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India Gazette
7 days ago
- Business
- India Gazette
India's NSE and Cyprus Stock Exchange sign MoU to boost cross-border investments
Nicosia [Cyprus], June 16 (ANI): In a significant step towards strengthening economic ties between India and Cyprus, the NSE International Exchange at GIFT City, Gandhinagar, and the Cyprus Stock Exchange signed a Memorandum of Understanding (MoU) to enable dual listings and promote collaboration in financial research and outreach programmes. Ashish Kumar Chauhan, MD & CEO of the National Stock Exchange (NSE), told ANI that the MoU will help create new opportunities for cross-border investments and connect European companies with India through GIFT City. 'NSE International Exchange at GIFT City, Gandhinagar, which is India's face to the world, and Cyprus Stock Exchange, to do dual listing as well as research and outreach programmes on various financial instruments to create collaboration between European companies and GIFT City, Gandhinagar. This is going to open a new chapter in Cyprus-India relations going forward,' he stated. The initiative aims to benefit investors in both Cyprus and India and encourage cross-border capital flows between the two regions. The agreement was signed during Prime Minister Narendra Modi's visit to Cyprus, where he held a roundtable interaction with Cypriot President H.E. Nikos Christodoulides and business leaders from both countries. The meeting in Limassol brought together top names from various sectors such as banking, finance, defence, shipping, logistics, digital technology, artificial intelligence, tourism, and mobility. During the visit, several other business outcomes were also announced. BAO Capital Partners Ltd, a Cyprus-based Alternative Investment Fund Manager, revealed that it has secured commitments exceeding USD 100 million for its flagship fund focused on India. The fund will invest in public equities and emerging technologies aligned with the 'Make in India' initiative, especially in AgroTech, clean logistics, and drone applications, key sectors for improving rural productivity and sustainable growth. Additionally, the National Payments Corporation of India (NPCI), through its international arm NIPL, signed an MoU with Eurobank of Cyprus. The agreement will help introduce India's Unified Payments Interface (UPI) services in Cyprus, enabling seamless cross-border transactions. This move is expected to benefit both tourists and businesses in the two countries. These developments reflect the deepening of India-Cyprus economic relations and a shared commitment to expand partnerships in finance, innovation, and sustainable growth. (ANI)
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Business Standard
7 days ago
- Business
- Business Standard
NSE IPO: 6 reasons why it's time for National Stock Exchange to go public
NSE IPO: The National Stock Exchange (NSE) stands as the cornerstone of India's capital markets, catalysing economic growth and financial innovation. Yet, despite its pivotal role and a substantial shareholder base that surpasses most large-cap companies, NSE remains an unlisted entity. The time has come for the NSE to embrace public markets, and the reasons are compelling—both from a governance and a market development perspective. 1. Broad-based ownership: The case for democratisation With over 100,000 shareholders, NSE already boasts a more widely held ownership base than many constituents of the Nifty 500. This broad base reflects deep investor interest and sets the stage for an even broader and more democratic participation, should NSE list. In a country where equity participation is growing rapidly, it is only fair that every Indian investor gets the opportunity to own a share of this national institution through transparent public markets. 2. Corporate governance NSE has consistently set benchmarks for governance that are on par, if not ahead, of most listed companies in India. Its investor presentations are a model of clarity and disclosure, surpassing the standards seen in several Nifty and Sensex companies. Transparency in communication, accountability to stakeholders, and robust risk management practices position NSE as a natural fit for the listed space. 3. Leadership compensation: The misplaced debate Concerns around executive remuneration at NSE are significantly overblown. The CEO, Mr. Ashish Kumar Chauhan, was remunerated around ₹12 crore in the last fiscal, a figure that is modest by any benchmark, domestic or overseas, especially given the scale and importance of the institution. Moreover, a substantial portion is deferred variable pay. Comparatively, leaders at other large financial institutions—receive far higher compensation, often supplemented with generous ESOPs, which NSE does not offer. 4. The need for quality equity paper: A national asset for the masses NSE is a national asset. Today, an enormous amount of investor capital is being funnelled into sub-par businesses at lofty valuations, in part due to the shortage of high-quality, blue-chip equity opportunities. Listing NSE would provide Indian investors with a chance to participate in the growth of a fundamentally sound, cash-generating institution—channelling savings into assets that genuinely deserve capital and boosting overall market health. 5. Bringing price discovery into the sunlight Despite not being listed, price discovery for NSE shares occurs in a shadowy parallel market. This environment is rife with inefficiencies, poor liquidity, delivery defaults, and price renegotiations—all of which harm investor confidence and undermine orderly market functioning. Listing NSE would eliminate these risks, bringing transparency, better regulation, and true price discovery to one of the country's most important assets. For the largest and most systemically important unlisted company to be denied a formal platform for price discovery is, frankly, an irony that needs to be addressed. 6. Regulatory concerns are not a showstopper Some argue that issues around clearing corporations or conflict management are reasons for delay. Yet, two other exchanges in the country are listed, and similar questions have been managed in their cases—albeit imperfectly. Regulatory evolution is ongoing, and any remaining hurdles can and should be addressed pragmatically as part of the listing process, not as a reason for indefinite delay. All said, the listing of the National Stock Exchange is not just a matter of institutional pride—it is an imperative for the continued evolution, transparency, and democratisation of India's capital markets. The market regulator, who keeps investor interest above everything else, has played an enabling role to facilitate fair price discovery and broad-based ownership of national assets. The NSE, by every objective metric, is ready for the next leap. It is time to bring this national asset into the sunlight, for the benefit of all Indian investors.
Time of India
03-06-2025
- Business
- Time of India
NSE vs BSE: Turf war over derivatives market heats up
A rivalry between India's major stock exchanges has entered a high-stakes phase, as they wrestle for control over the derivatives market in potential implications for everything from trading volumes to liquidity flows. The National Stock Exchange of India Ltd. is trying to change the expiration for listed derivative contracts from Thursday to Tuesday — a day traditionally dominated by its smaller bourse BSE Ltd . A shift could help the NSE regain market share from its rival, which has benefited after curbs by the capital markets regulator hit trading of NSE's most-popular options, pushing traders to look for alternatives at the BSE. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Santo André: Quanto vale a sua casa? Descubra agora! Valor da casa | Anúncios de pesquisa Saiba Mais Undo The expiry-day wrangling is more than just a turf war. It can potentially reshape India's options trading by fragmenting liquidity, influencing fee income and forcing brokers to realign their trade execution strategies. For the NSE, retaining its competitive edge becomes crucial ahead of a long-anticipated listing. Bloomberg 'It will only get more competitive from here,' said Maurya Ghelani, derivatives strategist at Kai Securities in Mumbai. 'A lot depends on how the BSE responds, and it may have to contend with ceding some ground back to the NSE.' Derivatives trading accounts for a significant chunk of revenue for both exchanges, with India attracting global quantitative trading firms like Citadel and Jane Street. The NSE has seen a steady decline in its market share in the past year as the securities regulator culled highly traded weekly contracts such as the ones on the NSE Nifty Bank Index, prompting a shift toward options on the S&P BSE Sensex Index. Live Events Since the Securities and Exchange Board of India began its latest curbs to halt the derivatives frenzy, the NSE has struggled to stick to an expiration day. In November, it said it would move it to Thursday for several index derivatives, following BSE's streamlining of its expiries to Tuesday. Then in March, the NSE unexpectedly said it would change its expiration day to Monday, putting it ahead of the BSE's. The move was quickly abandoned as the regulator pushed the exchanges to stick to either Tuesday or Thursday. The news of a new push for a change to Tuesday came last week. The BSE hasn't said whether it will stick to Tuesday or consider moving its expiration to Thursday. The Sebi, which says it aims to protect investor interests and maintain market stability, has yet to announce its decision on the NSE's request to move its expiry day. For his part, NSE Chief Executive Officer Ashish Kumar Chauhan told analysts in its latest earnings call that the market share loss has 'run its course.' Ghelani of Kai Securities said aligning expiry days could lead to new product launches by exchanges and deeper integration among existing ones. Meanwhile, the National Commodity and Derivatives Exchange Ltd. is also planning to enter the fray. While intensified competition may lead to short-term volatility and fragmentation, some say the derivatives market may benefit in the long run. 'More options will bring more opportunities for the trader community,' said Sahaj Agrawal, head of derivatives research at Kotak Securities. 'This could spur innovation and better services for traders.'
Economic Times
03-06-2025
- Business
- Economic Times
NSE vs BSE: Turf war over derivatives market heats up
A rivalry between India's major stock exchanges has entered a high-stakes phase, as they wrestle for control over the derivatives market in potential implications for everything from trading volumes to liquidity flows. ADVERTISEMENT The National Stock Exchange of India Ltd. is trying to change the expiration for listed derivative contracts from Thursday to Tuesday — a day traditionally dominated by its smaller bourse BSE Ltd. A shift could help the NSE regain market share from its rival, which has benefited after curbs by the capital markets regulator hit trading of NSE's most-popular options, pushing traders to look for alternatives at the BSE. The expiry-day wrangling is more than just a turf war. It can potentially reshape India's options trading by fragmenting liquidity, influencing fee income and forcing brokers to realign their trade execution strategies. For the NSE, retaining its competitive edge becomes crucial ahead of a long-anticipated listing. 'It will only get more competitive from here,' said Maurya Ghelani, derivatives strategist at Kai Securities in Mumbai. 'A lot depends on how the BSE responds, and it may have to contend with ceding some ground back to the NSE.'Derivatives trading accounts for a significant chunk of revenue for both exchanges, with India attracting global quantitative trading firms like Citadel and Jane Street. The NSE has seen a steady decline in its market share in the past year as the securities regulator culled highly traded weekly contracts such as the ones on the NSE Nifty Bank Index, prompting a shift toward options on the S&P BSE Sensex the Securities and Exchange Board of India began its latest curbs to halt the derivatives frenzy, the NSE has struggled to stick to an expiration day. In November, it said it would move it to Thursday for several index derivatives, following BSE's streamlining of its expiries to Tuesday. ADVERTISEMENT Then in March, the NSE unexpectedly said it would change its expiration day to Monday, putting it ahead of the BSE's. The move was quickly abandoned as the regulator pushed the exchanges to stick to either Tuesday or Thursday. The news of a new push for a change to Tuesday came last week. The BSE hasn't said whether it will stick to Tuesday or consider moving its expiration to Thursday. The Sebi, which says it aims to protect investor interests and maintain market stability, has yet to announce its decision on the NSE's request to move its expiry day. For his part, NSE Chief Executive Officer Ashish Kumar Chauhan told analysts in its latest earnings call that the market share loss has 'run its course.' ADVERTISEMENT Ghelani of Kai Securities said aligning expiry days could lead to new product launches by exchanges and deeper integration among existing ones. Meanwhile, the National Commodity and Derivatives Exchange Ltd. is also planning to enter the fray. While intensified competition may lead to short-term volatility and fragmentation, some say the derivatives market may benefit in the long run. ADVERTISEMENT 'More options will bring more opportunities for the trader community,' said Sahaj Agrawal, head of derivatives research at Kotak Securities. 'This could spur innovation and better services for traders.' (You can now subscribe to our ETMarkets WhatsApp channel)
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Business Standard
03-06-2025
- Business
- Business Standard
NSE, BSE in high-stakes fight over changing derivatives expiry day
A rivalry between India's major stock exchanges has entered a high-stakes phase, as they wrestle for control over the derivatives market in potential implications for everything from trading volumes to liquidity flows. The National Stock Exchange of India Ltd. is trying to change the expiration for listed derivative contracts from Thursday to Tuesday — a day traditionally dominated by its smaller bourse BSE Ltd. A shift could help the NSE regain market share from its rival, which has benefited after curbs by the capital markets regulator hit trading of NSE's most-popular options, pushing traders to look for alternatives at the BSE. The expiry-day wrangling is more than just a turf war. It can potentially reshape India's options trading by fragmenting liquidity, influencing fee income and forcing brokers to realign their trade execution strategies. For the NSE, retaining its competitive edge becomes crucial ahead of a long-anticipated listing. 'It will only get more competitive from here,' said Maurya Ghelani, derivatives strategist at Kai Securities in Mumbai. 'A lot depends on how the BSE responds, and it may have to contend with ceding some ground back to the NSE.' Derivatives trading accounts for a significant chunk of revenue for both exchanges, with India attracting global quantitative trading firms like Citadel and Jane Street. The NSE has seen a steady decline in its market share in the past year as the securities regulator culled highly traded weekly contracts such as the ones on the NSE Nifty Bank Index, prompting a shift toward options on the S&P BSE Sensex Index. Since the Securities and Exchange Board of India began its latest curbs to halt the derivatives frenzy, the NSE has struggled to stick to an expiration day. In November, it said it would move it to Thursday for several index derivatives, following BSE's streamlining of its expiries to Tuesday. Then in March, the NSE unexpectedly said it would change its expiration day to Monday, putting it ahead of the BSE's. The move was quickly abandoned as the regulator pushed the exchanges to stick to either Tuesday or Thursday. The news of a new push for a change to Tuesday came last week. The BSE hasn't said whether it will stick to Tuesday or consider moving its expiration to Thursday. The Sebi, which says it aims to protect investor interests and maintain market stability, has yet to announce its decision on the NSE's request to move its expiry day. For his part, NSE Chief Executive Officer Ashish Kumar Chauhan told analysts in its latest earnings call that the market share loss has 'run its course.' Ghelani of Kai Securities said aligning expiry days could lead to new product launches by exchanges and deeper integration among existing ones. Meanwhile, the National Commodity and Derivatives Exchange Ltd. is also planning to enter the fray. While intensified competition may lead to short-term volatility and fragmentation, some say the derivatives market may benefit in the long run. 'More options will bring more opportunities for the trader community,' said Sahaj Agrawal, head of derivatives research at Kotak Securities. 'This could spur innovation and better services for traders.'
