CLEARING CORPORATION OF INDIA
India office property market surges with record gross leasing in 2024 first half
The Indian office property market has surged, driven by increased economic activity and corporate occupancies, reaching a record 33.5 million sq ft in gross leasing in the first half of the year. Global Capability Centres (GCCs) significantly contributed, with strong leasing momentum across major cities, indicating potential for a record-breaking 2024.
No Friday blockbuster for bonds on JPM index
Indian bonds debuted in JP Morgan's GBI-EM global index suite on Friday, with the country expected to reach a maximum weight of 10% in the GBI-EM Global Diversified Index over a 10-month period. JP Morgan's analysts expect foreign investment worth $20-25 billion to flow to the local bond market from the move.
Stars aligning to create a pathway for corporate India to borrow cheaper: Lakshmi Iyer
No, clearly, if you are looking at the current scenario, whether it is on the fiscal front, whether it is on the inflation front, or whether it is on the flow front, in terms of creating another additional demand lever, the stars seem to be aligned to ensure that the confluence of all of these factors are set to drive interest rates lower further. Of course, we need to have the icing on the cake, which is the policymaking from the central banker, which obviously is impending and may not really manifest itself in a big hurry.
RBI's new valuation rule may hit banks' trading gains in Q1
Government bond yields have declined in the current quarter due to foreign inflows ahead of inclusion of domestic debt in JPMorgan's emerging market index. Yields on the 10-year benchmark government bond were at 6.99% on Thursday, down from 7.05% at the end of the March quarter.
Derivative products on Indian bonds see strong global demand
Overseas investors are flocking to Indian assets through a derivative product ahead of government bond inclusion in the JPMorgan index, accounting for 30% of $10 billion flows into local debt in nine months.
ARCL executes first tripartite repo in corporate debt
ARCL Tri-party repo product in corporate debt securities was launched by Finance minister Nirmala Sitharaman in July last year.
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Insurers lap up GSec derivatives to manage liabilities
Global funds and insurers are showing strong demand for Indian government bonds, particularly ahead of their inclusion in a JP Morgan index. Insurers are increasingly interested in Bond Forward Rate Agreements (Bond-FRA) to manage long-term liabilities, with significant trading activity reported by Clearing Corporation of India (CCIL).
Investors to get direct payout of securities now
Sebi mandates direct transfer of securities to demat accounts by clearing corporations to protect clients' assets. A Balakrishnan from Geojit Financial Services praises the move for enhancing security, ease of margin trading, auto pledge for funded stocks, effective from October 14, improving the margin trading facility.
Sebi mandates direct transfer of securities by clearing corporations to Demat accounts
The proposed change seeks to streamline operations and mitigate risk by directly crediting securities payouts to clients' Demat accounts, bypassing the broker's pool account.
Sebi forms committee to review ownership, economic structure of clearing corporations
Sebi forms committee chaired by Usha Thorat to review ownership and economic structure of clearing corporations for resilience and neutrality.
Cashfree Payments appoints Abhaya Hota as independent director
Abhaya Hota has previously served as an Independent Director at Federal Bank, NSE Clearing, Protean e-Gov Technologies and RBI Innovation Hub. Cashfree Payments plans to leverage Hota's experience and expertise to develop innovative products and services.
FPI buying of debt via voluntary retention route gathers pace
Foreign holdings in India's debt market have surged, with FPI investment in the voluntary long-term route hitting $508 million in May. Recent deals by companies like Vedanta and Nirma have contributed to the rise, with market players expecting further activity as Indian sovereign debt joins a JP Morgan index.
Work overnight for FPI tax papers: Sebi tells big four firms
At a meeting on Tuesday, the Indian capital market regulator has told the accounting biggies in no uncertain terms to generate the mandatory 'confirmation certificate' overnight so that offshore funds managers can repatriate the money from the sale of stocks here to other international markets the very next day.
FPIs may adopt a cautious stance until the election results are clear
Foreign Portfolio Investments (FPI) in India may see a cautious approach until the election results are clear. India's economic performance attracts FPI flows driven by factors like interest rates, inflation, and GDP growth, along with a stable political environment.
India’s index-eligible bonds set for best performance in a year
Indian government bonds set for inclusion in JPMorgan Chase & Co. index demonstrate strong performance with foreign inflows surging post record central bank payout. Analysts view IGBs as attractive despite yield drops, suggesting potential in swaps.
US stock changes push FX trades into Asia's 'twilight zone'
Asian money managers face disruption as U.S. stock settlement window shortens next week, requiring quicker fund validation in thin, volatile currency markets.
Easing global yields bring FPIs back to Indian govt bonds
From May 8 to 22, foreign portfolio investors' holdings of fully accessible route (FAR) Indian government bonds increased ₹3,304.8 crore to ₹1.6 lakh crore, showed latest data on the Clearing Corporation.
HSBC and StanChart step up GIFT City play, buy stakes in CCIL-IFSC
"Being the global bank that we are, what we do, therefore, is connect India to the rest of the world and connect the rest of the world to India and GIFT is clearly onshoring what was happening offshore," HSBC India CEO Hitendra Dave told ET.
Forex settlement next step by GIFT to onshore what's offshore
GIFT City to launch foreign currency settlement system chaired by K Rajaraman, IFSCA, supported by RBI and Clearing Corporation of India. System to settle US dollar transactions between IBUs in real-time. CCIL subsidiary to operate FCSS, aiming for operation by October 2024. Other currencies may be added later
Zerodha Nifty 1D Rate Liquid ETF crosses Rs 1,000 crore AUM
Apart from the Liquid ETF, the fund house manages three schemes - Zerodha Nifty LargeMidcap 250 Index Fund, Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index Fund and Zerodha Gold ETF.
Direct payout of securities: Zerodha's Nithin Kamath says Sebi's proposal simplifies ops
Sebi, in a consultation paper, has proposed mandatory direct payout of securities to demat accounts to ensure that securities of the clients are not vulnerable to misuse.
Investors may soon get shares directly, bypassing brokers
To enhance operational efficiency and reduce the risk to clients' securities, markets regulator Sebi on Thursday proposed making the process of direct payout of such securities to the client's account mandatory.
Asian junk bond sales are hottest in five years on India boom
Regional sales of such corporate notes, outside of Japan, touched $5.9 billion so far this year, already surpassing $4.4 billion in all of 2023, according to Bloomberg-compiled data. Indian borrowers have topped the share of sales so far this year, with nearly 44% share.
ETP providers seek RBI nod to facilitate smooth g-sec trades for foreign investors
India's sovereign debt is set to be included in a JP Morgan bond index suite from June 28, while Bloomberg has announced the incorporation of domestic bonds in one of its indices from January 2025. Analysts expect the inclusions to lead to foreign investment inflows of $30 billion-45 billion into the local bond market.
Exotic corporate debt products lure yield-hungry Indian savers
Private credit firm Vivriti Asset Management Pvt. says sales of securitized debt instruments, or SDIs, are on the rise.
Overnight swap rates hint rate cut hopes ruled out
Overnight indexed swap (OIS) rates in India have shown that derivatives markets have generally relinquished expectations of rate cuts in 2024 as the central bank continues to focus on bringing inflation down to its target of 4%. The OIS market has moved towards pricing out all rate cuts in aggregate, with the hope of nominal rate cuts towards the end of the calendar year.
CCI clears Adani Power’s purchase of Lanco Amarkantak
Adani Power proposes to acquire a 100% stake and control of bankrupt Lanco Amarkantak following a corporate insolvency resolution process (CIRP), the CCI said. Last month, Adani Power reportedly won the bid for the debt-laden firm for Rs 4,101 crore. “The proposed transaction does not result in an appreciable adverse effect on competition in any plausible relevant market in India. Accordingly, the definition of the relevant market may be left open,” the CCI said.
GIFT City taps RBI for RTGS-like dollar payment system
Among the proposals currently being discussed was the establishment of a single 'settlement bank' in GIFT City, with which other entities would have dollar balances. Subsequently, debits & credits would be conducted through the settlement bank, sources said.
ESMA, RBI in talks to reach pact compliant with EU regulations
The matter pertains to the Clearing Corporation of India - the Reserve Bank of India (RBI)-supervised body that hosts the platform for trading domestic government bonds. In October 2022, the ESMA had de-recognised the CCIL because the RBI did not permit rights of audit and inspection over the local clearing house, which acts as the official counterparty to billions of dollars of government bond trade.
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