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Stock <keyword id="20345915" type="General" weightage="20" keywordseo="exchanges" source="keywords">exchanges</keyword> and <keyword id="20710434" type="General" weightage="20" keywordseo="brokers" source="keywords">brokers</keyword>, catering to retail traders, could be hit hard by the regulator <keyword id="19901201" type="General" weightage="100" keywordseo="Sebi" source="keywords">SEBI</keyword>'s proposed measures for Futures &amp; Options (F&amp;O) <keyword id="22748189" type="General" weightage="20" keywordseo="trading-regulations" source="keywords">trading regulations</keyword>, with market volumes slumping 30-40 %, according to reports. If these measures are implemented, the number of investors could decrease, it added. Moreover, discount brokers, who depend heavily on retail investors, are expected to be more affected than traditional full-service brokers. SEBI, in its consultation paper in July, proposed seven measures, including increasing minimum contract size and upfront collection of option premiums, intra-day monitoring of position limits, rationalisation of strike prices, removal of calendar spread benefit on expiry day and increase in near contract expiry margin. SEBI stated that these measures are aimed at enhancing <keyword id="20775670" type="General" weightage="20" keywordseo="investor-protection" source="keywords">investor protection</keyword> and promoting <keyword id="20813757" type="General" weightage="20" keywordseo="market-stability" source="keywords">market stability</keyword> in derivative markets. According to a report by Jefferies, SEBI's proposed measures to reduce the number of weekly option contracts from 18 to 6 could impact around 35% of industry premiums. However, if trading shifts to the remaining contracts, the overall impact can be reduced to 20-25%. Among its 7 proposed measures, IIFL Securities see the highest impact from the withdrawal of <keyword id="22353333" type="General" weightage="20" keywordseo="weekly-options" source="keywords">weekly options</keyword> (only 1 per exchange allowed) as index Options account for 98% of the volumes. IIFL Securities expects the National Stock Exchange (NSE) to be more affected than the BSE because 60 % of NSE's revenue comes from options trading, compared to 40% for BSE. It estimates that by the financial year 2026, NSE's earnings could be reduced by 25-30% while BSE's earnings could drop by 15-18%. Jefferies also believes that the removal of Bankex weekly contract can impact BSE's earnings per share (EPS) by 7-9% over FY25-27. It further said that BSE might see a small decline in earnings, but if trading activity shifts from discontinued products, it could offset the impact or even lead to earnings growth. "We don't see any impact on MCX from these regulations. Within the value chain, discount brokers are likely to be more impacted than traditional full-service brokers given the former's dependence on retail investors," IIFL Securities said. Jefferies believes that clearing members like Nuvama, which caters to institutional players High-Frequency Traders (HFTs), and Foreign Portfolio Investors (FPIs) are less impacted. Rationalizing weekly options to only one benchmark index per exchange will significantly affect the NSE because it currently has four weekly index expiries, with "Bank Nifty" being the most important, contributing to 50 % of its options volume. The change could reduce NSE's overall trading volumes by 30-35 %, IIFL Securities said. On the other hand, BSE is expected to be less affected since it only has two contracts, with Sensex making up 85 % of its volumes in FY24. Even if "Bankex" contributes 30% by FY26, the impact on BSE's volumes is expected to be smaller compared to NSE, it said. Additionally, with just two expiries, BSE might gain market share and experience higher trading volumes, resulting in an estimated 20 % reduction in its overall volumes, it added. Jefferies said that SEBI's proposed measure of increasing lot sizes by 3-4 times over six months could lead to higher costs for retail traders, potentially reducing their participation in the market. The proposed margin increase for options sellers close to expiry could reduce leverage and profitability, especially for retail traders with limited funds. "Finally other measures like increasing ELM (extreme loss margin) around expiry, and withdrawal of calendar spread margin on expiry will increase the margin requirements and thereby could impact the liquidity. Based on our initial estimates we expect a 30-40 % impact on market volume," IIFL Securities said. SEBI Chief Madhabi Puri Buch recently mentioned that households are losing up to Rs 60,000 crore a year in the problematic futures and options segment. Earlier, SEBI research showed retail traders lose money in nine out of 10 trades in the F&amp;O segment Last month, the government in the Union Budget raised the securities transaction tax (STT) on both futures and options trade from October 1 to allay concerns about hyperactive interest in the derivative segment. Before that, the Economic Survey flagged concerns over rising retail investors' interest in derivative trading. The survey stated that speculative trade has no place in a developing country. It also pointed out that the sharp increase in retail investor participation in F&amp;O trading is likely driven by humans' gambling instincts.

SEBI proposed F&O norms to hit exchanges, brokers, says reports

In March 2023, Citigroup CEO Jane Fraser anointed Anand Selva, as the bank's chief operating officer. His mandate: oversee a deeply unsexy yet crucial initiative to regain compliance with regulators. At the time, she praised his "long track record of delivering results."So far, Selva's tenure has been rocky.In July, two regulators <a target="_blank" href="https://www.businessinsider.com/citi-jane-fraser-regulatory-citigroup-transformation-2024-7">fined Citi $135.6 million</a> for failing to make enough progress in fixing its data-management issues. The bank had agreed in 2020 to work on this problem and others, including poor risk controls, after <a target="_blank" href="https://markets.businessinsider.com/news/stocks/citigroup-slammed-400-mln-fine-longstanding-deficiencies-regulation-occ-fed-2020-10-1029660295">paying $400 million</a> in fines to the Federal Reserve and the Office of the Comptroller of the Currency. The OCC said in July that the bank had made "meaningful progress overall" but that the agency wanted to ensure Citi allocated enough resources to address the "persistent weaknesses" regarding data.These new fines are despite Citi dedicating massive resources to a firmwide initiative to overhaul the bank's technology. This program, called the <a target="_blank" href="https://www.businessinsider.com/citi-transformation-citigroup-regulatory-fine-anand-selvakesari-2024-7">"Transformation"</a> and overseen by Selva, has about 13,000 employees. Citi spent $7.4 billion on the endeavor from 2021 through 2023. This year's budget has been increased by $250 million, to more than $3 billion.The pressure is on, with Sen. Elizabeth Warren urging the OCC to "impose growth restrictions" on Citi, arguing that it has grown "too big to manage." The regulator and Citi declined to comment."We've always said that progress wouldn't be linear," Fraser said after the latest fines, "and we have no doubt that we will be successful in getting our firm where it needs to be in terms of our Transformation."For Selva, leading the Transformation is unlike any test he has faced in his three-decade career at Citi. Selva, who goes by the shortened version of his last name, Selvakesari, joined Citi as an assistant operations manager in Chennai, India, in 1991. He rose through the ranks in Asia before taking over the US consumer bank in 2019. When Fraser was made CEO in 2021, she chose Selva, who's now 57, to replace her as the global head of consumer banking.In his current role, his mandate is to make the bank safer, not to turn a profit. To do so, he has to solve for Citi's <a target="_blank" href="https://www.businessinsider.com/inside-real-reasons-behind-citi-mike-corbat-early-retirement-2020-9">decades of underinvestment</a> in its infrastructure, which affects every business line of the bank.Business Insider talked to 14 current and former Citi employees who have worked under Selva to get a picture of the challenge facing him and why he was put in charge of the bank's No. 1 priority. All but two spoke on the condition of anonymity, citing fear of reprisal or the sensitivity of regulatory matters. Three senior executives pointed to his experience navigating regulation and working with technology from running Citi's consumer bank. Gonzalo Luchetti, Selva's successor as the head of the US consumer business, told BI that serving 70 million customers required handling tremendous operational risk."If we mess it up, usually you don't mess it up for one; you mess it up for hundreds of thousands, if not millions," he said. "You have to be super good at process orientation and making sure that there's high discipline and rigor."Luchetti also emphasized Selva's longevity at Citi and experience across regions."He knows the fabric of the firm very well," Luchetti said. "The Transformation is about really repiping the machine. He's touched a lot of the machine himself."But touching the machine isn't the same as fixing it. Eight employees told BI that they were surprised that Selva was made the head of the Transformation given that he had never held a leadership role in technology or compliance. They described Citi's culture as a cliquey environment that rewards managing up over results, noting that the COO promotion followed dismal performance for the wealth unit he oversaw."The biggest job was given to a guy who with 1 ½ years in wealth wasn't able to do anything," a former managing director said.Selva has also come under scrutiny for a lawsuit filed against him and the bank by an ex-Transformation executive in May. Kathleen Martin, a former interim data chair, alleged that Selva pressured her to hide information from the OCC that would make Citi "look bad" and that she was fired in September 2023 after multiple refusals. Citi denied the accusations and filed a counterclaim in late August, alleging that Martin was fired for underperformance. Citi has recently made leadership changes to Selva's unit. The bank tapped its new tech head, <a target="_blank" href="https://www.businessinsider.com/citi-data-tim-ryan-anand-selva-memo-transformation-regulators-2024-9">Tim Ryan</a>, to lead the data effort alongside Selva and take over management of the 800-employee data team. The work on data, along with risks and controls, is paramount to the Transformation.Splitting the burden may expedite the massive task, which requires coordinating work from employees across the entire bank. Citi declined to specify a timeline, citing the confidential nature of regulatory matters. A managing director in the Transformation estimated that the work required would take about two decades.Mike Mayo, a Wells Fargo analyst, said that until Citi meets the requirements of the OCC and the Federal Reserve, the bank is in "regulatory purgatory.""Citi has thrown over 10,000 people and $3 billion and more at this problem," Mayo told BI in July. "They just have to get it done."Selva does have a long track record at Citi. Born in Madurai, a large city in southern India, he studied engineering and played basketball at the Coimbatore Institute of Technology. He earned his master's in business administration at Madurai Kamaraj University before joining Citi in 1991.Selva made his name at Citi by shaping its consumer-bank businesses across Asia. He led retail banking in China and India before taking over the Asia Pacific market in 2015. His approach was digital-first, eschewing branches for banking apps. Despite closing 60% of bank branches in Asia from 2016 through 2018, Selva grew deposits by 10%.<div type="image" title="Citi's Anand Selva speaking at a panel, seated and wearing a pinstripe suit and a red tie." height="3307" width="4960" msid="114093573" hostid="261" sizebytes="2310830"></div>"He's very tech and digital-oriented," Luchetti said. "We've been to China together to look at startups and firms that were disrupting the world. He was always very connected with learning more about technology, had that curiosity, and then the execution chops to get it done here."In 2019, Selva moved from Singapore to New York, where he now lives with his family, to run the US consumer bank. He assumed the global consumer-banking business from Fraser in 2021. Selva leaned on credit-card and lending offerings, launching products like Citi Custom Cash which allowed customers to pick their reward categories, and Flex Pay, a buy-now, pay-later service. Under Selva, Citi was the No. 2 issuer of credit cards in the US, and deposits grew by more than a third, to about $220 billion.In 2021, Citi started divesting itself of more than a dozen consumer-bank markets across Asia, Europe, and the Middle East. Selva was an important player on both sides of the table, according to Adora Tidalgo, the head of operational risk management at Citi. She said he helped find Asian acquirers that maximized value for Citi while keeping the businesses running smoothly with low attrition."That skill of balancing how much you want to bring in terms of revenue and the credit loss you want to take is really a skill that very much needs to be honed in the consumer space," she said. "That balancing, to me, I have seen Anand over the year been very successful in doing that."There have been some bumps in the road. As part of Fraser's reorganization of the bank in 2021, Selva gained oversight of a newly formed wealth unit and its new leader, Jim O'Donnell. Six current and former managing directors told BI that Selva's approach focused more on scale and digital offerings than high-touch client service. For instance, he didn't approve loans that failed to meet a certain threshold of return, even if it meant losing an important client, two former managing directors said."The way that every private banker on earth thinks about relationships is you need to invest in relationships, and then as you start to do more business with clients, you start getting more and more valuable opportunities with them," one of the former managing directors said. "You have to look at the relationship. You can't just look at every single transaction."Employees argued that Selva's playbook may have worked to build scale in Asia but not to satisfy well-heeled — and much more sought-after — US clients."I think Anand's decisions were comparing everything to what he knew from his time in Asia, and they are completely different markets," another former managing director said. "In Asia, Citi has a very recognizable brand, and people actually want to bank with Citi. You don't have to sell it that hard."<div type="image" title="Citi CEO Jane Fraser testifying at Congress" height="3828" width="5846" msid="114093582" hostid="261" sizebytes="314760"></div>The wealth business' revenue dropped by 6% year over year at the end of 2022. Fraser called the division's performance "disappointing." O'Donnell's reign over wealth was cut short in January 2023, and it was later placed under <a target="_blank" href="https://www.businessinsider.com/andy-sieg-citi-wealth-management-ceo-2024-6">Andy Sieg</a>, the former head of Merrill Wealth Management. With Citi on a campaign to divest itself of 14 international consumer-bank markets, Selva's remit shrank.His appointment as COO thrust him into the spotlight. Tidalgo told BI that he was no stranger to the task of dealing with regulators."When you are the head of a country, you are the face of Citi to the regulators. Good, bad, or indifferent, you have to face them," she said. "That's part of the job."Citi's Transformation and its challenges predate Selva's appointment as COO. It existed as a firmwide initiative before the October 2020 fines but was kicked into overdrive after Citi entered consent orders with the OCC and the Federal Reserve.It can be viewed as two parts. The most visible is the strategy to simplify and modernize the bank, such as divesting Asian consumer businesses, removing five layers of management, and <a target="_blank" href="https://www.businessinsider.com/citigroup-reorganization-layoffs-management-overhaul-reorganization-jane-fraser-stock-price-2023-9">reorganizing</a> so that the five business lines report directly to Fraser.The second part is meant to address the 2020 consent orders. The initiative is separated into seven programs, including finance, compliance, and risk and controls. While some 13,000 employees are dedicated to the Transformation, much of this work is carried out by employees across the bank. Selva sits at the center, coordinating these efforts. He's in a tough position, as much of the Transformation's work is executed by employees in other divisions."The challenge with the Transformation role is you are accountable yet not responsible," the managing director in the Transformation said. "The role is really coordinating and getting others to do what they need to do, which is very different from running a business where the entire team follows your lead, you own it, you have the ability to actually get them to do this stuff."When everyone is accountable, effectively no one is, a former senior vice president in the Transformation said. Matters got stuck in bureaucracy, bouncing from one department to another and being debated in committee for months.A senior executive in the Transformation acknowledged that the programs often rely on each other's work. For example, a delay in data work can lead to one for a finance project."When we are asked sometimes why it is challenging to execute on the Transformation, one of the challenges is the interconnectivity of those seven works," she said.The senior executive said the Transformation's successes had been overlooked, partly because the bank is limited in what it can say on regulatory matters. For instance, Citi has retired or replaced a quarter of its applications, halfway to its overall goal. The bank declined to specify the number of existing or terminated applications, but as of July, it had retired nearly 300 applications this year. The senior executive also touted the bank's streamlining its risk-management workflow.But the Transformation has earned a middling grade from Citi itself. The bank evaluates the initiative's success for the purposes of a bonus program applicable to about 200 senior employees, including Selva. In 2022, an internal committee gave it a score of 94%, citing targets it met, such as submitting remediation plans to regulators.For 2023, the score sank to 80%, calculated by measuring the timeliness of executing scheduled work, the percentage of work deemed complete by the bank's internal auditors, and a "qualitative consideration of Citi's cultural change" derived from the bank's employee surveys.<div type="image" title="Headshot of Citi's new tech head Tim Ryan, smiling and wearing a black suit jacket with a light blue shirt" height="739" width="985" msid="114093578" hostid="261" sizebytes="32120"></div>Bringing in Ryan, the bank's head of technology and business enablement, to help the bank catch up makes sense. The recruiter Phil Waxelbaum argued that a more traditional candidate to help lead the Transformation would be a seasoned, high-ranking person from a regulatory agency. But someone with a nonbanking background such as consulting or technology can work, too, according to recruiter Jeffrey Warren. Ryan joined Citi in June after seven years leading the US business of PricewaterhouseCoopers."In situations like this when you are looking to drive transformation, you need someone who can work at the intersection of people, processes, and technology," said Warren, managing director at Russell Reynolds Associates. "That includes working from within and likely driving some change with new people who have experience in new technologies or new ways of doing things."Ryan is now sharing data, a significant component of the Transformation, with Selva. Another PwC alum, Citi's head of enterprise risk management, Ashutosh Nawani, will take over the chief data office from one of Selva's lieutenants, Japan Mehta, and report to Ryan. Mehta will move to another role that the bank declined to specify.Employees told BI that they thought bringing in Ryan and Nawani would help."Sure, there might be some reservation that more consultants are coming in to run Citi, but there is a positive vibe of changing senior leadership," the former senior vice president in the Transformation said. "Legacy Citi culture is what got us into this spot in the first place."While the July fines did not meaningfully move Citi's stock, they have placed the bank and the Transformation under greater scrutiny. The OCC has ordered Citi to provide a resource-review plan each quarter to ensure the bank is providing enough resources for the effort. The Securities and Exchange Commission has also required the bank to address the Transformation's progress in future filings.The outstanding issues have also impeded Citi from expanding in China. According to <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-09-23/citigroup-s-china-expansion-plan-put-on-hold-by-us-regulators">Bloomberg</a>, the bank is still waiting on a clearance letter from the Federal Reserve to set up a securities office. The bank declined to comment on the process but said it was "fully committed to supporting clients" in China.<div type="image" title="Democratic Sen. Elizabeth Warren of Massachusetts at a hearing on Capitol Hill on January 11, 2024." height="1333" width="2000" msid="114093583" hostid="261" sizebytes="96482"></div>Regulators placing an asset cap on Citi, as Senator Warren has requested, isn't out of the realm of possibility, said Timothy Coffey, an analyst with Janney Montgomery Scott."At what point do the regulators just get fed up with Citi's inability to adequately resolve these issues or stick to the timeline that they've laid out?" he said. "That's an open-ended question."But the consent orders and the lack of progress are distractions in themselves. When Fraser took over Citi nearly four years ago, she said the Transformation was her No. 1 priority and asked for patience. Now her requests for time are wearing thin. Regardless of who leads the Transformation, Fraser is still accountable."This stays out here in terms of headline risk, and I think it puts a cap on the valuation that Citi can achieve," said Stephen Biggar, an Argus Research analyst. "It's an overhang on the stock. It's an overhang on the reputation of Fraser."Do you work for Citi? Have a tip or story to share? Reach out to Hayley Cuccinello at <a target="_blank" href="mailto:hcuccinello@businessinsider.com">hcuccinello@businessinsider.com</a> or 917 740 5340, which works for calls, text, and the encrypted messaging app Signal.

Meet the executive tasked with Citi's hardest challenge: getting the bank's house in order

New Delhi, Mar 16 () Crisis-hit <keyword id="45660" type="CITY" weightage="20" keywordseo="Yes-Bank">Yes Bank</keyword> will get excluded from all indices of the leading stock exchange BSE with effect from March 20, the entity handling these indices said on Monday. In a circular sent to all its members, the BSE said the BSE S&amp;P Index Committee has decided to remove Yes Bank from all the S&amp;P BSE indices with effect from this Friday, March 20. The decision has been taken in light of the recent developments relating to Yes Bank Limited, in particular the Gazette notification dated March 13, 2020, on 'Yes Bank Limited Reconstruction Scheme, 2020' and the potential impact on the ability of market participants to fully replicate S&amp;P BSE Indices, it added. "Effective at the open of Friday, March 20, 2020, Yes Bank Limited will be removed from all S&amp;P BSE indices," it said. These indices include S&amp;P BSE AllCap, S&amp;P BSE LargeCap, S&amp;P BSE LargeMidCap, S&amp;P BSE Finance, S&amp;P BSE BANKEX, S&amp;P BSE CARBONEX and S&amp;P BSE Private Banks Index (INR). These indices also include S&amp;P BSE Enhanced Value Index, S&amp;P BSE Dividend Stability Index, S&amp;P BSE Diversified Financials Revenue Growth Index (INR), S&amp;P BSE 100 ESG Index (INR), S&amp;P BSE 500, S&amp;P BSE 200, S&amp;P BSE 100, S&amp;P BSE SENSEX Next 50, S&amp;P BSE 100 LargeCap TMC (INR), S&amp;P BSE 250 LargeMidCap Index (INR) and E&amp;P BSE SENSEX Next 50 TMC (INR). The NSE has also announced that Yes Bank will be excluded from all its indices. BJ HRS See Also - <a href="https://www.businessinsider.in/business/news/the-last-time-you-could-buy-reliance-industries-share-below-1000-a-piece-was-in-mid-2018/articleshow/74656518.cms">Coronavirus has wiped out all Reliance Industries’ gains in the last two years</a>

Yes Bank to be removed from all BSE indices from March 20

Equity benchmark BSE <keyword id="6484188" type="DEFINITION" weightage="20" keywordseo="sensex">Sensex</keyword> declined by 141 points after a volatile session on Monday, dragged down by losses in index heavyweights ITC, TCS, L&amp;T, HDFC twins and Infosys amid weak global cues. After swinging 439 points during the day, the 30-share Sensex ended 141.33 points, or 0.38 per cent, lower at 37,531.98. It hit an intra-day low of 37,480.53 and a high of 37,919.47. The broader NSE <keyword id="6354813" type="UNKNOWN" weightage="20" keywordseo="Nifty">Nifty</keyword> dropped 48.35 points, or 0.43 per cent, to close at 11,126.40. Top laggards in the Sensex pack included ONGC, ITC, Tata Steel, M&amp;M, Tata Motors, L&amp;T, TCS, Sun Pharma, NTPC, IndusInd Bank and Tech Mahindra, falling up to 2.97 per cent. Bucking the trend, shares of Yes Bank rallied over 8 per cent on Monday on prospects of fresh investments in the company. Axis Bank, Bajaj Auto, Bharti Airtel, ICICI Bank, Hero MotoCorp and Bajaj Finance also rose up to 2.53 per cent. According to experts, market has been witnessing profit-booking post the recent rally on account of corporate tax cut. The cut in repo rate by the Reserve Bank of India also did not inspire confidence in investors, given the sharp downgrade in economic growth forecast. Weak cues from other Asian and European equities too weighed on investor sentiment, they said. Elsewhere in Asia, Kospi settled marginally higher, while Nikkei closed in the red. Markets in Shanghai and Hong Kong were closed for a holiday. Equities in Europe were trading lower in early sessions. Meanwhile, the rupee depreciated by 18 paise to 71.07 against the US dollar intra-day. Brent crude futures, the global oil benchmark, advanced 0.41 per cent to USD 58.61 per barrel.

Sensex falls by 141 pts but Yes Bank stock price rallies 8%

India's progress toward a $5 trillion economy will be fuelled by the small and medium businesses – the engines of innovation that lie at the crux of our economy. And to acknowledge these powerhouses, at Business Insider India, we are setting the stage for industry leaders and budding entrepreneurs to interact and share their learnings. Day 2 of the event includes a number of panel discussions, fireside chats, workshops, masterclasses, and keynotes. From two engaging fireside chats to panel discussions on tackling MSMEs challenges on finance and technology – let's quickly get to what to expect from day 2. We shine the spotlight on the Indian economy and how <keyword id="6358354" type="General" weightage="20" keywordseo="msme" source="Orion">MSME</keyword>s have served as its skeleton. The Federation of India Micro and Small and Medium Enterprises' Secretary-General, Anil Bhardwaj, will deliver the keynote address – emphasising on the need to improve exports and public procurement to assist the MSME industry. There is evidence that over the past several years, India has experienced an increase in the number of SMEs listed. Ajay Thakur, Bombay Stock Exchange's Head of SME and Startup will provide additional light on what needs to be done in order to alter entrepreneurs' perspectives and why it is important to list small businesses to uncover value and scale higher. [Register here: <a href="https://www.businessinsider.in/msme-exchange-2023">https://www.businessinsider.in/msme-exchange-2023</a>] India is known to be the third-largest ecosystem for startups, but access to funds at the appropriate time remains one of the many difficulties the sector has encountered. You don’t want to miss a deep, insightful fireside chat with Rajnish Kumar, if you have the question, "How can small businesses harness the correct financial instruments and make the most of their finances?" As the former chairman of SBI and chairman of BharatPe, he brings with him more than 40 years of expertise and knowledge. We will also get candid with T Koshy, CEO of ONDC, to obtain a better understanding of how ONDC can be the major game-changer for MSMEs. By linking you with more network partners who will complete your e-commerce solution, ONDC gives you the chance to expand your business through online sales. It is hailed as the next big technological revolution that will enable <keyword id="6359222" type="General" weightage="20" keywordseo="small-business" source="Orion">small business</keyword> owners to define their mission statement. Hear from the man leading this revolution on their mission statement. And this is just part of the action, there's more to come! You do not want to miss the fascinating panel discussion that starts at 6:00 p.m. Top industry experts including Kishor Kharat, Former MD &amp; CEO of Indian Bank and IDBI, Vipul Sharma, Founder and CEO, of Chqbook, and Jinand Shah, MD &amp; CEO of Online PSB Loans discuss innovative finance solutions for small businesses. Since we've just talked about money, it's time to discuss technology, another critical need for MSMEs. And the <keyword id="4106334" type="General" weightage="20" keywordseo="msme-exchange" source="Orion">MSME Exchange</keyword> 2023 has you covered there as well. Do you have queries very much like "Can MSMEs transform and expand more? ", or "Is digital transformation the solution to issues encountered by small businesses? Our panellists, Ketan Gaikwad, MD and CEO of RXIL, Sundeep Mohindru, Founder &amp; Director of M1xchange, and Avinash Godkhindi, MD and CEO of Zaggle, will share their knowledge on how technology is empowering MSMEs. The discussion will start at 6:30 p.m. and will be moderated by NASSCOM Vice President and Head of Membership Srikanth Srinivasan. Finance and technology may be the building elements of a firm, but what keeps it operating long-term is a strong foundation built on sustainability. In his final remarks, Sudarshan Chari, Executive Director and Head of Business Banking at DBS Bank India, will discuss how sustainability is a key tenet for startup companies. The big finale will feature a master class on growing your brand in India from micro to small to big from Spring Marketing Capital's founder and creative partner, Arun Iyer! Small businesses must adapt to the changing times and position themselves well for a digital-first era. You will learn about the foundational elements of marketing and how to create memorable client experiences with this masterclass. If you don’t want to miss out on any of this action, register now on this link: <a href="https://www.businessinsider.in/msme-exchange-2023">https://www.businessinsider.in/msme-exchange-2023</a>

MSME Exchange 2023 goes live on Jan 18: Get insights from leading voices that matter

<ul class="summary-list"><li>The <keyword id="12036378" type="UNKNOWN" weightage="60" keywordseo="london-stock-exchange" source="Orion">London Stock Exchange</keyword> suspended trading in <keyword id="13275778" type="UNKNOWN" weightage="60" keywordseo="russian-stocks" source="Orion">Russian stocks</keyword> Thursday after some plunged as much as 99% this year.</li><li>Russia's central bank said the Moscow stock exchange will stay closed for the fourth day in a row.</li></ul>The London Stock Exchange has suspended trading in a number of Russian companies after their shares collapsed as much as 99% as a result of the <keyword id="13032542" type="UNKNOWN" weightage="60" keywordseo="ukraine-conflict" source="Orion">Ukraine conflict</keyword> and ensuing Western sanctions.Meanwhile, Russia's central bank said the main stock market in Moscow would remained closed for a fourth day as US financial institutions labeled the country's assets "uninvestable."London's exchange <a href="https://docs.londonstockexchange.com/sites/default/files/documents/n0622.pdf">said</a> it would halt trading in the depositary receipts of a number of major Russia companies including <keyword id="13292632" type="UNKNOWN" weightage="60" keywordseo="sberbank" source="Orion">Sberbank</keyword>, the country's biggest lender, and energy giants <keyword id="13275170" type="UNKNOWN" weightage="60" keywordseo="gazprom" source="Orion">Gazprom</keyword> and <keyword id="13292643" type="UNKNOWN" weightage="60" keywordseo="lukoil" source="Orion">Lukoil</keyword>. Depositary receipts are certificates that represent foreign shares.Russia's <a href="https://www.businessinsider.com/live-updates-russia-ukraine-crisis-2022-2">invasion of Ukraine</a> last week triggered chaos in the country's <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword>, with Moscow's MOEX stock index <a href="https://markets.businessinsider.com/news/stocks/russia-bans-short-selling-stock-market-plunge-ukraine-invasion-putin-2022-2?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">plunging as much as 50%</a> in a day.Russia's central bank has ordered the stock exchange to stay closed this week, seeking to avert a further collapse in prices. Its government has told the sovereign wealth fund to release <a href="https://markets.businessinsider.com/news/stocks/russia-stock-market-closed-government-buying-assets-ukraine-sanctions-crisis-2022-3">up to $10 billion</a> to support the market when it reopens.However, the closure of Moscow's market hasn't stopped global investors from dumping any company with connections to Russia.On Wednesday, Sberbank <a href="https://markets.businessinsider.com/news/stocks/russia-stocks-plunge-ukraine-conflict-sberbank-gazprom-lukoil-sanctions-economy-2022-3">crashed as much as 95%</a> on the London stock exchange, to as low as $0.01, taking its losses for the year to more than 99%. Gazprom plunged as much as 97%, and Lukoil dropped 95%.Read more: <a href="https://www.businessinsider.com/investing-outlook-ukraine-crisis-markets-fed-could-derail-plans-axa-2022-3?r=US&amp;IR=T" target="_blank" rel="noopener noreferrer">Macro strategists at a $900 billion asset manager break down how war in Ukraine and the related energy market turmoil could derail the Fed's monetary policy plans — and reveal which countries' stock markets are best placed to ride out the storm</a>The London Stock Exchange said Thursday that it was suspending trading in more than 20 companies, "further to recent sanctions in connection with events in Ukraine, in light of market conditions, and in order to maintain orderly markets."Overnight MSCI, a powerhouse in the world of stock indices, <a href="https://www.msci.com/eqb/pressreleases/archive/PR_Russia_Classification.pdf">said</a> clients had told it that the Russian equity market "is currently uninvestable."It said it was therefore cutting Russian stocks from its closely-followed emerging market indices, in a move that could slash the amount of investment going toward Russian companies.MSCI said it would move the stocks to new standalone indices "at a price that is effectively zero." FTSE Russell, another leading indexing company, said it would also remove Russian stocks from its benchmarks.The US and its allies have imposed tough financial sanctions on Russia, including cutting some of its biggest banks <a href="https://www.businessinsider.com/us-eu-announce-some-russian-banks-removed-from-swift-2022-2?_ga=2.99882392.761764595.1646220732-1314213487.1637922550&amp;utm_medium=ingest&amp;utm_source=markets">out of the crucial SWIFT</a> global payments messaging system.Western governments have also clamped down on the Bank of Russia's ability to use its currency reserves to get round sanctions. The US has blocked Americans from engaging in any transactions with the central bank.

London scraps trading in Russian shares following 99% drops, as Moscow closes stock exchange for a 4th day

New Delhi, Mar 16 () A sudden decision to restrict trading in <keyword id="30335" type="ORGANIZATION" weightage="20" keywordseo="Shares">shares</keyword> of <keyword id="45660" type="COMPANY" weightage="20" keywordseo="Yes-Bank">Yes Bank</keyword> to a maximum 25 per cent of holdings over the weekend has left institutional and other large investors, including FPIs, flummoxed as many of them might not be able to meet liquidity needs. While shares of Yes Bank rose sharply by more than 50 per cent to hit a high of Rs 40.40 apiece at the BSE on Monday following a restructuring scheme notified by the government on Saturday, one particular clause to restrict trading in the bank's shares left many investors concerned. Several market observers, including senior fund managers, said foreign portfolio investors (FPIs) and other institutional investors have raised concerns regarding difficulty in liquidating their positions in cash and derivatives segment because of this scheme. Since this has been done without any prior notification to the market, it has created a major problem for mutual funds and other investors with significant positions in derivatives segment as to how would they be able to meet their obligations because of derivatives being required to be physically settled. Under the scheme, if you hold 100 or more shares of Yes Bank, you can now sell a maximum of 25 per cent of your holdings (as on Friday, March 15, 2020) and the 75 per cent will be under lock-in for three years. While this message was conveyed to the investors by their brokers by Monday morning, many are finding it difficult to meet their liquidity needs and are planning to raise the issue with the concerned authorities. Several brokers, including HDFC Securities, also told investors that any trades in Yes Bank would be possible only through the desktop and not through mobile trading apps. They brokers have also circulated messages that if an investor has open e-margin position in Yes Bank, it will be converted to delivery on Monday and the investors have been asked to keep sufficient funds to avoid any shortfall. As on December 2019, more than 16 lakh non-promoter shareholders held Yes Bank shares (amounting to a total holding of nearly 92 per cent in the bank). These included 295 institutional investors -- 25 mutual fund schemes, 9 alternate investment funds, 238 FPIs, 4 financial and banking institutions, 8 insurers and 11 qualified institutional buyers -- together holding nearly 30 per cent stake. Besides, a large number of individual shareholders together had nearly 49 per cent stake or more than 121 crore shares. Also, the troubled private lender will now be dropped from benchmark index Nifty 50, banking index Nifty bank and other Nifty indices from March 19, as against the earlier announced date of March 27, said NSE Indices, a subsidiary of the National Stock Exchange (NSE). In light of the recent developments relating to Yes Bank and its reconstruction scheme, NSE Indices' Index Maintenance Sub-Committee has decided to accelerate the removal of Yes Bank from Nifty 50 and Nifty Bank and also remove it from all Nifty equity indices from Thursday, March 19, it added. Besides Nifty 50 and the Nifty bank index, Yes Bank will also be removed from Nifty 100 and Nifty 500, among other indices. On Saturday, the government had notified the Yes Bank Limited Reconstruction Scheme, 2020, a day after the union cabinet's approval. Under the scheme, State <keyword id="6355303" type="DOMAIN" weightage="20" keywordseo="bank-of-india">Bank of India</keyword> will invest for 49 per cent equity in Yes Bank and other investors are also being invited. There will be a three-year lock-in period for all the investors. However, the lock-in period for SBI would be only for the 26 per cent of the shareholding. The moratorium, which was placed by <keyword id="6354335" type="COMPANY" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> on March 5, restricting withdrawal to Rs 50,000 per account, will also be lifted by 6 pm on Wednesday. BJ ANSANS

Yes Bank's trading curbs baffle investors who were looking to gain from the sharp spike

<ul class="summary-list"><li>S&amp;P Dow Jones Indices said Friday that it will remove all Russia stocks from its benchmarks next week.</li><li>The change will take effect March 9 and will apply to all stocks listed or domiciled in Russia as well as ADRs and GDRs.</li></ul>S&amp;P Dow Jones Indices said Friday that it will remove all Russia stocks from its benchmarks next week following the country's invasion of <keyword id="11985141" type="UNKNOWN" weightage="60" keywordseo="ukraine" source="Orion">Ukraine</keyword>.The change will take effect before the market open on March 9 and will apply to all stocks listed or domiciled in Russia as well as American depositary receipts and global depositary receipts.The overseer of the <keyword id="11907242" type="UNKNOWN" weightage="60" keywordseo="dow-jones-industrial-average" source="Orion">Dow Jones Industrial Average</keyword> and the S&amp;P 500 will also strip Russia of its emerging-market status and reclassify it in a standalone category."Given the deterioration in the level of accessibility of the Russian market which may impact the ability of market participants to replicate S&amp;P DJI Indices containing Russian securities, S&amp;P DJI will reclassify Russia," <keyword id="13310388" type="UNKNOWN" weightage="60" keywordseo="sp-global" source="Orion">S&amp;P Global</keyword> said.The announcement from the company follows <a href="https://markets.businessinsider.com/news/stocks/russian-stocks-uninvestable-ukraine-invasion-msci-ftse-russell-indexes-2022-3">similar moves from MSCI and FTSE</a> earlier this week. Russia stocks will be deleted from all <a href="https://research.ftserussell.com/products/index-notices/home/getnotice/?id=2603553">FTSE Russell Equity Indices</a> on March 7, and <a href="https://www.msci.com/eqb/pressreleases/archive/PR_Russia_Classification.pdf">MSCI Russia Indexes</a> will be reclassified on March 9 from emerging market status to standalone <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword> status "at a price that is effectively zero," the index providers said in separate statements Wednesday. Russia's war on Ukraine and the waves of Western sanctions that have followed are leaving Moscow increasingly shut off from global markets.Top Russian banks have been kicked out of the SWIFT messaging system that is considered the backbone of world finance. Foreign currency assets of its central bank have been frozen. More and more companies are announcing they are exiting Russia.Meanwhile, the country's stock market has been closed all week. The London Stock Exchange has suspended trading in Russian companies. The New York Stock Exchange and Nasdaq have also halted trading in Russian stocks.

S&P Dow Jones to remove Russia stocks from its indexes in wake of Ukraine invasion, joining MSCI and FTSE

<ul class="summary-list"><li>The Moscow stock exchange will stay closed for the fifth straight day, <keyword id="11894337" type="UNKNOWN" weightage="60" keywordseo="russia" source="Orion">Russia</keyword>'s central bank said Friday.</li><li>The London Stock Exchange halted trading in 8 more <keyword id="13275778" type="UNKNOWN" weightage="60" keywordseo="russian-stocks" source="Orion">Russian stocks</keyword>, which have tumbled as investors dump them.</li></ul>Russia's central bank has ordered the Moscow stock exchange to stay closed for a fifth day Friday, sheltering local equities that global institutions now see as "uninvestable." Meanwhile, the London Stock Exchange froze trading in eight <keyword id="12547469" type="UNKNOWN" weightage="60" keywordseo="russian" source="Orion">Russian</keyword> companies on Friday, adding to the 28 already suspended. <a href="https://www.businessinsider.com/live-updates-russia-ukraine-crisis-2022-2?_ga=2.133379592.761764595.1646220732-1314213487.1637922550&amp;r=US&amp;IR=T&amp;utm_medium=ingest&amp;utm_source=markets">War with Ukraine</a> has battered Russian assets, as the US and its allies impose increasingly tougher measures against the country to hurt its economy. Global institutional investors see the Russian equity market as currently uninvestable, MSCI and FTSE Russell said Thursday. The two companies plan to <a href="https://markets.businessinsider.com/news/stocks/russian-stocks-uninvestable-ukraine-invasion-msci-ftse-russell-indexes-2022-3">remove Russian stocks from their indexes</a> and reclassify them "at a price that is effectively zero."In Russia, Moscow's MOEX exchange has been shut all this week, after <a href="https://markets.businessinsider.com/news/stocks/russia-bans-short-selling-stock-market-plunge-ukraine-invasion-putin-2022-2">crashing as much as 50% last Friday</a> after the country's forces attacked <keyword id="11985141" type="UNKNOWN" weightage="60" keywordseo="ukraine" source="Orion">Ukraine</keyword>. Its central bank ordered the closure, seen as an attempt to avoid further losses as pressure on Russian equities builds.There are now no Russian securities trading on the London stock exchange after the latest suspensions, a spokesperson told <a href="https://www.reuters.com/markets/europe/london-stock-exchange-suspends-more-russian-firms-2022-03-04/">Reuters</a>. The LSE <a href="https://docs.londonstockexchange.com/sites/default/files/documents/n0722.pdf">froze trading</a> in depositary receipts — certificates that represent foreign shares — for leading Russian digital services provider Rostelecom and food retail chain Magnit among the eight companies."The London Stock Exchange notes the ongoing deterioration of market conditions since March 2 2022, and in order to maintain orderly <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword>, the exchange has suspended the admission to trading of the instruments," it said in a statement.Russia's currency, the ruble, <a href="https://markets.businessinsider.com/news/currencies/russian-ruble-worth-less-than-1-cent-ukraine-bombs-sanctions-2022-3">plummeted</a> 30% to record lows, trading at around 119 to the dollar, as the US and its allies imposed sanctions on the country. At last check Friday, the currency was changing hands at 111 to the dollar.The ruble has come under some pressure after ratings agencies Fitch and Moody's downgraded Russian credit to<a href="https://markets.businessinsider.com/news/stocks/russia-ukraine-war-invasion-moodys-fitch-credit-rating-markets-economy-2022-3"> junk</a>.Read more: <a href="https://www.businessinsider.com/crypto-investing-smart-contracts-bitcoin-ethereum-how-you-can-invest-2022-2" target="_blank" rel="noopener noreferrer">Are ethereum-style smart contracts running on bitcoin a 'trillion dollar opportunity?' A blockchain CEO working on making this a reality explains why and reveals the token you can buy to profit from it</a>

Moscow shuts its stock exchange for a 5th day as London freezes trading in 8 more Russian shares

<ul><li>At 7:49 am the SGX Nifty was trading 0.68% higher pointing towards a muted start for Nifty50. </li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider. </a></li></ul>Amid the weak cues from the global market, the sell-off in the Indian stock market is likely to continue. Meanwhile, at 7:49 am the SGX Nifty was trading 0.68% higher. US stocks fell for the third consecutive session on Monday in a row amid the fear of the second lockdown in Europe and the rising uncertainty on negotiations with the next round of fiscal stimulus in the US. The Dow Jones Industrial Average tanked 509.72 points, and the S&amp;P 500 lost 1.16% towards the end of trading Asian markets also opened on a weak note. Hong Kong’s Hang Seng Index was trading 185 points lower, and the Shanghai Composite Index was down nearly 1% at 8:05 am. These are the stocks to watch out for during the trading session on September 22: State Bank of India The country’s largest lender State Bank of India on Monday said it had raised ₹7,000 crores by issuing Basel III compliant bonds. “The Committee of Directors for Capital Raising at its meeting of held today on September 21, 2020, accorded its approval to allot 70,000 Basel III compliant non-convertible, taxable, redeemable...debt instruments in the nature of debentures aggregating to ₹7,000 crore, to bond subscribers,” SBI said in a regulatory filing to stock exchanges. The shares of SBI ended 4% lower yesterday. HSIL Limited The board of directors of HSIL in a meeting held yesterday approved the proposal for buyback of fully paid-up equity shares of the face value of ₹2 each from the open market, amounting to ₹70 crore. The shares of HSIL Limited ended 1% lower yesterday. Bombay Burmah Trading The Wadia group-owned, Bombay Burmah Trading told investors that its board would meet on September 24, to consider the proposal of raising up to ₹75 crore via non-convertible debentures. The company in a stock exchange filing said it aims to use that money for a private placement basis. The shares of Bombay Burmah Trading ended 2% lower yesterday. GMM Pfaudler GMM Pfaudler said the company's promoter would sell 25.71 lakh shares via offer for sale at a floor price set at ₹3,500 per share on September 22 and 23. The shares of GMM Pfaudler ended 3% lower yesterday. Muthoot Finance, Manappuram Finance, IIFL Finance Fitch Ratings took rating action on the long-term issuer default ratings of four non-bank financial companies. For Manappuram Finance rating has been affirmed at ‘BB-’ and ‘Rating Watch Negative’ (RWN) has been removed. Whereas Muthoot Finance’s rating has also been affirmed at ‘BB’, but RWN has been removed. The shares of Muthoot Finance, Manappuram Finance and IIFL Finance ended 6%, 4% and 5% lower yesterday, respectively. Route Mobile The recently debuted Route Mobile received a stellar response from investors. The company dominated the bulk deals on Monday. Goldman Sachs acquired 24.09 lakh shares at the debut for ₹705.95 per share, and Kuwait Investment Authority acquired 5.79 lakh shares at ₹697.25 per share. The shares of Route Mobile ended 8% lower yesterday. IPO watch: CAMS, Angel Broking and Chemcon Speciality Chemicals CAMS and Chemcon Speciality Chemicals were subscribed 0.82 times and 5.20 times respectively yesterday. Today is the day two for CAMS and Chemcon investors to invest in the IPO. Angel Broking IPO will open today for subscription and will remain open until September 24. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/interview-angel-broking-ceo-believes-the-600-crore-ipo-will-ride-the-digital-euphoria/articleshow/78235409.cms" data-type="tilCustomLink">INTERVIEW: Angel Broking CEO believes the ₹600 crore IPO will ride the ‘digital’ euphoria</a> <a href="https://www.businessinsider.in/business/corporates/news/chemcon-speciality-chemicals-318-crore-ipo-heres-what-works-and-what-doesnt/articleshow/78231465.cms" data-type="tilCustomLink">Chemcon Speciality Chemicals ₹318 crore IPO fully subscribed within two hours — Here’s what works and what doesn't</a>

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