Commodity market regulator FMC has allowed NSEL (National Spot Exchange Limited) to pay directly to members of IBMA, which was set up by the bourse and is also one of its investors. The Indian Bullion Market Association (IBMA), a subsidiary of the crisis-ridden NSEL, had reportedly invested about R1,200 crore in the bourse. In a letter to NSEL, FMC has directed that the payouts to the members registered under IBMA can be made directly from the NSEL escrow account.
MF accounts drop by over 24 lakh
The Mutual fund industry has lost an estimated over 24 lakh investors, measured in terms of individual accounts or folios, in the first eight months of the current fiscal, mainly due to profit-booking and various merger schemes. According to Sebi data on total investor accounts with 45 fund houses, the number of folios fell to around 4.04 crore at the end of November 2013 from 4.28 crore in the last fiscal (2012-13), indicating a decline of 24.23 lakh.
CCIL now a qualified central counterparty
RBI has granted qualified central counterparty status to Clearing Corp of India (CCIL) on Wednesday, which will allow banks to eliminate various counterparty exposure risks. From now on, it will be able to guarantee the dollar/rupee trades, interest rate derivatives and forward rate agreements.
