Mumbai: A man walks past the Bombay Stock Exchange (BSE) logo inside the Bombay Stock Exchange building in Mumbai on Monday, August 12, 2024. (Photo: PTI)
On Monday, BSE stocks soared 18 per cent to Rs 3,420 per share, while the Multi Commodity Exchange (MCX) saw a 5 per cent rise. Market players attributed the sharp rise to the Securities and Exchange Board of India’s (Sebi) decision to drop charges against the National Stock Exchange (NSE) and its former executives in the collocation case. Analysts believe that this development may pave the way for the NSE’s initial public offering (IPO), which could have a domino effect on other listed market intermediaries.
Interestingly, the price of unlisted shares on NSE has increased almost three times in the last three years, and is currently priced between Rs 6,000 and Rs 6,200 per share.
Sebi reduces trading time for bonus shares to two days
On Monday, the Securities and Exchange Board of India (Sebi) reduced the time taken for credit and trading of bonus shares. The allotted bonus shares will be available for trading on a T+2 (trading plus two business days) basis, wherein the record date will be considered as the trading day. The market regulator has directed issuers proposing to issue bonds to seek in-principle approval from stock exchanges within five business days from the date of board approval. The reduction in time comes amid a slew of measures taken by the market regulator to reduce trading timeframes. Earlier, the market regulator reduced timeframes in the primary market from T+6 to T+3. Sebi is also testing T+0 or same-day settlement in the secondary market.
First published: September 16, 2024 | 20:29 IS
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