India regulator fines MCX over inadequate disclosures on trading platform
May 26 (Reuters) - India's markets regulator on Monday fined Multi Commodity Exchange of India Ltd (MCEI.NS), opens new tab (MCX) 2.5 million rupees ($29,383) for inadequate disclosures and providing incorrect information related to its trading platform contract.
The Securities and Exchange Board of India (SEBI) said MCX repeatedly extended its contract with 63 Moons Technologies (63MO.NS), opens new tab at a high cost after delays in a move to a new trading platform developed by Tata Consultancy Services (TCS.NS), opens new tab.
SEBI said MCX failed to complete the platform migration in a timely manner, putting it at risk of being left without vendor support for its core trading software — potentially disrupting key market functions and affecting a broad range of stakeholders.
The regulator said MCX made insufficient disclosures to stock exchanges and submitted misleading information about the timeline of the derivatives trading platform project.
($1 = 85.0830 Indian rupees)
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Japan's labour crunch forces rethink on traditional homemakers
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"In the latest pension system reform, we were unable to reach a consensus," Prime Minister Shigeru Ishiba told parliament last week. "There are various people eligible under this system, not only full-time housewives but also those who are unable to work due to illness, childcare, or nursing responsibilities," he said. In December, Ishiba argued the system should not be completely dismissed. "Full-time housewives aren't the type of people living a leisurely life of naps and diligently protect their homes and manage a wide range of responsibilities," he said. Although the government will subsidise the costs temporarily, the 20-hour threshold could simply prompt dependent spouse part-timers to limit their working hours, some say. Maiko Takahashi, 45-year-old mother of three children, said she would choose to remain as a dependent spouse with her two part-time jobs. "I would rather limit work hours instead of having to pay insurance fees, because I also want to spend enough time with my children," she said. "But I always felt it's a strange system. Why do they discourage those who want to work more?" she added. The debate about dependent spouses goes back to 2000, when a government panel was set up to see if pension schemes could better reflect demographic changes. By then, dual-income households already outnumbered families with full-time housewives. The fairness of the scheme has also been questioned because those married to self-employed workers are not exempt from insurance fees. Japan's largest trade union umbrella group Rengo, as well as top business lobbying groups, want more aggressive reform, calling for ditching the dependent spouse system. The system "is disturbing the development of women's careers and causing a gender wage gap," the 7-million member Rengo group said. 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India to tighten remittance rules, bar offshore time deposits, sources say
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