SEBI COURT SENTENCES KETAN PAREKH TO 3 YEARS IN PRISON
A special court on Tuesday awarded three-year imprisonment to stock broker Ke tan Parekh (pictu red) for not paying dues to the Securities and Exchange Board of India (Sebi). The court directed Parekh to pay a fine of ~500,000, part of which will be paid to Sebi. The case relates to acquiring shares of Shonkh Technologies by Panther Fin cap beyond permissible limits without making disclosures as part of Se bi regulations. Parekh was director of Panther Fin cap and in charge of the business.
The National Stock Exchange (NSE) will not levy any transaction fee on the trades done in cross currency derivatives for three months starting today, in order to encourage active participation in such contracts.
The exchanges BSE and NSE -- have launched trading in cross-currency futures and options (F&O) derivatives from Tuesday. The trading in such contracts would be available between 9:00 am and 7:30 pm.
The move will help in direct hedging of foreign currency exposures as well as improving liquidity in existing currency contracts. "In order to encourage active participation in cross currency F&O contracts, it has been decided that no transaction charges will be levied on the trades done in cross currency F&O contracts... from February 27, 2018 till May 31, 2018," the NSE said in a circular issued late night Monday.
The announcement comes after the NSE, last week, received markets regulator Sebi's approval for introducing cross-currency derivatives on pairs such as euro-dollar, pound sterling -dollar and dollar- yen.