Money this Month
From Foreign investors pull out Rs 4,285 crore from Indian equities to Amazon India may launch quick commerce service codenamed Tez in December or early next year. One place to know about them all for it is your "Money This Month", that matters. Here's the new in the line of indefinite "Money this Month" editions.Being published by the Research Department of Finance and Investment Cell at Aryabhatta College, "𝐌𝐨𝐧𝐞𝐲 𝐓𝐡𝐢𝐬 𝐌𝐨𝐧𝐭𝐡", a monthly newsletter that aims to encapsulate the latest developments in the field of money, economics, finance, and geopolitics. Extensive efforts have been put in to compile the most relevant and insightful information from various sources to provide you with a comprehensive overview of the financial world.
Headlines
Sebi bans Ketan Parekh, 2 others from markets in front-running scam, impounds Rs 65 crore
Amazon India may launch quick commerce service codenamed Tez in December or early next year
Rupee volatility hits year-high, spotlight on RBI's currency strategy
Sharp rise in gold loan defaults worries banks and NBFCs, increase by 30%
Foreign investors pull out Rs 4,285 crore from Indian equities amid high valuations, global headwinds.
So, how was the money this month?
MONEY THIS MONTH
Sebi bans Ketan Parekh, 2 others from markets in front-running scam, impounds Rs 65 crore.
Market regulator Securities and Exchange Board of India (Sebi) on Thursday barred Ketan Parekh and Singapore-based trader Rohit Salgaocar from accessing the Indian capital markets after finding them involved in a front-running scam. In an interim order, the regulator further directed impounding of an amount of Rs 65.77 crore from Parekh.Salgaocar and 20 other accused, ruling that they had earned it as "unlawful gain".
Rupee volatility hits year-high, spotlight on RBI's currency strategy.
A gauge of the Indian rupee’s volatility jumped to its highest level in over a year, fueling speculation that the nation’s central bank may be easing its tight grip on the currency amid a strong dollar. The rupee’s one-month implied volatility versus the greenback rose to as much as 4.09 per cent on Monday, the highest since August 2023. This marks a shift from the currency’s recent stability, which saw the volatility gauge hit a record low this August. Traders say the spike suggests a possible shift in the Reserve Bank of India’s strategy.
Sharp rise in gold loan defaults worries banks and NBFCs, increase by 30%.
Gold loan defaults have surged significantly, creating concern among lenders. As of June 2024, gold loan non-performing assets (NPAs) have risen by 30 per cent to Rs 6,696 crore, up from Rs 5,149 crore just three months earlier, according to Reserve Bank of India (RBI) data. Commercial banks reported a 62 per cent increase in gold loan NPAs, which rose to Rs 2,445 crore in June 2024 from Rs 1,513 crore in March 2024. Non-banking financial companies (NBFCs) saw a smaller but significant 24 per cent increase in NPA