Indian Indices Trade in the Green

Fri, 3 Jun 11:30 am

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After opening the day on a positive note, the Indian stock markets witnessed slight losses but continued to trade in the green. Sectoral indices are trading on a mixed note with stocks from the auto, banking and oil & gas sectors leading the gains.

The BSE Sensex is trading up 78 points (up 0.3%) and the NSE Nifty is trading up 24 points (up 0.3%). The BSE Mid cap Index is trading up by 0.5%, while the index is trading up 0.3%. The rupee is trading at 67.22 to the US$.

As per an article in Economic Times, more than 200 stocks in which the overseas holding is more than 5% have fallen as much as 30% since the Securities and Exchange Board (SEBI) tightened disclosure norms for participatory notes (P-Note) on May 19.

P-Notes are derivative instruments issued by registered foreign portfolio investors (FPIs). They are issued to overseas investors to enable them to trade in Indian stocks without having to register with the regulator themselves. That meant the identity of the real owners of the instruments wasn't known. However, as per the new regulations, SEBI has made it mandatory to update the complete transfer trail of P-Notes on a monthly basis.

The regulator has also made it compulsory or issuers to carry out reconfirmation of the P-Note position on a semi-annual basis and carry out KYC (know your client) reviews every year. These stringent rules for P-notes are initiated to check the flow of black money into stock markets.

Black money forms a major part of the Indian economy. The finance ministry recently stated that the government has taken sustained steps for curbing black money which includes enactment of a new Black Money Act with strict penalty provisions and new income disclosure scheme formulated for domestic black money.

Black money is money which has been earned, but on which tax has not been paid. Vivek Kaul, editor of Vivek Kaul's Diary, has offered some interesting data that shows India's love for black money. In his latest article on the topic he has shared some insights on what do the car sales tell us about black money.

Moving on to the news from banking space, Yes Bank is planning to raise US$ 1 billion from overseas investors in the current fiscal as it has got government approval for increasing foreign investment to 74%.

The bank has already got an enabling approval from its board of directors to raise an additional US$ 1 billion of equity capital and it will be done in single tranche.

On a separate note, the bank has also been granted in-principle approval by the Securities and Exchange Board of India (SEBI) this month for acting as Custodian of Securities. It was noted that the bank has 12 months to establish the business.

Yes Bank is India's fifth largest private sector bank with a pan India presence. The bank recently cut its marginal cost of funds based lending rate (MCLR) by 0.10% across tenors. With this, the lender's one year MCLR now stands at 9.5% as against the earlier 9.6%. The introduction of the MCLR has been in effect since April 1, 2016. The MCLR mechanism is introduced to ensure effective transmission of policy rates.

Presently the stock of Yes Bank is trading down by 0.2%.

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