmark prices and foreign exchange rates. Any changes in petrol and diesel prices are implemented from 6 am every day. Retail petrol and diesel prices differ from state to state because of local taxes like VAT or freight charges.

Sebi to introduce regulatory framework to facilitate online bond platform providers

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Capital markets regulator Sebi on Friday decided to introduce a regulatory framework to facilitate providers of online bond platforms that are selling listed debt securities.

Under the framework, such platforms should register as stock brokers (debt segment) with the Securities and Exchange Board of India (Sebi) or be run by Sebi-registered brokers.

Also read: PMGKAY extension: FCI wheat stocks to fall to buffer by January

Also, the board of Sebi at its meeting here on Friday cleared a proposal to reduce the face value of listed privately placed debt securities.

Further, the regulator would issue a procedural circular detailing the specifics and mechanics of the operations of the online bond platform providers, according to a release issued by Sebi after its board meeting.

In addition, the board has approved the proposals relating to the reduction in the minimum holding requirement of units from 25 per cent to 15 per cent by sponsor(s) and sponsor group(s) of the total outstanding units of the Real Estate Investment Trusts (REITs) on post-initial offer basis.

Also, it cleared the proposals relating to discontinuation of a separate regulatory framework for unlisted Infrastructure Investment Trusts (InvIT).

Also read: RBI MPC: Terminal repo rate seen at 6.25-6.40% by FY23-end; no negative surprises boost stock market

Among others, the regulator has approved the proposal to amend rules governing Alternative Investment Funds (AIF) in order to prescribe the timeline for declaring first close of a scheme of an AIF along with the minimum corpus at which the first close may be declared.

Further, the board has approved a proposal for amending norms governing clearing corporations for orderly winding down of such corporations.

Sebi said that every clearing corporation will be required to ensure that the new framework provides for the timely and orderly settlement or transfer of position and the transfer of the collateral, deposit, margin or any other asset(s) of the members to another recognised clearing corporation that would take over the operations of the clearing corporation.

Rupee likely to depreciate on strong dollar, risk aversion in markets; USDINR to trade in this range

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The Indian rupee is expected to depreciate on Wednesday amid strong dollar, FII outflows, and risk-off sentiments in equity markets. The delay in Indian bond inclusion in the JP Morgan bond index is also likely to weigh on the local unit. Analysts expect USDINR pair to trade within a broad range of 81.00 and 81.80 levels on spot. In the previous session, the rupee eased off a record low as oil prices hovered near an eight-month low and risk aversion eased somewhat. The currency halted its four-day losing streak to close at 81.58, up 9 paise from the previous close.

Also Read: Share Market LIVE: Nifty, Sensex likely to open in red; RBI MPC meet starts today, rate hike decision eyed

“The Indian rupee is expected to open lower following the weak Chinese yuan and risk-off sentiments. The dollar index strengthened along with the US treasury after hawkish comments from Federal officials. The forward markets indicate USDINR could open 30 to 32 paise higher near 81.90 odd levels, which will be the new record high. On Tuesday, spot USDINR oscillated in the narrow range before closing at 81.58. The delay in Indian bond inclusion in the JP Morgan bond index pushed the pair and bond yield higher in the second half of the trading session.”

“Technically, the pair is still bullish and one can expect 82 and 82.90 if the dollar index continues to bid well while on the downside it has support at 81. The onshore yuan fell to the weakest level against the dollar since the global financial crisis in 2008, amid an incessant advance in the greenback and speculation China is toning down its support for the local currency. The currency is under pressure as the nation’s monetary policy with the US diverges further as the Federal Reserve hikes rates.”

Anindya Banerjee, VP, Currency Derivatives & Interest Rate Derivatives, Kotak Securities

“USDINR spot closed at 81.58, down 4 paise on a day of slight choppy trading. Rally in global equities and softness in the US Dollar Index pushed the pair lower. However, higher US yields and demand from importers kept the pair well supported near 81.30 levels Over the near term, we expect USDINR to trade within a broad range of 81.00 and 81.80 levels on spot.”

Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services

“Rupee consolidated in a narrow range but broadly was weighed down after some sources suggest that India’s long wait to win inclusion in JPMorgan’s influential emerging market debt index could be pushed out into next year due to a number of issues that needs to address. News of the likely delay in the inclusion process saw the Indian rupee turn lower, while yields on the government’s benchmark bonds rose to 7.37% from the day’s low of 7.27%.”

Also Read: Petrol, Diesel Price Today, 28 Sep 2022: Fuel cost static; check rates in Delhi, Mumbai, Noida, other cities

“The BoE said that it would not hesitate to change interest rates and was monitoring markets “very closely” after the pound plunged. Dollar strengthened after data released from the US showed new home sales number rose in August as compared from the previous month. Today, volatility could remain low as no major economic data is expected t be released from the US. We expect the USDINR(Spot) to trade sideways and quote in the range of 81.20 and 81.80.”

(The recommendations in this story are by the respective research analysts and brokerage firms. FinancialExpress.com does not bear any responsibility for their investment advice. Capital markets investments are subject to rules and regulations. Please consult your investment advisor before investing.)

Sebi norms to hit MFs’ talent pool

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The Securities and Exchange Board of India’s (Sebi) move to bring mutual funds (MF) under the ambit of insider trading regulations may make it difficult for asset managers to attract and retain top talent.

The industry could lose out to alternative investment funds (AIF), portfolio management services (PMS), insurance and banks.

In the past, several industry veterans such as Kenneth Andrade and Sunil Singhania moved to the AIF industry. The likes of Samir Arora have set up their own PMS firms.

Also Read: Sebi tightens IPO disclosure norms

“When we go for pre-placement to any of the IIMs and I tell them that all your WhatsApp calls and conversations will be recorded, what will their reaction be? Why will they come to us,” asked a second fund official.

The Sebi board gave its nod for including trading in units of mutual funds through a separate chapter in Sebi (Prohibition of Insider Trading) Regulations 2015 on Friday. This will spell out reporting and monitoring requirements and lay out a separate code of conduct for designated persons.

“Asset management is a growing industry and exciting career option for many people. On the investment side, in particular, it offers a steep learning curve and good pay. So, it’s not that people will not come to the industry but the attractiveness will certainly go down,” said a third fund official.

The insider trading norms along with the diktat on skin in the game, which mandates that 20% of the take-home salary needs to be invested in schemes of one’s own fund house, could be a dampener. India is the only market in the world that mandates fund managers and other fund officials to invest in their own fund’s schemes, which has to be locked in for a period of three years.

In 2020, Sebi had asked fund executives involved in the funds investments to conduct all communication through recorded modes and channels. The intent was to curb illegal trades but had led to privacy concerns.

“Now, with the insider trading regulations coming into the picture, it will be tricky to invest in your own funds as the redemptions will be subject to clearance basis the new norms,” said the third official quoted above.

“The regulator can always come back and question my decision to redeem. Eventually the tribunal or a higher court may acquit me but I will be on public trial till then. The new norms will saddle honest people with unnecessary compliance burden instead of creating a situation where the crooks are worried,” said the first official, adding that the regulator should be granted powers such as wire-tapping to zero-in on the real culprits.

Some experts, however, believe that the new insider trading norms will not be an obstacle in attracting talent. “Fund managers move from mutual funds to PMS and AIF for better pay and profit-sharing deals. That has been happening for many years now and will continue to happen,” said Vicky Mehta, an independent analyst tracking MFs.

That said, he believes there is an army of analysts in the country who aspire to be fund managers. This talent pool will continue to be available to MFs despite regulations pertaining to insider trading and skin in the game. “At best, the mid-sized or small fund houses may find it a little more difficult in paying top talent,” said Mehta.

Dhaval Kapadia, director & portfolio specialist, Morningstar Investment Advisers India, concurs. “With the financialisation of savings gaining ground, the MF industry is expected to clock a good growth rate. AIF and PMS offer greater flexibility in terms of portfolio construction and products but are coming under greater regulatory scrutiny. And there is nothing to say that AIF will not be brought under the ambit of insider trading regulations going forward,” he said.Average assets under management for the industry as of August 31, 2022 stood at `39.53 trillion, up 54% in the last three years.

Bulls may attempt a comeback to push Nifty above 18100; 5 key things to know before market opening bell

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Early trends on SGX Nifty hinted that Indian equity markets are likely to open marginally higher on Thursday, weekly F&O expiry day. Nifty futures traded 27 points, or 0.15% higher at 18,017 on the Singapore Exchange, signaling that domestic benchmark indices BSE Sensex, NSE Nifty 50 were for a positive start. “The biggest catalysts and next direction for Nifty depends on the FOMC monetary policy meeting on September 20-21. For Thursday’s session, Nifty sees major hurdles at the 18115 mark. Above the same, aggressive buying could be seen with the next goal post at the psychological 18605 mark,” said Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities.

Also Read: Tamilnad Mercantile Bank, Tata Steel, Paytm, IDBI Bank, HFCL, GR Infra stocks in focus on weekly F&O expiry

Nifty technical view, Levels to watch for: “A long bull candle was formed on the daily chart with a minor upper shadow. Technically, this pattern indicates the emergence of sharp buying interest from the lower support. After moving above the important resistance of down sloping trend line at 17900 levels recently, the Nifty witnessed sharp buying from near that trend line support as per the concept of change in polarity. This is a positive indication. The short-term uptrend status of Nifty is still positive. A sustainable move above the hurdle of 18100 levels could pull Nifty towards the next overhead resistance of 18350 in the short term. Any weakness from here could find support around 17920 levels,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

Stock listing: Tamilnad Mercantile Bank: Tamilnad Mercantile Bank shares will debut on stock exchanges BSE, NSE today. According to market experts, the stock may get listed flat or at moderate premium over the final issue price of Rs 525 given the lower-than-expected investors’ response to the IPO. The Rs 831.6 crore public issue was entirely a fresh issue by the company, and was subscribed 2.86 times during September 5-7, with retail investors buying shares 6.48 times the allotted quota, non-institutional investors 2.94 times and qualified institutional investors 1.62 times.

IPO watch: The Initial Public Offering (IPO) of Harsha Engineers on Wednesday received bids of 4,84,73,010 shares against the offered 1,68,63,795 equity shares, at a price band of Rs 314-330, according to the data available on the stock exchanges. Overall the issue was subscribed 2.87 times on the first day of bidding. Retail Investors portion was subscribed 3.22 times. The qualified institutional buyer portion was subscribed 0.06 times. The reserved portion of non-institutional investors witnessed a subscription of 5.83 times. The issue will be open for subscription till Friday, 16 September.

Also Read: Wall Street staggers to higher close as US Fed rate hike looms

Stocks under F&O ban on NSE: Indiabulls Housing Finance, RBL Bank, and Delta Corp are the three stocks under the NSE F&O ban list for today as well. Securities thus banned under the F&O segment include companies where derivative contracts have crossed 95 percent of the market-wide position limit.