Sebi simplifies trading account opening process - India Today
New Delhi, July 13 (PTI) Making the investor account opening process easier for stock brokers, markets regulator Sebi has allowed them to provide certain standard documents in the electronic format after obtaining the clients consent.
These bulky documents, including Rights and Obligations of stock broker, sub-broker and clients, as also that of beneficial owner and depository participant, the Uniform Risk Disclosure Documents and Guidance Note detailing Dos and Donts for trading on stock exchanges, need to be mandatory provided in the physical format.
The move would also help investors as it could be easier for them to store and refer to these documents in electronic format.
However, the brokers would have to provide physical copies of these documents if the investors desire so.
The new direction would come into effect for all new clients from August 1, 2016.
In a circular, Sebi said: "In consultation with market participants, with a view to simplify the account opening kit, it has been decided that, stock broker/depository participant shall make available these standard documents to the clients, either in electronic or physical form, depending upon the preference of the client as part of account opening kit.
"The preference of the client shall be sought as part of the account opening form. In case the documents are made available in electronic form, stock broker/ depository participant shall maintain logs of the same."
Sebi said the stock exchanges, depositories, stock brokers and depository participants would continue to make these documents available on their website and keep the clients informed about the same. PTI PRJ BJ SA
CII launches social media account in China to improve trade ties - Times of India
BEIJING: The CII and the India Business Forum (IBF) in Shanghai today launched a social media account to provide "meaningful" interaction between the Indian and Chinese businesses and to stay updated with the latest industry news and trends.
A Wechat account was launched at a ceremony attended by Prakash Gupta, Consul General of India in Shanghai, Sujit Chatterjee, Chairman designate of the Confederation of Indian Industry (CII)-IBF China, Madhav Sharma, Head of Greater China and chief representative, CII China and Ravi Shankar Bose, director of Fugu Mobile which provided the software backup.
"The launch of the CII IBF Wechat App is a unique initiative of CII-Shanghai, which aims to bring together leading Indian industries in China on one common electronic platform," Gupta said at the function held at the Consulate General of India in Shanghai.
"While this is a unique and welcome step to adapt to one of China's most popular communication platforms, we do hope that it would also enable faster and greater sharing of information and success stories amongst local Indian CEO's on a real time basis, and thereby further promote Indian business interests in Eastern China", he said.
Chatterjee, who is also President, Tata Consultancy Services , China said "The CII IBF We Chat App is a great platform to stay up-to-date with the latest industry news and trends in China. It provides a meaningful opportunity for India and Indian companies to market themselves to the larger consumer group in furthering their commitment to the Chinese economy".
He said the CII-IBF Wechat account is in line with the growing social media trend in China, this will help us in creating greater awareness of CII in China and CII-IBF member companies amongst Chinese businesses.
Sharma said: "It will showcase CII-IBF Members business interest in China leading to greater businesses, highlight opportunities for Chinese businesses in India under the Make in India initiative, highlight some of the latest policy updates, business development events both in India and China". WhatsApp, WeChat may pose risk for Chinese regulator
A growing number of China's retail investors are opening trading accounts on messaging and social media app WeChat.
"I believe that this platform will help build greater two way communication between businesses ", a CII statement quoted him as saying. It said since the establishment of CII office in China in 2003, the number of Indian companies in China have grown substantially, therefore in 2009, CII China launched the India-Business Forum.
"The CII India-Business Forum aims to promote Indian business interests in China through collective approach. The CII-IBF also platform for members to meet with Chinese companies interested in doing business with India, Think Tanks, universities and other policy organisations of China. The forum also works in showcasing India and Indian industry, thereby building "Brand India" in China", it added.
LIVE: Sensex falls over 250 points ahead of GST debate, Nifty breaches 8600; Dwarikesh Sugar tumbles 10% - Financial Express
Benchmark index BSE Sensex and NSE Nifty continued to trade in red in afternoon trade on account of selling in frontline blue chip counters. However, markets overlooked a survey showing that the Nikkei India Services Purchasing Managers’ Index jumped to 51.9 in July from 50.3 in June. The reading for July was the highest in three months.
2.19 pm: Meanwhile, GST Bill tabled in the Upper House of Parliament. Sensex was down 204 points at 27,775. Nifty was up 51.15 points at 8,570.
1.41 pm: Dwarikesh Sugar tumbled 10 per cent post Q1 results. Sensex was down 240 points at 27,747.
1.18 pm: Sensex was down 267 points at 27714. Nifty was trading 75.45 points down at 8547. Read more: GST countdown begins; 18% rate to hit Ashok Leyland, Bharti Airtel, Parag Milk Foods among others
11.56 am: Meanwhile, Dilip Buildcon IPO subscribed 89 per cent on the last day of offer till 11.30 pm. Sensex was trading 224 points down at 27756. Nifty was down 60 points at 8,562.
11.36 am: UFO Moviez shares were trading over 5 per cent down post Q1 results. Read more
11.01 am: GST Bill is set to table in Rajya Sabha today. On the passage of the key bill and its impact on stock markets, Jimeet Modi, chief executive officer, SAMCO Securities said, “The adage ‘buy on rumors sell on news’ seems most appropriate for the GST. The moment Bill is passed by the lawmakers, the same will become historical fact for the market well discounted in the prices. There is no surprise element now and therefore to that extent will not cause any significant move in the near term, although from country standpoint, this is a huge forward looking piece of legislation to take the economic activities into the next orbit of growth. But since the stock market is futures discounting machine, the same is well discounted at the current juncture and hence no major impact. The market will sail in the normal course which most likely will be sideways correction for some time. The long term is still solidly up for few more years to come.”
10.26 am: Torrent Power was trading 1.55 per cent lower post Q1 results. Sensex was down 133 points at 27,848.
9.45 am: Sensex plunged 214 points to 27,767.60. Index heavyweights such as ITC, Power Grid, HDFC and HUL were trading down by 2.21 per cent, 2.18 per cent, 1.68 per cent and 1.25 per cent, respectively. Nifty was down 45.90 points at 8,570.
9.30 am: In the 50-share index, HCL Technologies, Tata Motors DVR, Tata Motors, Bosch and Ambuja Cement were up between 0.86 per cent and 3.89 per cent. On the other hand, TCS, Aurobindo Pharma, HDFC, ZEEL and BPCL were down between 1.17 per cent and 1.78 per cent.
Read more: GST Bill to be tabled at 2 pm in Rajya Sabha; 12 stocks that may benefit with the passage
9.20 am: Sensex plunged further and was trading 104.30 points down at 27877.41. Nifty was down 17.95 points at 8,605.
9.16 am: Sensex was trading 70 points down at 27911, while Nifty was down 16.75 points at 8606. HCL Technologies shares were trading over 4 per cent at Rs 834.55 post Q1 results.
9.14 am: BSE Sensex up 26.81 points, or 0.10 per cent, up at 28008.52 in the pre-opening session, while Nifty opened 12.30 points, or 0.14 per cent, up at 8635.20.
9.07 am: Meanwhile, HCL Technologies posted 6 per cent quarter on quarter increase in consolidated net profit at Rs 2055.20 crore for the quarter ended June 30, 2016. Read more
8.11 am: The BSE Sensex and NSE Nifty are likely to open in red on Wednesday tracking SGX Nifty and weak global cues. At 8.06 am (IST), SGX Nifty was down 30 points at 8,630.
Asian peer, Nikkei was trading nearly 147 points down at 16245 in the morning trade as the rising yen pressured exporter stocks while financials slid by over nearly per cent. Hang Seng was down by 363 points, while Shanghi was trading 1.65 points down in the morning trade.
On Wall Street, the Dow Jones Industrial Average index declined 0.49 per cent on Tuesday, while the S&P 500 slid 0.64 per cent and the Nasdaq lost 0.9 per cent.
Back home, the much-awaited GST Bill will be tabled on in Rajya Sabha on Wednesday for consideration and approval amid robust optimism that the Bill would be backed by the Congress and other major parties. On Tuesday Sensex opened in green, however closed 21.41 points lower at 27,981.71.
Shares of Torrent Power, Dishman Pharma and PC Jeweller will remain in focus on Tuesday. Torrent Power on Tuesday registered nearly 80 per cent year-on-year fall in consolidated net profit to Rs 45.62 crore for the first quarter ended June 30.
Dishman Pharma and PC Jeweller will announce their results for the first quarter ended June 30, 2016 on Wednesday.
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