Latest news with #TuhinKantaPandey
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Business Standard
a day ago
- Business
- Business Standard
Jane Street yet to resume F&O trade; market vigilance up: Sebi chief
Jane Street has not resumed trading in futures and options (F&O) since the Securities and Exchange Board of India (Sebi) lifted the bar imposed on July 3, said Tuhin Kanta Pandey, the regulator's chairman, in an interview with BusinessWorld. Pandey said that Sebi and exchanges are maintaining 'aggressive surveillance' of the market since the regulator's order against the US-based trading company. He defended the decision to impose only a temporary ban on the company, noting that a permanent one without a show-cause notice or a final order would be 'arbitrary and legally unsustainable.' Sebi lifted Jane Street's trading ban after the firm deposited Rs 4,844 crore in an escrow account and gave an undertaking to refrain from manipulative or fraudulent trading. Addressing concerns about market surveillance, Pandey said, 'Technology is evolving at a breakneck pace, and no regulator can claim to be superhuman. The Jane Street case highlighted the need to upgrade our surveillance systems, and we're actively doing so.' He added that Sebi has introduced new surveillance parameters and is exploring tools that use artificial intelligence to spot anomalies in F&O trading, including unusual delta exposures or spikes in out-of-the-money options. Sebi is also open to external expertise to keep pace with sophisticated market participants. 'Staying ahead of HFT [high-frequency traders] is a cat-and-mouse game, and we're committed to evolving dynamically,' he said. Sebi's ex-parte interim order on July 3 directed the impounding of alleged illegal gains from market manipulation, specifically on index expiry days. 'Our jurisprudence doesn't allow us to treat someone as guilty without due process. The $597 million deposit is a strong signal — unprecedented in itself — that Sebi means business. We're not here to play hero; we're here to build trust through consistent, lawful regulation,' said the Sebi chairman. He clarified that Jane Street was compliant with foreign portfolio investor (FPI) regulations, including disclosures of ultimate beneficiary ownership for stakes above 10 per cent. 'Their trades in F&O don't involve equity ownership,' Pandey noted. The July 3 order was based on surveillance reports provided by the NSE. Sebi has since broadened its investigation to include other indices and trading strategies. Addressing questions about potential data delays from the BSE, Pandey said, 'I wasn't aware of specific delays in BSE's data sharing, but I'll verify this. The Jane Street order focused on the manipulation evidence we already had, primarily from our surveillance and NSE data, which was sufficient for the interim action.'
News18
2 days ago
- Business
- News18
NSE's Unlisted Shares In Demand: Over 1 Lakh Retail Buyers Join Pre-IPO Frenzy In 3 Months
Last Updated: The National Stock Exchange has triggered an unprecedented buying frenzy in India's unlisted market; Know details NSE IPO India's unlisted market is witnessing an unprecedented surge in retail investor activity, driven by mounting anticipation around the National Stock Exchange's (NSE) long-pending IPO. Over 1 lakh retail investors have snapped up NSE shares in just three months, making it one of the most dramatic buying sprees in the grey market's history. NSE's retail shareholder base jumped from 33,896 in March 2025 to 146,208 in June 2025 — a more than fourfold rise. Resident individual investors holding shares worth up to ₹2 lakh now hold an 11.81% stake, compared to 9.89% in the previous quarter. Market observers say this rapid growth underscores the rising influence of retail participants in the pre-IPO space. Soaring Share Prices Reflect Investor Euphoria The price of unlisted NSE shares has surged 140% in four years — from around Rs 740 in 2021 to Rs 1,775 in May 2025. In a single week in May, prices jumped again from Rs 1,800 to Rs 2,300, reflecting a squeeze in supply and heightened IPO speculation. The exchange plans to list its shares on BSE Ltd. once regulatory clearance is obtained. Earlier in June, SEBI Chairman Tuhin Kanta Pandey had said that there were 'no remaining obstacles" to the IPO, though he declined to provide a specific timeline. In the past, SEBI had withheld the NOC, citing unresolved issues. The regulator asked NSE to address technical lapses, ongoing legal cases, and reduce its stake in its subsidiary, NSE Clearing. To settle legacy issues, NSE has reportedly offered to pay Rs 1,388 crore — Rs 1,165 crore related to the co-location case and ₹223 crore for the dark fibre matter, according to an Economic Times report. How Can Retail Investors Buy NSE Unlisted Shares? Retail investors can invest in unlisted shares through: Before transacting, investors must complete a KYC process using PAN and Aadhaar details. Important Considerations Before Investing While the excitement is palpable, experts caution that unlisted shares carry considerable risk: These shares don't trade on public stock exchanges and lack liquidity. Prices are driven more by sentiment than fundamentals. The market operates with limited regulatory oversight, making investor due diligence critical. view comments Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
The Hindu
18-07-2025
- Business
- The Hindu
SEBI may impose additional margin requirements in times of high volatility in electricity futures
Securities and Exchange Board of India (SEBI) may impose higher additional margins for electricity futures in times of high volatility , said Tuhin Kanta Pandey, Chairperson of Securities and Exchange Board of India (SEBI) at the launch of Monthly Electricity Futures here on Friday. 'Electricity has been categorised as a high volatile commodity, thereby attracting a high initial margin requirements. This will discourage undue speculative activity. Additional margins may be imposed in times of heightened volatility,' said Mr. Pandey at the event. Electricity futures are future contracts with electricity as the underlying commodity which was introduced in order to arrest volatility in electricity prices and intended for manufacturers, power generators and distributors to hedge losses at times of price spike. The product was introduced after consultation with a joint working group with SEBI, NSE and Central Electricity Regulation Commission(CERC). The product will b monthly expiry and 95% of the market share in this product is with NSE and the rest with MCX. Trading in the product started on Monday. 'This is a very new product and will take time for stake holders to understand. The initial liquidity is expected to come from industry participants after which the financial participants will follow,' said Anindya Banerjee , Commodities analyst at Kotak Securities.
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Business Standard
18-07-2025
- Business
- Business Standard
Electricity futures to deepen power market, says Sebi Chairman Pandey
As the Indian markets open up for electricity derivatives, Tuhin Kanta Pandey, chairman of the Securities and Exchange Board of India (Sebi), on Friday said that the regulator has taken steps to ensure that these contracts remain a tool for hedging rather than undue speculation. Speaking at the launch of electricity monthly futures at the National Stock Exchange (NSE) in Mumbai, the Sebi chairman highlighted that safeguards have been put in place to ensure that electricity derivatives 'remain true to their intended purpose'. Electricity futures are financial contracts that allow participants to lock in the price of electricity for a specified future month without involving any physical power delivery. 'Electricity has been categorised as a highly volatile commodity, thereby attracting a high initial margin requirement. This will discourage undue speculative activity. Additional margins may be imposed in times of heightened volatility,' said Pandey. The electricity futures will help players hedge against price volatility and complement the physical power trading. The key participants who will trade these contracts are power generators, distribution companies, power exchanges, end consumers, and other traders. The Sebi chairman said that these contracts will address challenges such as price volatility in spot markets due to demand-supply dynamics, financial stress on discoms which are locked into long-term power purchase agreements, and facilitate investments in power generation infrastructure and renewable energy. Further, discoms will also be able to procure electricity at predictable prices and avoid extreme short-term price fluctuations and their downstream effects on tariffs and subsidies. 'Electricity derivatives mark the next phase of India's power market reforms. As India marches toward its net-zero commitments and a greener grid, a deep and liquid electricity derivatives market will be essential for a reliable, sustainable, and investor-friendly power sector,' noted the Sebi chairman. On the NSE, the trading of electricity futures contracts started on July 14 with a minimum unit trading of 50 MWh (50,000 units of electricity) and a minimum tick size of Rs 1 per MWh. The exchange has also specified norms for open position limits for individual clients, aggregate limits, and initial margin requirements. These contracts will be cash-settled. The Multi-Commodity Exchange (MCX) also launched electricity futures contracts on July 10.
The Wire
18-07-2025
- Business
- The Wire
Startup Policy Forum Launches Centre for New-Age Public Companies (CNPC) to Support India's Listed and IPO-Bound Startups
Mumbai, Maharashtra, India – Business Wire India The Startup Policy Forum (SPF), an alliance of over 50 leading new-age companies, today announced the launch of the Centre for New-Age Public Companies (CNPC) — a first-of-its-kind platform to support the fast-expanding pool of listed and IPO-ready startups as they navigate the critical transition from private to public entities. SPF announced the launch of its Centre in the presence of SEBI Chairman, Shri Tuhin Kanta Pandey, at a high-level delegation meeting with 20 startup founders and leaders in Mumbai. India's capital markets have been consistently outperforming global indices, creating strong momentum for new-age companies to list domestically. With nearly 40 startups – collectively valued at over $90 billion – expected to go public in the near future, a structured, founder-led platform to support this wave is both timely and essential. The Centre aims to address the unique regulatory, governance, and market-readiness challenges faced by these firms, while fostering a collaborative ecosystem between new-age companies, regulators, institutional investors, stock exchanges, bankers, policymakers and other ecosystem participants. Shweta Rajpal Kohli, President & CEO, Startup Policy Forum said, 'India's capital markets are witnessing a structural shift, with new-age and tech-driven companies increasingly dominating IPO pipelines and investor interest. The Centre will enhance readiness and resilience of new-age companies as they enter and thrive in public markets.' Ashish Chauhan, MD & CEO, NSE, said, 'The emergence of new-age companies in the public markets is a significant evolution. Initiatives like CNPC will promote better governance, transparency, and capital market preparedness while fostering trust among retail and institutional investors.' The CNPC will work across four pillars: • Advocacy: Engaging with SEBI, other regulators, policymakers, public market investors and market institutions to ensure the regulatory framework evolves in step with the needs of new-age public companies. • Capacity Building: Workshops, masterclasses, and webinars on compliance, corporate governance, investor relations and ESG best practices. • Community Engagement: Facilitating peer learning, knowledge sharing, thought leadership, and collective problem-solving among founders and CXOs of listed and soon-to-be-listed companies. • Research & Insights: Developing toolkits, policy briefs, and governance guides tailored to the specific requirements of new-age public companies. The 25-member SPF delegation that called on SEBI Chairman included Ritesh Agarwal, Founder & CEO, OYO, Shashank Kumar, Co-founder & MD, Razorpay, Rohit Kapoor, CEO, Swiggy Food Marketplace, Ankit Fatehpuria, Co-Founder & CFO, Zetwerk, Shashank ND, Co-founder, Practo, Sanket Shah, Co-Founder & CEO, InVideo, Miten Sampat of CRED, Nischay AG, Co-founder, Jar, Ajay Lakhotia, Founder, StockGro, and senior executives from ixigo, Bluestone, Acko and Eazydiner. SPF's membership already includes several listed startups, including Swiggy, ixigo, Ather Energy, MobiKwik and Blackbuck. Many more are on the path to listing including Pine Labs, Meesho, Groww, IndiQube, Curefoods, Bluestone and Physics Wallah. About Startup Policy Forum The Startup Policy Forum is India's leading industry alliance for new-age companies, working to shape policy, amplify founder voices, and build global bridges. SPF's members include many of India's most successful and high-growth startups, collectively valued at over $90 billion. To View the Images, Click on the Links Below: Startup Policy Forum Launches Centre for New-Age Public Companies (CNPC) Startup Policy Forum Launches Centre for New-Age Public Companies (CNPC) SPF X CNPC SPF Team with SEBI (Disclaimer: The above press release comes to you under an arrangement with Business Wire India and PTI takes no editorial responsibility for the same.). This is an auto-published feed from PTI with no editorial input from The Wire.
