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SEBI panel wants stock exchanges to boost oversight, compliance

A panel set up by India’s capital market regulator wants exchanges, clearing houses and depositories to revamp their compliance and risk management structures to minimize governance lapses.

A committee headed by G. Mahalingam, a former central banker and a ex- whole time member at the Securities and Exchange Board of India, recommended market infrastructure institutions (MII) should separate functions into three broad categories; critical operations; regulatory, compliance and risk management; and other functions such as business development.

Indian bank stocks’ continue to record high as balance sheet strengthens

Stocks of Indian lenders have rallied this year to touch a record high on Wednesday and analysts believe the party is likely to continue as banks issued robust earnings reports for the latest quarter.

The Nifty public sector bank index has jumped about 50% so far this year and the bank index has risen roughly 17%, handily outperforming the benchmark Nifty 50 index’s approximately 4% gain.

This comes at a time when credit growth is at a multi-year high and bad loans across lenders have reduced significantly.

Indian debt attractive, but not enough to lure foreign flows just yet -fund managers

Foreign investors are unlikely to enter the Indian government debt market, despite attractive valuations, deterred by near-term headwinds, including a depreciating rupee and high hedging costs.

India’s 10-year benchmark bond has largely traded between 7.40%-7.50% for more than a month now, comparable to the highest-yielding debt in the Asian emerging markets of Indonesia and the Philippines.

“The yield is attractive, but we don’t have high conviction in the currency levels,

“If we feel that the rupee is stable, or would be volatile within a band, then we could say it’s worth it for us to buy Indian bonds and leave them unhedged. But right now, it’s not.”

Rupee falls on weak Asian cues, position adjustment; U.S. data in focus

The Indian rupee declined against the U.S. currency on Thursday, after a three-day rally, in the wake of a broad fall in Asian currencies and position adjustments ahead of the U.S. inflation data.

The rupee was trading at 81.5650 per U.S. dollar by 0504 GMT, compared with 81.4350 in the previous session.

Asian currencies and shares were mostly lower ahead of the data that will have a significant influence on what the U.S. Federal Reserve is likely to do at its next policy meeting in December.

The Fed is widely expected to raise rates once again, but there is uncertainty on whether it will opt for a 50 or a 75 basis points rate hike. Fed fund futures are leaning to a 50 bps hike by a very small margin.

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