Mobikwik Securities Broking receives SEBI approval to commence stock broking biz
Since its inception, MobiKwik has transformed from a digital payments company into a diverse fintech platform. The Company operates a consumer payments business at scale with an extensive network of over 176.4 million users and 4.6 million merchants. Its credit distribution business is expanding rapidly, while its wealth distribution vertical is building traction through a diverse product portfolio, including Fixed Deposits (FDs), Mutual Funds (MFs), Systematic Investment Plans (SIPs), Digital Gold, and Lens.Ai. This license strategically positions MobiKwik to accelerate growth in its wealth distribution vertical and broaden its offerings throughout the capital markets ecosystem, reinforcing its transformation into a comprehensive fintech platform.
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Mint
an hour ago
- Mint
Sebi may weigh product suitability framework, longer F&O contracts to curb risk
The Securities and Exchange Board of India (Sebi) may consider rolling out a product suitability framework to ensure that only informed and capable investors participate in complex derivative instruments. The framework of checks and protocols, typically implemented by brokers and intermediaries, matches financial products with an investor's risk appetite, investment experience, financial capacity, and objectives. In effect, it aims to ensure that investors, especially retail clients, are not exposed to risks they do not understand or cannot absorb. The initiative may involve vetting clients' profiles, assessing their risk appetite, providing enhanced risk disclosures, and restricting access to risky products if suitability criteria are not met. Sebi whole-time member Ananth Narayan underscored the regulator's openness to objective and simple mechanisms to ensure that derivative participation is informed, suitable, and appropriate in a keynote speech at the capital markets conference organized by FICCI on Thursday in Mumbai. 'Equally important is ensuring risk awareness and suitability among participants. We are open to objective and simple mechanisms to ensure that derivative participation is informed, suitable, and appropriate. Here again, stakeholder engagement will be key—we are open to all constructive ideas,' Narayan said during his address, offering one of the clearest signals yet that the futures and options (F&O) market could see targeted regulatory interventions. Narayan also hinted at a potential regulatory move towards longer-dated derivative contracts. 'We are considering ways to improve the tenor and maturity profile of derivative products, so that they better support sustained capital formation and foster all-around trust in the ecosystem,' he stressed, adding that "this may also need to be achieved in a calibrated manner, giving the system adequate time to adjust'. The remarks come as retail participation in India's equity derivatives market is soaring, prompting fresh scrutiny of investor protection standards. In fact, Sebi chairperson Tuhin Kanta Pandey mentioned on the sidelines of the same event earlier in the day that the regulator was consulting with market participants to explore fortnightly or monthly expiring derivative contracts in index options to curb volumes in the derivative space. Mint reported on 9 August that the regulator was looking to revise the weekly contract expiry schedule if its recent measures fail to cool the index options fever. Among the plans under consideration: Expiry every fortnight against the weekly system now, and only one expiry in a fortnight against twice a week now. Narayan highlighted the ongoing 'revolution' in India's capital markets, pointing to net equity purchases of ₹ 6.1 trillion by mutual funds in 2024-25—a record, and more than double the previous high. Alternative investment funds (AIFs) channelled a cumulative ₹ 13.5 trillion in commitments, with flows into AIFs now rivalling those into mutual funds. While the surge in domestic participation buoyed primary market issuances, the Sebi official stressed the parallel need for robust investor education, risk awareness initiatives, and thoughtful engagement with market participants. The speech also touched upon measures to relax compliance for sophisticated global investors and the proposed SWAGAT-FI regime for trusted foreign portfolio investors. 'Preserving trust is the single most important ingredient of healthy markets,' Narayan said, arguing for a balance between protecting investors and avoiding regulatory overreach that could curb innovation or participation.
New Indian Express
2 hours ago
- New Indian Express
Sebi chief says need to raise tenure of equity derivatives
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Business Standard
2 hours ago
- Business Standard
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Investors have been suggested to take note of the deadline and are urged to file their claims before the deadline, if not lodged already, Sebi said in its statement Press Trust of India New Delhi Markets regulator Sebi on Thursday extended the deadline till December for investors of defaulted broker Karvy Stock Broking Ltd (KSBL) to file their claims. KSBL was declared a defaulter by the National Stock Exchange (NSE) on November 23, 2020. Following this, investors were invited to submit claims against the broker, with the final date for submission set as June 2, 2025. Now, the regulator has "decided to extend the deadline till December 31, 2025". Investors have been suggested to take note of the deadline and are urged to file their claims before the deadline, if not lodged already, Sebi said in its statement. For assistance, investors can reach out to NSE by calling its toll-free number 1800 266 0050 or by e-mailing at defaultisc@ it added. In April 2023, Sebi barred KSBL and its CMD C Parthasarathy from the securities market for seven years and also imposed a penalty of Rs 21 crore on them for misappropriating clients' funds by misusing the Power of Attorney given to the broker. This action emanated from a massive asset mobilisation drive by KSBL, in which it raised huge funds from financial institutions. The broker did so by pledging clients' securities -- secured through the Power of Attorney granted to KSBL -- with promises of paying interest. However, instead of fulfilling these commitments, the funds were misappropriated and diverted to entities connected with KSBL, ultimately leading to defaults in settling client securities and funds, in violation of regulatory norms. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
