Recent Development in Clearing and Settlement Systems in India

In August 2013 the IMF and the World Bank jointly released the Financial Sector Assessment Program Update (Report) assessing the implementation of the CPSS-IOSCO Recommendations for Securities Settlement Systems and for Central Counterparties in India. The Report analyses the clearing & settlement systems for (a) government securities, money market instruments and forex instruments and (b)…

Short-circuiting volatility?

To check volatility on the stock market, SEBI has issued a circular revising the market halting circuit breaker limits for stock exchanges, with effect from 1 October 2013. These limits set out the maximum movement permitted in the indices during a trading session. At present, the circuit breakers are calculated on the basis of the…

Spot Delivery Contracts and Applicability of the Securities Contracts Regulation Act, 1956 to Public Unlisted Companies

Courts have been divided in their views on the applicability of the Securities Contract (Regulations) Act, 1956 to transactions involving shares of unlisted public companies. Two significant issues relating to this were decided by the Supreme Court of India recently, and the ruling could have a significantly adverse result on commercial contracts of share purchases….

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