This document discusses the history and operations of the Multi Commodity Exchange of India (MCX). It was established in 2003 as India's first online, national level exchange for commodity derivatives trading. It facilitates online trading, clearing and settlement of contracts for 30 commodities. MCX has over 2100 members across India. However, in 2013 its affiliated company National Spot Exchange Limited (NSEL) defaulted on Rs. 5,600 crores of payments, leading to a decline in MCX's revenues and reputation. The document examines the challenges now facing MCX, including reduced transaction volumes and fees, as well as the potential sale of its majority owner Financial Technologies shares.
Vskills Certification in Equity Research focuses on developing the necessary skills for the purpose of advising investors and financial institutions to make profitable investment decisions in the capital market by providing a brief overview of the global markets and an understanding of the stock market movements. The certification assesses the candidate’s qualitative and quantitative skills for stock evaluation, analyzing and interpretation of annual reports and the basic techniques of valuation.
http://www.vskills.in/certification/Certified-Equity-Research-Analyst
Vskills Certification in Equity Research focuses on developing the necessary skills for the purpose of advising investors and financial institutions to make profitable investment decisions in the capital market by providing a brief overview of the global markets and an understanding of the stock market movements. The certification assesses the candidate’s qualitative and quantitative skills for stock evaluation, analyzing and interpretation of annual reports and the basic techniques of valuation.
http://www.vskills.in/certification/Certified-Equity-Research-Analyst
Understanding the Banking Sector by Ashish Kila (CIO, Perfect Research) at Be...perfectresearch
This is the video of the presentation made by our CIO Ashish Kila at the Best Ideas 2019 Conference hosted by MOI Global. (Manual of Ideas)
For more details, please refer to:-
MOI Global Website at https://moiglobal.com/ashish-kila-201901/
Our Blog at http://perfectresearch.blogspot.in
Disclaimer:
-We are not SEBI registered Investment Advisors
-Nothing in this article is, or should be construed as investment advice. The stocks mentioned in the post are for educational purpose only and are not recommendations
- The purpose of this post is to highlight a framework which an investor can apply to any company.
-This is not an offer (or solicitation of an offer) to buy/sell the securities/instruments mentioned.
-All the posts on this blog, including this one, are for educational and discussion purposes only.
-Please do not take buy/sell or any investment decision based on articles you read on the blog. These are only meant to provide information and initiate discussion. The final decision is and always should be of the reader only.
-There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth.
-Perfect Group’s officers, directors, employees, principals and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated in this letter.
BSE (BOMBAY STOCK EXCHANGE) CERTIFICATION IN SECURITIES MARKETS STUDY NOTES BCSMSrinivasan Thiagarajan
Download Study Notes based on latest syllabus for Bombay Stock Exchange Certification in Securities Markets (BCSM). Take Online practice test at www.modelexam.in
Quantum Long Term Equity Value Fund is the flagship mutual fund of Quantum Mutual Fund. The Mutual Fund follows the Value style of investing giving potential for risk-adjusted returns over the long term. Learn more about the fund’s investment process and the bottom-up stock selection process. For product label please click the following link: https://www.quantumamc.com/Product-Label/QLTEVF.jpg
why standard valuation matrix is not the best way to value great businessesperfectresearch
The presentation is an attempt to collate thoughts on the investment process we follow from the Gurus, Mentors and Friends we follow along with our own experience in this field.
*Disclaimer*
1. We are not SEBI registered analysts
2. Educational post only and not a stock recommendation
3. We take no responsibility to keep updating about the business being discussed
4. We may or may not own a position in any of the businesses being discussed and even if we do own a position, we may change our mind due to change in any facts or circumstances
5. Plz consider this post only as a framework to keep tracking businesses and understanding them
Understanding the Banking Sector by Ashish Kila (CIO, Perfect Research) at Be...perfectresearch
This is the video of the presentation made by our CIO Ashish Kila at the Best Ideas 2019 Conference hosted by MOI Global. (Manual of Ideas)
For more details, please refer to:-
MOI Global Website at https://moiglobal.com/ashish-kila-201901/
Our Blog at http://perfectresearch.blogspot.in
Disclaimer:
-We are not SEBI registered Investment Advisors
-Nothing in this article is, or should be construed as investment advice. The stocks mentioned in the post are for educational purpose only and are not recommendations
- The purpose of this post is to highlight a framework which an investor can apply to any company.
-This is not an offer (or solicitation of an offer) to buy/sell the securities/instruments mentioned.
-All the posts on this blog, including this one, are for educational and discussion purposes only.
-Please do not take buy/sell or any investment decision based on articles you read on the blog. These are only meant to provide information and initiate discussion. The final decision is and always should be of the reader only.
-There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth.
-Perfect Group’s officers, directors, employees, principals and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated in this letter.
BSE (BOMBAY STOCK EXCHANGE) CERTIFICATION IN SECURITIES MARKETS STUDY NOTES BCSMSrinivasan Thiagarajan
Download Study Notes based on latest syllabus for Bombay Stock Exchange Certification in Securities Markets (BCSM). Take Online practice test at www.modelexam.in
Quantum Long Term Equity Value Fund is the flagship mutual fund of Quantum Mutual Fund. The Mutual Fund follows the Value style of investing giving potential for risk-adjusted returns over the long term. Learn more about the fund’s investment process and the bottom-up stock selection process. For product label please click the following link: https://www.quantumamc.com/Product-Label/QLTEVF.jpg
why standard valuation matrix is not the best way to value great businessesperfectresearch
The presentation is an attempt to collate thoughts on the investment process we follow from the Gurus, Mentors and Friends we follow along with our own experience in this field.
*Disclaimer*
1. We are not SEBI registered analysts
2. Educational post only and not a stock recommendation
3. We take no responsibility to keep updating about the business being discussed
4. We may or may not own a position in any of the businesses being discussed and even if we do own a position, we may change our mind due to change in any facts or circumstances
5. Plz consider this post only as a framework to keep tracking businesses and understanding them
Wockhart Case Study Analaysis Strategic Financial Analysis and Design (SFAD) ...Tariq Mehmood
We are students of MS-MS program one of our course is Strategic Financial Analysis and Design (SFAD), that case study is our class project to analyse it deeply.
It is case study of Wockhart Pharmaceutical (will it rise from ashes) of India. This ppt is also you may/can use it as report, we did deep analysis, hopefully it is helpful for all students.
Millrock Resources - Investor's Presentation - Fall 2019Millrock Resources
Millrock Resources Inc. is a premier project generator to the mining industry. Millrock identifies, packages, and operates large-scale projects for joint venture, thereby exposing its shareholders to the benefits of mineral discovery without the usual financial risk taken on by most exploration companies. The company is recognized as the premier generative explorer in Alaska, holds royalty interests in British Columbia, Canada and Sonora State, Mexico and is a significant shareholder of junior explorer ArcWest Exploration Inc. Funding for drilling at Millrock’s exploration projects is primarily provided by its joint venture partners. Business partners of Millrock have included some of the leading names in the mining industry: EMX Royalty, Centerra Gold, First Quantum, Teck, Kinross, Vale, Inmet, Altius, Riverside and PolarX.
Millrock Resources Inc. is a premier project generator to the mining industry. Millrock identifies, packages, and operates large-scale projects for joint venture, thereby exposing its shareholders to the benefits of mineral discovery without the usual financial risk taken on by most exploration companies. The company is recognized as the premier generative explorer in Alaska, holds royalty interests in British Columbia, Canada and Sonora State, Mexico and is a significant shareholder of junior explorer ArcWest Exploration Inc. Funding for drilling at Millrock’s exploration projects is primarily provided by its joint venture partners. Business partners of Millrock have included some of the leading names in the mining industry: EMX Royalty, Centerra Gold, First Quantum, Teck, Kinross, Vale, Inmet, Altius, Riverside and PolarX.
Millrock Resources - Corporate Presentation - Fall 2018Millrock Resources
Millrock Resources Inc. is a premier project generator to the mining industry. Millrock identifies, packages and operates large-scale projects for joint venture, thereby exposing its shareholders to the benefits of mineral discovery without the usual financial risk taken on by most exploration companies. The company is active in Alaska, British Columbia, the southwest USA and Sonora State, Mexico. Funding for drilling at Millrock’s exploration projects is primarily provided by its joint venture partners. Business partners of Millrock have included some of the leading names in the mining industry: Centerra Gold, Kinross, First Quantum, Teck, Vale, Inmet, Altius, and Riverside. Millrock is a major shareholder of junior explorers PolarX Limited and Sojourn Exploration Inc.
Millrock Resources Inc. is a premier project generator to the mining industry. Millrock identifies, packages, and operates large-scale projects for joint venture, thereby exposing its shareholders to the benefits of mineral discovery without the usual financial risk taken on by most exploration companies. The company is active in Alaska, the southwest USA, and Sonora State, Mexico. Funding for drilling at Millrock’s exploration projects is primarily provided by its joint venture partners. Business partners of Millrock have included some of the leading names in the mining industry: EMX Royalty, Centerra Gold, First Quantum, Teck, Kinross, Vale, Inmet, Altius, and Riverside. Millrock is a major shareholder of junior explorer ArcWest Exploration Inc. and holds a portfolio of exploration project royalty interests.
Millrock Resources Inc. is a premier project generator to the mining industry. Millrock identifies, packages, and operates large-scale projects for joint venture, thereby exposing its shareholders to the benefits of mineral discovery without the usual financial risk taken on by most exploration companies. The company is active in Alaska, the southwest USA, and Sonora State, Mexico. Funding for drilling at Millrock’s exploration projects is primarily provided by its joint venture partners. Business partners of Millrock have included some of the leading names in the mining industry: EMX Royalty, Centerra Gold, First Quantum, Teck, Kinross, Vale, Inmet, Altius, and Riverside. Millrock is a major shareholder of junior explorer ArcWest Exploration Inc. and holds a portfolio of exploration project royalty interests.
Millrock Resources Inc. is a premier project generator to the mining industry. Millrock identifies, packages, and operates large-scale projects for joint venture, thereby exposing its shareholders to the benefits of mineral discovery without the usual financial risk taken on by most exploration companies. The company is active in Alaska, the southwest USA, and Sonora State, Mexico. Funding for drilling at Millrock’s exploration projects is primarily provided by its joint venture partners. Business partners of Millrock have included some of the leading names in the mining industry: EMX Royalty, Centerra Gold, First Quantum, Teck, Kinross, Vale, Inmet, Altius, and Riverside. Millrock is a major shareholder of junior explorer ArcWest Exploration Inc. and holds a portfolio of exploration project royalty interests.
Final Research Project Synopsis ppt for viva : Islamic Banking in IndiaAJ Raina
This ppt is based on the synopsis for the Final Research Project on the topic related to relevance, feasibility and scope of Islamic Banking in Indian Context by a student of Era Business School, New Delhi-78
PART ANALYSIS OF CHAPTER NO 3 : BROADENING ACCESS TO FINANCE (From the Study ...AJ Raina
PART ANALYSIS OF CHAPTER NO 3 : BROADENING ACCESS TO FINANCE
(From the Study Report titled, “A Hundred Small Steps”) by students of Era Business School, New Delhi (PGDM 2012-14)
A short description of a tea manufacturer's business process from the point of view of Management Information System; PGDM batch 2012-14 of Era Business School
Case Study on GETTING AIRLINES ALLIANCES OFF THE GROUNDAJ Raina
This case study on GETTING AIRLINES ALLIANCES OFF THE GROUND (International Business) was prepared by the students of Era Business School, New Delhi (PGDM 2012-14 batch)
Usage situation has an importance of its own in consumer behaviour ; with beer as a product, the ppt from a student of Era Business School, tries to explain the issue.
Skye Residences | Extended Stay Residences Near Toronto Airportmarketingjdass
Experience unparalleled EXTENDED STAY and comfort at Skye Residences located just minutes from Toronto Airport. Discover sophisticated accommodations tailored for discerning travelers.
Website Link :
https://skyeresidences.com/
https://skyeresidences.com/about-us/
https://skyeresidences.com/gallery/
https://skyeresidences.com/rooms/
https://skyeresidences.com/near-by-attractions/
https://skyeresidences.com/commute/
https://skyeresidences.com/contact/
https://skyeresidences.com/queen-suite-with-sofa-bed/
https://skyeresidences.com/queen-suite-with-sofa-bed-and-balcony/
https://skyeresidences.com/queen-suite-with-sofa-bed-accessible/
https://skyeresidences.com/2-bedroom-deluxe-queen-suite-with-sofa-bed/
https://skyeresidences.com/2-bedroom-deluxe-king-queen-suite-with-sofa-bed/
https://skyeresidences.com/2-bedroom-deluxe-queen-suite-with-sofa-bed-accessible/
#Skye Residences Etobicoke, #Skye Residences Near Toronto Airport, #Skye Residences Toronto, #Skye Hotel Toronto, #Skye Hotel Near Toronto Airport, #Hotel Near Toronto Airport, #Near Toronto Airport Accommodation, #Suites Near Toronto Airport, #Etobicoke Suites Near Airport, #Hotel Near Toronto Pearson International Airport, #Toronto Airport Suite Rentals, #Pearson Airport Hotel Suites
Tata Group Dials Taiwan for Its Chipmaking Ambition in Gujarat’s DholeraAvirahi City Dholera
The Tata Group, a titan of Indian industry, is making waves with its advanced talks with Taiwanese chipmakers Powerchip Semiconductor Manufacturing Corporation (PSMC) and UMC Group. The goal? Establishing a cutting-edge semiconductor fabrication unit (fab) in Dholera, Gujarat. This isn’t just any project; it’s a potential game changer for India’s chipmaking aspirations and a boon for investors seeking promising residential projects in dholera sir.
Visit : https://www.avirahi.com/blog/tata-group-dials-taiwan-for-its-chipmaking-ambition-in-gujarats-dholera/
RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
Retail media wordt gezien als het nieuwe advertising-medium en ook mediabureaus richten massaal retail media-afdelingen op. Merken die niet in de betreffende winkel liggen staan ook nog niet in de rij om op de retail media netwerken te adverteren. Marvin belicht de uitdagingen die er zijn om echt aansluiting te vinden op die markt van non-endemic advertising.
Implicitly or explicitly all competing businesses employ a strategy to select a mix
of marketing resources. Formulating such competitive strategies fundamentally
involves recognizing relationships between elements of the marketing mix (e.g.,
price and product quality), as well as assessing competitive and market conditions
(i.e., industry structure in the language of economics).
Putting the SPARK into Virtual Training.pptxCynthia Clay
This 60-minute webinar, sponsored by Adobe, was delivered for the Training Mag Network. It explored the five elements of SPARK: Storytelling, Purpose, Action, Relationships, and Kudos. Knowing how to tell a well-structured story is key to building long-term memory. Stating a clear purpose that doesn't take away from the discovery learning process is critical. Ensuring that people move from theory to practical application is imperative. Creating strong social learning is the key to commitment and engagement. Validating and affirming participants' comments is the way to create a positive learning environment.
VAT Registration Outlined In UAE: Benefits and Requirementsuae taxgpt
Vat Registration is a legal obligation for businesses meeting the threshold requirement, helping companies avoid fines and ramifications. Contact now!
https://viralsocialtrends.com/vat-registration-outlined-in-uae/
3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
Unveiling the Secrets How Does Generative AI Work.pdfSam H
At its core, generative artificial intelligence relies on the concept of generative models, which serve as engines that churn out entirely new data resembling their training data. It is like a sculptor who has studied so many forms found in nature and then uses this knowledge to create sculptures from his imagination that have never been seen before anywhere else. If taken to cyberspace, gans work almost the same way.
Discover the innovative and creative projects that highlight my journey throu...dylandmeas
Discover the innovative and creative projects that highlight my journey through Full Sail University. Below, you’ll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
Kseniya Leshchenko: Shared development support service model as the way to ma...Lviv Startup Club
Kseniya Leshchenko: Shared development support service model as the way to make small projects with small budgets profitable for the company (UA)
Kyiv PMDay 2024 Summer
Website – www.pmday.org
Youtube – https://www.youtube.com/startuplviv
FB – https://www.facebook.com/pmdayconference
Improving profitability for small businessBen Wann
In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
"𝑩𝑬𝑮𝑼𝑵 𝑾𝑰𝑻𝑯 𝑻𝑱 𝑰𝑺 𝑯𝑨𝑳𝑭 𝑫𝑶𝑵𝑬"
𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
𝐓𝐉 𝐂𝐨𝐦𝐬 provides unlimited package services including such as Event organizing, Event planning, Event production, Manpower, PR marketing, Design 2D/3D, VIP protocols, Interpreter agency, etc.
Sports events - Golf competitions/billiards competitions/company sports events: dynamic and challenging
⭐ 𝐅𝐞𝐚𝐭𝐮𝐫𝐞𝐝 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐬:
➢ 2024 BAEKHYUN [Lonsdaleite] IN HO CHI MINH
➢ SUPER JUNIOR-L.S.S. THE SHOW : Th3ee Guys in HO CHI MINH
➢FreenBecky 1st Fan Meeting in Vietnam
➢CHILDREN ART EXHIBITION 2024: BEYOND BARRIERS
➢ WOW K-Music Festival 2023
➢ Winner [CROSS] Tour in HCM
➢ Super Show 9 in HCM with Super Junior
➢ HCMC - Gyeongsangbuk-do Culture and Tourism Festival
➢ Korean Vietnam Partnership - Fair with LG
➢ Korean President visits Samsung Electronics R&D Center
➢ Vietnam Food Expo with Lotte Wellfood
"𝐄𝐯𝐞𝐫𝐲 𝐞𝐯𝐞𝐧𝐭 𝐢𝐬 𝐚 𝐬𝐭𝐨𝐫𝐲, 𝐚 𝐬𝐩𝐞𝐜𝐢𝐚𝐥 𝐣𝐨𝐮𝐫𝐧𝐞𝐲. 𝐖𝐞 𝐚𝐥𝐰𝐚𝐲𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞 𝐭𝐡𝐚𝐭 𝐬𝐡𝐨𝐫𝐭𝐥𝐲 𝐲𝐨𝐮 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐨𝐮𝐫 𝐬𝐭𝐨𝐫𝐢𝐞𝐬."
What is the TDS Return Filing Due Date for FY 2024-25.pdfseoforlegalpillers
It is crucial for the taxpayers to understand about the TDS Return Filing Due Date, so that they can fulfill your TDS obligations efficiently. Taxpayers can avoid penalties by sticking to the deadlines and by accurate filing of TDS. Timely filing of TDS will make sure about the availability of tax credits. You can also seek the professional guidance of experts like Legal Pillers for timely filing of the TDS Return.
2. Scope : Dateline
• Part 1 – Power of a
Dream.
• Part 2 – Family
Lineage.
• Part 3 – The Axe
Effect.
• Part 4 – Bodyline Days.
• Part 5 – Conclusion.
Era Business School
Ajay K Raina; AJ2
4. An 8 Years Old Dreamer
• A class Two student dreams of:– Becoming an Engineer;
– Studying abroad;
– Starting own business;
– Marrying a class fellow…..
• Jignesh Shah.
• Deviating on Purpose!
– Backgrounds/Stories need to be known.
– MCX’s sibling issues; holistic approach.
Era Business School
Ajay K Raina; AJ4
5. Unrolling the Carpet
• BE from Mumbai.
• Joined 100 Cr BOLT;
turned a still birth into a
miracle child.
• 5Lac/Mortgage – 1995.
• 5 Terminal FTIL.
• 5000 Workforce; 80% of
domestic base.
Era Business School
Ajay K Raina; AJ5
6. And the Rise Defied the Gravity
•
•
•
•
•
•
•
MCX in 2003.
NSEL in 2008.
IEX in 2008.
MCX-SX (CD) in 2008 and 2012 (full).
Set up exchanges in five countries.
NBHC.
Forbes list of Richest Indians.
Era Business School
Ajay K Raina; AJ6
7. Before we Trudge on, some Memory Pegs….
• Derivatives.
• Futures and Forwards.
• Options.
• Cash settlements v/s
Delivery.
• Spot.
Era Business School
Ajay K Raina; AJ7
8. Commodity Futures Markets…..
•
•
•
•
•
•
•
•
Gud’ol days – BCTA 1875.
Cotton to oilseeds and foodgrains.
Between two great wars.
Defence of India Act.
Mid 1950s to mid 1960s.
Pepper and Turmeric when Pak came calling.
The Khusro & Kabra Committees; Reforms’91.
Dirty Dozen and wow!
Era Business School
Ajay K Raina; AJ8
9. ….Commodity Futures Markets
• The big 6 (MCX, NCDEX, NMCE, ICEX,
ACEDCEX, UCE + 16 commodity specific.
• 113 commodities.
• No options, no trading in Urdh, rice and Tur.
• Why dis Kolavari di?
– Price discovery and risk management.
– Demand-supply equations: Harvest & Lean.
– Seasonal amplitudes.
– Causes inflation?
Era Business School
Ajay K Raina; AJ9
10. An Inefficient Guardian
• FMC regulates.
• NSEL misusing the name = doubts!
• Tools:– Limit on open position of an individual members as well
as client to prevent over trading;
– Limit on price fluctuation (daily/weekly) to prevent
abrupt upswing or downswing in prices;
– Special margin deposits to be collected on outstanding
purchases or sales to curb excessive speculative
activity through financial restraints;
– Times of shortages.
– Daily reports from the Exchanges to check excessive
speculation and price volatility.
Era Business School
Ajay K Raina;
13. MCX since 2003…
• The Multi Commodity Exch of India Ltd.
• FMC regulated.
• Commodity Futures Trade – online
trading, clearing and settlement of
commodity futures transactions = risk
management.
• 30 commodity futures contracts across
segments including bullion, ferrous and
non-ferrous metals, energy, and
agricultural commodities.
Era Business School
Ajay K Raina;
14. ……MCX…..
• Extensive national reach, with 2100+ members,
400,000+ trading terminals spanning 1770+
cities and towns across India.
• Market share of 87.3% (value traded).
• 3rd largest commodity futures exchange in the
world (No of contracts traded).
• World's largest exchange in silver and gold
futures, 2nd largest in copper and natural gas
futures, and the 3rd largest in crude oil futures.
Era Business School
Ajay K Raina;
15. ….MCX….
• MCXCOMDEX- gives information on market
movements in key commodities.
• Other commodity indices developed by the
exchange include MCXAgri, MCXEnergy, and
MCXMetal.
• Holds ISO 9001:2000 quality management
standard, ISO 27001:2005 information security
management standard and ISO 14001:2004
environment management standard.
Era Business School
Ajay K Raina;
16. ….MCX….
• Strategic alliances with leading international
exchanges such as CME Group, LME, SHFE and
TAIFEX.
• Electronic trading platform by promoter, FTIL;
difficult to replicate exchange technology+
Innovations give MCX its competitive edge.
• 15 notable awards.
• Key shareholders- FTIL, SBI and it's associates,
NABARD, NSE, Fid Fund (Mauritius) Ltd., Corp
Bank, UBI, Canara Bank, BoI, BoB, HDFC Bank,
SBI Life Insurance and NCDEX.
Era Business School
Ajay K Raina;
17. Making the Difference…
• 2003:Born to Innovate– Futures evening
sessions to synchronise with global exchanges.
• 2004 : NAFED+FTIL= Agreement= Spot Exch.
• 2005: MCX-COMDEX launched; Hi, London.
• 2006 : Hello, NYMEX + Hi, Euronext.
• 2009: Ni Hao, Shanghai.
• 2010: Howdy Taiwan!
• 2011: Micro contract in Silver – IKg.
Era Business School
Ajay K Raina;
18. …. Making the Difference
• 2011: Micro contract in Gold – 01 gm.
• 2012: IPO rated 5/5 by CRISIL; over-subscribed
by 54+ times; first listed exch of India.
• 2013: Recorded highest daily turnover –INR
1200b in April.
• 2013, however, is not over yet; the ride
continues!
Era Business School
Ajay K Raina;
21. Not too Far Back
• MCX-SX v/s SEBI in 2010.
– FTIL holds 31.18% stakes in MCX.
– FTIL and MCX each hold 5% stake in MCX-SX.
• MCX-SX v/s NSE (CCI) in 2011.
• With not many friends around, a sister concern
of MCX, NSEL (99.99% market share of Spot
Business; since 2008) with its promoters, FTIL
and NAFED, flirts with disaster by crossing a
line………… MCX pays for its affinity.
Era Business School
Ajay K Raina;
22. NSEL – an Affair to Forget…
• Licensed to do spot trading, NSEL was found
dealing with future contracts running into 12-36
days….. Mid July 2013.
• Naked contracts added to the problem.
• 07 days – cuts D,P & S period down to 11 days.
• 15 days – Suspends all one-day fwd contracts
except e-series ones; creates 5600 Cr Liability.
• FTIL shares tank 65%...... MCX sinks too; trade
volumes drop by 98% over two weeks.
Era Business School
Ajay K Raina;
24. ….NSEL – an Affair to Forget
• MCX-SX loses bank guarantees.
• NSE sells its stake in MCX.
• NSEL makes promises; defaults in payment
plan.
• WH Receipts rumoured to be fake.
• FTIL’s stake in MCX down to 26%.
• NSEL, FTIL and MCX neck-deep into trouble
even though MCX has nothing fundamentally
against it.
Era Business School
Ajay K Raina;
25. Part 4 – Bodyline Days
Era Business School
Ajay K Raina;
26. Challenges for MCX: Beyond
• Collateral Damages:– Main promoter’s fortune
wiped from $ 2b to less
than $100m over one
month.
– Questions being asked
about ability of the flagship
to run exchanges.
• FMC may move from
Consumers’ Affairs to FM.
Era Business School
Ajay K Raina;
27. Earning Drivers
• To understand other challenges, a look at the
financial model:– Transaction fees – almost 50% of total earnings.
– Membership admission fees
– Annual subscription fees
– Terminal charges
Era Business School
Ajay K Raina;
28. .. Challenges for MCX: Transactions
• CTT issues; 20% decline
expected as in case of STT.
• Reduced Volumes:– Over-dependence on bullion
and changing import duties
and curbs.
– Uncertain movement of gold
prices internationally.
Era Business School
Ajay K Raina;
29. .. Challenges for MCX: Other Issues
• Post facto sanction for FDI investment declined.
– Reverse mobility of capital.
– Future investments affected.
– Later relaxations show flip-flop in policy making.
• Income from Fees:– Reduced confidence.
– Potential stakeholders cautious.
– Expansion of terminals not likely as of now.
• Buy out bids…. Kodak Group?
Era Business School
Ajay K Raina;
30. The Road Ahead….
• Scenario 1 – Bye-bye Mr Shah
– Forced by present circumstances
though Shah’s innovative drive
would be missed.
– Mr Shah is, however, a hard nut
to crack and may not easily give
in.
– Resultant ‘tug of war’ will add to
the negative sentiments.
– Will govt step in and take over
FTIL/NSEL?
Era Business School
Ajay K Raina;
31. ….The Road Ahead….
• Scenario 2 – Buy out of
FTIL’s Stake
– Shah goes but new
management likely to fill in.
– Faster restoration of
investors’ confidence likely;
probably the best option for
investors.
• Scenario 3 – Govt takes
over NSEL; MCX?
Era Business School
Ajay K Raina;
32. Part 5 - CONCLUSION
Era Business School
Ajay K Raina;
33. The Recent & the Latest…..
• Rs 5,600 crore dues to 148 members/brokers,
representing 13,000 investors of NSEL; 128 Cr.
• The re-payment plan failed on four occasions.
• Talks about compulsory regn with WDRA
(Warehousing Devp & Regulatory Authority).
• Probe panel chaired by economic affairs
secretary + EOW investigations on.
Era Business School
Ajay K Raina;
34. • MCX claims “हम आप क हैं कौन?’’ but gives
े
guarantees; probe on.
• 84% upward move in MCX share price over
past two weeks.
• Market cap of MCX as on date is 2285 Cr.
• Settlement Guarantee Fund as part of risk
management exercise by FMC.
• FMC sees change of parenthood.
• MCX-SX license renewed for another year but
with conditions and warnings by SEBI.
Era Business School
Ajay K Raina;
36. Konfused!!
• If FTIL had to play
dirty, why did it
choose NSEL
instead of MCX?
• If FMC deals with
Futures, why is it
called Forwards
Markets
Commission?
Era Business School
Ajay K Raina;