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Economic Times
5 days ago
- Business
- Economic Times
Sebi unveils new rules to enhance oversight in equity derivatives market
Sebi has extended the pre-open session to cover current-month futures on both stocks and indices. In the last five trading days of expiry, this window will include next-month contracts as well, to help smooth rollovers. Synopsis SEBI is set to overhaul equity derivatives market regulations, introducing a delta-based open interest calculation to replace the notional value method. Position limits for single-stock derivatives will be linked to cash market liquidity to curb manipulation, especially during F&O ban periods. Mumbai: The Securities and Exchange Board of India (Sebi) has announced new rules to strengthen oversight of the equity derivatives market. The changes include a new method for calculating open interest, revised position limits linked to cash market liquidity and tighter monitoring of large positions in index options and single-stock derivatives to curb excessive speculation. ADVERTISEMENT Open Interest Calculation One of the key changes is the introduction of a new way to measure traders' positions in the derivatives market - Futures Equivalent Open Interest. The new method considers how sensitive a derivatives position is to movements in the underlying asset and is seen as a more accurate measure of market risk. This would replace the existing 'notional value' method to a 'delta-based' model. Reduce Manipulation in Stock Ban Period Sebi has also changed how trading limits are set for single-stock derivatives. The new rules link the Market Wide Position Limits in single stock derivatives more closely to the stock's actual trading activity in the cash market. This is aimed at reducing manipulation in illiquid stocks.A key issue with the current method is that it assigns full notional value even to far-out-of-the-money options, many of which have little or no intrinsic value. This can artificially inflate the market-wide position limit (MWPL) in certain stocks, pushing them into F&O ban periods."Tying the MWPL to cash market delivery volume will reduce the potential manipulation and better align derivatives risk with the underlying cash market liquidity," Sebi said. ADVERTISEMENT Further, the regulator has tightened rules around the F&O ban mechanism. Once a stock is in the ban, any trading in its derivatives must lead to a reduction in the trader's overall exposure by the end of the day. Clearing corporations have been asked to impose penalties for any violations. New trading limits for index F&O ADVERTISEMENT Sebi has set new limits on how much traders or entities can hold in index derivatives. Starting July 1, 2025, exposure in index options will be capped at ₹1,500 crore on a net basis and ₹10,000 crore on a gross basis per entity. In index futures, the limits will depend on the type of the market participants. The regulator also clarified that passive breaches, such as those caused by a fall in overall market open interest, won't be treated as violations. Pre-session open Sebi has extended the pre-open session to cover current-month futures on both stocks and indices. In the last five trading days of expiry, this window will include next-month contracts as well, to help smooth rollovers. (You can now subscribe to our ETMarkets WhatsApp channel) Nikita Papers IPO opens on May 27, price band set at Rs 95-104 per share Nikita Papers IPO opens on May 27, price band set at Rs 95-104 per share Why gold prices could surpass $4,000: JP Morgan's bullish outlook explained Why gold prices could surpass $4,000: JP Morgan's bullish outlook explained Cyient shares fall over 9% after Q4 profit declines, core business underperforms Cyient shares fall over 9% after Q4 profit declines, core business underperforms L&T Technology Services shares slide 7% after Q4 profit dips L&T Technology Services shares slide 7% after Q4 profit dips Trump-Powell standoff puts U.S. Rate policy in crosshairs: Who will blink first? Trump-Powell standoff puts U.S. Rate policy in crosshairs: Who will blink first? SEBI warns of securities market frauds via YouTube, Facebook, X and more SEBI warns of securities market frauds via YouTube, Facebook, X and more API Trading for All: Pi42 CTO Satish Mishra on How Pi42 is Empowering Retail Traders API Trading for All: Pi42 CTO Satish Mishra on How Pi42 is Empowering Retail Traders Security, transparency, and innovation: What sets Pi42 apart in crypto trading Security, transparency, and innovation: What sets Pi42 apart in crypto trading Bitcoin, Ethereum, or Altcoins? How investors are structuring their crypto portfolios, Avinash Shekhar explains Bitcoin, Ethereum, or Altcoins? How investors are structuring their crypto portfolios, Avinash Shekhar explains The rise of Crypto Futures in India: Leverage, tax efficiency, and market maturity, Avinash Shekhar of Pi42 explains NEXT STORY
Business Standard
5 days ago
- Business
- Business Standard
Nifty ends above 24,800 on strong global signals
Domestic equity benchmarks bounced back with modest gains today, halting a two-day losing run. The mood turned upbeat after a U.S. federal court struck down President Donald Trumps proposed Liberation Day tariffs, triggering a relief rally across global markets. Back home, the session remained choppy thanks to the monthly expiry of the Nifty F&O series. Still, a cocktail of positive factors, including a stronger monsoon outlook, easing inflation expectations, and optimism around Q4 GDP growth, kept investor spirits high. The Nifty wrapped up above the 24,800 mark. On the sectoral front, metals, pharma, and IT stocks were the days favourites, while PSU banks and FMCG stocks stayed on the backfoot. The S&P BSE Sensex added 320.70 points or 0.39% to 81,633.02. The Nifty 50 index rose 81.15 points or 0.33% to 24,833.60. Adani Ports & SEZ (up 1.92%), Infosys (up 0.85%) and Reliance Industries (up 0.44%) boosted the indices. In the broader market, the S&P BSE Mid-Cap index rose 0.48% and the S&P BSE Small-Cap index added 0.39%. The market breadth was positive. On the BSE, 2,020 shares rose and 1,957 shares fell. A total of 134 shares were unchanged. The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slumped 8.86% to 16.42. RBI Annual Report Highlights: The Reserve Bank of India (RBI), in its annual report, projected that the Indian economy is likely to maintain its position as the fastest-growing major economy in FY2025-26. The optimism is fueled by a pickup in private consumption, robust bank and corporate balance sheets, supportive financial conditions, and a sustained push from the government on capital expenditure. The central bank also painted a positive inflation outlook for the coming year, citing easing global supply chain pressures, a dip in commodity prices, and the prospect of a strong agricultural output driven by an above-normal southwest monsoon. However, the RBI cautioned that financial markets may face intermittent volatility, particularly in response to global uncertainties like shifting trade tariff policies and rising geopolitical tensions. On the financial front, the RBIs balance sheet grew 8.20% year-on-year to Rs 76.25 lakh crore as of 31 March 2025. While income for the year increased by 22.77%, expenditure increased by 7.76%. The year ended with an overall surplus of Rs 2.68 lakh crore as against Rs 2.10 lakh crore in the previous year, resulting in an increase of 27.37%. The asset side of the balance sheet saw increases in gold reserves, domestic investments, and foreign investments. Domestic assets accounted for 25.73% of total assets, while foreign currency assets, gold, and other holdings made up the remaining 74.27%. On the liabilities side, the growth was attributed to a rise in currency in circulation, revaluation accounts, and other liabilities by 6.03%, 17.32% and 23.31%, respectively. Numbers to Track: In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 85.4900, compared with its close of 85.3875 during the previous trading session. MCX Gold futures for 5 June 2025 settlement shed 0.10% to Rs 95,070. The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.01% to 99.89. The United States 10-year bond yield jumped 1.21% to 4.533. In the commodities market, Brent crude for July 2025 settlement added 90 cents or 1.39% to $65.80 a barrel. Global Markets: US Dow Jones futures jumped 232 points early Thursday, signaling a strong start for Wall Street. Shares in Europe and Asia advanced on Thursday after a U.S. federal trade court ruled that President Donald Trump exceeded his authority with his reciprocal tariffs, dealing a blow to a major tenet of the presidents economic agenda. The court ruled that Trump had overstepped his authority by imposing tariffs on over 180 countries and territories back in April. The decision came from a three-judge panel at the US Court of International Trade. They found that the 1977 International Emergency Economic Powers Act (IEEPA), the legal crutch Trump leaned on, didn't give the president free rein to roll out such broad trade measures. The court issued a permanent halt to the tariffs named in the case and blocked any future tweaks. The Trump administration now has 10 days to make the necessary changes but has already appealed the decision to the US Court of Appeals for the Federal Circuit. Meanwhile, South Korea's central bank, the Bank of Korea, cut its benchmark interest rate from 2.75% to 2.5%, marking its lowest level since August 2022. Investors in Asia are also keeping a close watch on chipmakers after Nvidias strong earnings. The GPU giant beat expectations on both top and bottom lines, driven by a 73% year-over-year surge in its data center business. Back in the US, stock markets closed lower on Wednesday. The S&P 500 dipped 0.56%, the Nasdaq fell 0.51%, and the Dow Jones lost 0.58% as investors digested earnings and the latest Fed minutes. Speaking of which, the Feds May 6-7 meeting minutes hinted at a looming policy dilemma. Officials acknowledged that they may soon face some tough calls if inflation and unemployment start rising together. The Fed might be forced to choose between fighting inflation with higher rates or supporting growth and jobs by cutting them. Stocks in Spotlight: Indusind Bank rose 2.41%. Capital markets regulator Sebi has passed an ex-parte interim order against five senior executives including former CEO Sumanth Kathpalia of IndusInd Bank in an insider trading case. The market regulator found that these individuals sold shares of the bank while in possession of unpublished price sensitive information (UPSI), avoiding losses worth nearly Rs 20 crore. In its order, Sebi has frozen the bank accounts and demat accounts of the five individuals to the extent of their gains. It has also barred them from buying or selling securities until further notice. The bank and its executives have been asked to submit a detailed account of their financial and asset holdings within 15 days. Welspun Corp jumped 10% after its consolidated net profit surged 160.09% to Rs 698.31 crore, despite a 12.01% fall in revenue from operations to Rs 3,924.97 crore in Q4 FY25 over Q4 FY24. Deepak Nitrite jumped 5.03% after the companys consolidated net profit surged 106.35% to Rs 202.41 crore on 14.52% increase in revenue from operations to Rs 2,179.69 crore in Q4 FY25 over Q3 FY25. On year on year (YoY) basis, the companys consolidated revenue jumped 2.5%, while net profit declined 20.3% in Q4 FY25. Cummins India surged 6.55%. The company has reported 7% fall in standalone net profit to Rs 521 crore on a 6% rise in total sales to Rs 2,414 crore in Q4 FY25 as compared with Q4 FY24. Avanti Feeds rallied 2.05% after the companys consolidated net profit jumped 45.8% to Rs 151.77 crore on 7.9% increase in revenue from operations to Rs 1,385.14 crore in Q4 FY25 over Q4 FY24. Insecticides (India) surged 3.78% after the company's consolidated net profit soared 85% to Rs 13.89 crore, while revenue from operations rose 32% to Rs 358.92 crore in Q4 March 2025 over Q4 March 2024. Waaree Energies surged 7.91% after the company announced that its wholly owned subsidiary, Waaree Solar Americas, has secured an order worth $176 million from a prominent U.S.-based client. Sandur Manganese & Iron Ores tanked 10.37% after the companys consolidated net profit fell 4.52% to Rs 156.21 crore, despite a 139.46% surge in revenue from operations to Rs 1,321.27 crore in Q4 March 2025 over Q4 March 2024. Jyoti Structures dropped 6.84% after the company's consolidated net profit fell 15.51% to Rs 11.93 crore, while revenue from operations rose 27.71% to Rs 164.69 crore in Q4 March 2025 over Q4 March 2024. IPO Update: The initial public offer (IPO) of Scoda Tubes received bids for 9,56,01,500 shares as against 1,18,46,169 shares on offer, according to stock exchange data at 16:51 IST on Thursday (29 May 2025). The issue was subscribed 8.07 times. The issue opened for bidding on Wednesday (28 May 2025) and it will close on Friday (30 May 2025). The price band of the IPO is fixed between Rs 130 and 140 per share. An investor can bid for a minimum of 100 equity shares and in multiples thereof. Prostarm Info Systems' IPO received bids for 1,08,70,41,382 shares as against 1,12,00,000 shares on offer, according to stock exchange data at 16:51 IST on Thursday (29 May 2025). The issue was subscribed 97.06 times. The issue opened for bidding on Tuesday (27 May 2025) and it will close on Thursday (29 May 2025). The price band of the IPO is fixed between Rs 223 and 235 per share. An investor can bid for a minimum of 63 equity shares and in multiples thereof.
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Business Standard
6 days ago
- Business
- Business Standard
Metal, IT, realty propel Sensex by 320 pts, Nifty above 24,830; SMIDs gain
Stock market closing bell, Thursday, may 29, 2025: Buying across the metal, IT, and realty sectors towards the end of the day helped the benchmarks, which witnessed a lackluster session earlier, settle on higher levels on Thursday. Market analysts suggest that the recovery in the market toward the end of the session was also fuelled by the F&O expiry-led covering. Notably, the BSE Sensex and NSE Nifty50, before turning flat, started today's session with gains, buoyed by the news that a three-judge panel at the New York-based US Court of International Trade blocked President Donald Trump from imposing 'sweeping' tariffs on imports, citing an emergency-powers law. That said, the rally extended to the broader markets as well, with the midcap and smallcap indices posting gains of over half a percent. At the close, the BSE Sensex stood at 81,633.02, up 320.70 points, or 0.39 per cent. The index fluctuated in the range of 81,816.89 - 81,106.98. Mirroring the Sensex, the Nifty50 added 81.15 points, or 0.33 per cent, to settle at 24,833.60, after trading in the range of 24,889.70 - 24,677.30 on Thursday. IndusInd Bank, Sun Pharma, Eternal, Adani Ports, and Trent were the top gainers among the Nifty50 constituent stocks ending higher in the range of 2.47 per cent-1.65 per cent. Conversely, HDFC Life, Bharat Electronics, Tata Consumer, Jio Financial, and Bajaj Finance were the top laggards ending lower in the range of 0.62 per cent - 1.07 per cent on Thursday. The market breadth turned positive, with 1,510 out of 2,947 traded stocks on the NSE ending in the green, while 1,373 closed lower and 64 remained unchanged. Meanwhile, a total of 106 stocks hit their upper circuit limits on the NSE, while 81 stocks touched their lower circuit limits. At the close, the market capitalisation of NSE-listed companies stood at $5.16 trillion. Meanwhile, the fear index (India VIX), which gauges volatility in the markets, ended lower by 8.86 per cent at 16.42 points. SMIDs shine The broader markets followed the benchmarks, with the Nifty Midcap100 and Nifty Smallcap100 indices settling higher by 0.55 per cent and 0.59 per cent, respectively. Welspun Corp (0.75 per cent), Waaree Energies (8.36 per cent), Garden Reach Shipbuilders (8.07 per cent), and Cummins India (6.52 per cent) were among the top gainers in the space. Metal, Realty outperform; FMCG, PSBs drag Barring Nifty FMCG (down 0.13 per cent) and Nifty PSU Bank (down 0.24 per cent), all the sectoral indices ended with gains on Thursday. Among them, Nifty Metal and Realty outperformed others by ending higher by 1.21 per cent and 1.14 per cent, respectively. This was followed by Nifty Pharma and IT indices, which settled with gains of 0.92 per cent and 0.77 per cent, respectively. Experts weigh in Global sentiment, Vinod Nair, head of research, Geojit Investments, said, improved after a US court struck down Trump's reciprocal tax policy. However, the domestic market remained mostly rangebound during the day due to rising oil prices and higher US 10-year bond yields. Nair attributed the recovery toward the end of the session to the F&O expiry-led covering. Echoing similar views, Prashanth Tapse, senior VP (Research), Mehta Equities, said, "While markets witnessed sideways movement in the first half, key indices rebounded on selective buying amid short covering on the monthly derivatives expiry day." Tapse believes that strong Asian and European cues also aided sentiment, even as investors await the release of the minutes of the US FOMC meeting. That said, Nair expects the markets to witness consolidation in the short term. "Lack of positive domestic triggers and a drop in industrial output to an eight-month low could lead to short-term market consolidation," Nair added. Technical View Technically, after an early intraday correction, the market found support near 24,675/81,100 and bounced back sharply. Additionally, on daily charts, it has formed a reversal formation near the 20-day Simple Moving Average (SMA), which Shrikant Chouhan, head of equity research at Kotak Securities, believes is largely positive. "We are of the view that 24,700/81,200 and 24,650/80,900 would act as key support zones for traders. If the market sustains above these levels, the chances of hitting 25,000/82,200–25,100/82,600 would become brighter," said Chouhan.
Business Standard
6 days ago
- Business
- Business Standard
Barometers pare gains; Nifty below 24,750; VIX slumps 6.85%
The key equity indices reversed all gains and traded with limited cuts in the mid-morning trade, despite positive global cues after a U.S. federal court blocked former President Trump's proposed Liberation Day tariffs. The Nifty traded above the 24,750 mark. PSU bank shares slipped after advancing for the past four consecutive trading sessions. The market could be volatile due to the monthly expiry of the Nifty F&O series today. At 11:30 ST, the barometer index, the S&P BSE Sensex, shed 37.91 points or 0.05% to 81,275.95. The Nifty 50 index fell 21.35 points or 0.09% to 24,732.40. The broader market underperformed the frontline indices, The S&P BSE Mid-Cap index rose 0.18% and the S&P BSE Small-Cap index added 0.23%. The market breadth was positive. On the BSE, 1,802 shares rose and 1,706 shares fell. A total of 218 shares were unchanged. The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, tanked 6.85% to 16.65. Also Read The initial public offer (IPO) of Scoda Tubes received bids for 4,17,25,260 shares as against 1,18,46,169 shares on offer, according to stock exchange data at 11:25 IST on Thursday (29 May 2025). The issue was subscribed 3.52 times. The issue opened for bidding on Wednesday (28 May 2025) and it will close on Friday (30 May 2025). The price band of the IPO is fixed between Rs 130 and 140 per share. An investor can bid for a minimum of 100 equity shares and in multiples thereof. The initial public offer (IPO) of Prostarm Info Systems received bids for 28,73,00,222 shares as against 1,12,00,000 shares on offer, according to stock exchange data at 11:25 IST on Thursday (29 May 2025). The issue was subscribed 25.65 times. The issue opened for bidding on Tuesday (27 May 2025) and it will close on Thursday (29 May 2025). The price band of the IPO is fixed between Rs 223 and 235 per share. An investor can bid for a minimum of 63 equity shares and in multiples thereof. Buzzing Index: The Nifty PSU bank index fell 0.65% to 6,752.60. The index added 1.26% in the previous four trading sessions. Indian Bank (down 1.56%), Union Bank of India (down 1.38%), Bank of India (down 0.91%), Punjab & Sind Bank (down 0.55%), State Bank of India (down 0.4%), Bank of Baroda (down 0.39%), Bank of Maharashtra (down 0.31%), Punjab National Bank (down 0.3%), Indian Overseas Bank (down 0.29%) and Canara Bank (down 0.21%) added. Stocks in Spotlight: Welspun Corp jumped 9.02% after its consolidated net profit surged 160.09% to Rs 698.31 crore, despite a 12.01% fall in revenue from operations to Rs 3,924.97 crore in Q4 FY25 over Q4 FY24. Indian Railway Catering & Tourism Corporation (IRCTC) shed 0.25%. The company reported a 26.06% jump in consolidated net profit to Rs 358.23 crore, while revenue from operations rose 10.14% to Rs 1,268.53 crore in Q4 March 2025 over Q4 March 2024. Avanti Feeds rallied 3.15% after the companys consolidated net profit jumped 45.8% to Rs 151.77 crore on 7.9% increase in revenue from operations to Rs 1,385.14 crore in Q4 FY25 over Q4 FY24. Global Markets: US Dow Jones futures surged 595 points early Thursday, setting the stage for a buoyant open on Wall Street. Asian shares mostly followed suit, climbing higher after a US federal court delivered a significant blow to President Donald Trump's sweeping "reciprocal" tariffs. The court ruled that Trump had overstepped his authority by imposing tariffs on over 180 countries and territories back in April. The decision came from a three-judge panel at the US Court of International Trade. They found that the 1977 International Emergency Economic Powers Act (IEEPA), the legal crutch Trump leaned on, didn't give the president free rein to roll out such broad trade measures. The court issued a permanent halt to the tariffs named in the case and blocked any future tweaks. The Trump administration now has 10 days to make the necessary changes but has already appealed the decision to the US Court of Appeals for the Federal Circuit. Meanwhile, South Korea's central bank, the Bank of Korea, cut its benchmark interest rate from 2.75% to 2.5%, marking its lowest level since August 2022. Investors in Asia are also keeping a close watch on chipmakers after Nvidias strong earnings. The GPU giant beat expectations on both top and bottom lines, driven by a 73% year-over-year surge in its data center business. Back in the US, stock markets closed lower on Wednesday. The S&P 500 dipped 0.56%, the Nasdaq fell 0.51%, and the Dow Jones lost 0.58% as investors digested earnings and the latest Fed minutes. Speaking of which, the Feds May 6-7 meeting minutes hinted at a looming policy dilemma. Officials acknowledged that they may soon face some tough calls if inflation and unemployment start rising together. The Fed might be forced to choose between fighting inflation with higher rates or supporting growth and jobs by cutting them.
Mint
6 days ago
- Business
- Mint
Stocks to buy or sell: Osho Krishan of Angel One suggests buying CDSL, Tata Chemicals shares today
Stock market today: Indian stock markets began the day on a positive note on Thursday, drawing strength from gains seen in Asian markets and Wall Street futures, as investors reacted positively to a US trade court's ruling that stopped President Trump's tariffs on imports from US trading partners. The Nifty 50 increased by 0.29% to 24,825.10, while the Sensex was up 0.34% at 81,591.03 as of 9:15 IST. The Court of International Trade determined that President Trump overstepped his authority with the proposed tariff measures. Although the White House has filed an appeal against this ruling, the decision has fostered optimism that Trump might reconsider the significant tariff levels he had previously threatened, improving global risk sentiment. Market analysts are of the opinion that news concerning Trump's tariffs continues to influence the markets. The US Federal court's decision to overturn the reciprocal tariffs sends a strong signal that the unconventional president cannot disregard the markets and economy with his dubious choices. This judicial ruling marks the second significant setback for President Trump, following the blow dealt by the bond market, which compelled the Trump administration to suspend the tariffs for 90 days. From the perspective of the market, this is a favourable turn of events. Profit booking has extended into a second consecutive session; however, prices have remained within the previous trading range and have successfully held above the low of the prior session. On the daily chart, a small-bodied candle has emerged, reflecting the ongoing phase of consolidation. In general, much of May has experienced a time-wise correction, interspersed with only a few significant upward movement days. Attention is now focused on the upcoming F&O expiry day, which is poised to influence the market's direction in the near term. From a technical perspective, the Nifty 50 continues to oscillate between the identified lows around 24,450 and the corresponding highs near 25,100. This range remains critical, and any breakthrough beyond it could potentially reignite momentum. However, an examination of these levels on the expiry day itself appears improbable and surpassing them would present a significant challenge. In the short term, immediate support is observed around 24,600, which also corresponds with the 20-DEMA. Conversely, the psychological 25,000-mark serves as immediate resistance. These two levels are anticipated to be pivotal during the expiry session. While the benchmark indices continue to exhibit range-bound behavior, specific themes and movements of individual stocks have become particularly noteworthy. It is recommended that traders focus on these opportunities; however, they should exercise caution, as several recent breakouts have not been able to maintain their momentum due to insufficient follow-up buying. On stocks to buy on Thursday, Osho Krishan of Angel One recommended two stocks - Central Depository Services (India) Ltd (CDSL), and Tata Chemicals Ltd. CDSL share price has demonstrated a consolidation breakout above the 200-day simple moving average (DSMA), indicating a robust upward trend. From a technical analysis perspective, the stock is currently exhibiting a pattern of higher highs and higher lows, supported by favourable indicators that enhance its bullish sentiment. Furthermore, considering the risk-reward dynamics, CDSL is in a favorable position and appears poised to maintain its upward trajectory in the near term. This situation presents a significant opportunity for investors seeking growth potential. Hence, we recommend to BUY CDSL shares around ₹ 1,500, keeping a stop loss of ₹ 1,420 for a potential Target of ₹ 1,620-1,640. Tata Chemicals share price has recently emerged from a consolidation phase and has surpassed its previous swing high, indicating an initial sign of a counter-trend. Additionally, the positive crossover observed between the 20-day and 50-day Exponential Moving Averages (DEMA) represents a favorable development in the technical analysis. This progression is further corroborated by positive movements in the MACD indicator, suggesting a constructive outlook for the stock's performance. Hence, we recommend to BUY Tata Chemicals around ₹ 890-880, keeping a stop loss of ₹ 840 for a potential Target of ₹ 980. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
