Urging regulator Sebi to simplify investment and advertisement norms for mutual funds, business leader Anil Ambani today said investing in them should be as easy as buying smartphones on Internet.
Speculators went about covering their short positions in anticipation of more reforms.
Yesterday, the rupee had shed 2 paise to close at 64.55 against the greenback in limited trade on the back of stray dollar demand from importers.
Regulator Sebi on Wednesday proposed relaxed entry norms for foreign portfolio investors (FPIs) willing to invest directly in Indian markets rather than through participatory notes.
The benchmark Sensex on Wednesday came down by 124 points and the NSE Nifty settled below 9,500 as investors hit the sell button ahead of the expiry of June derivatives.
Currently, Securities and Exchange Board of India (Sebi) has six executive directors (EDs), as per the regulator's website.
Forex dealers said the euro hitting a 10-month high against the greenback, however, capped the rupee's fall.
Cutting down of positions by participants in view of tomorrow's June derivatives contract expiry added to the downward move.
Shares of Syndicate Bank plunged 4.97 percent, Punjab National Bank 4.69 per cent, Andhra Bank 4.03 percent, Allahabad Bank 3.88 percent, Bank of Baroda (3.64 percent), SBI (3.27 percent), Union Bank of India (2.83 percent), Bank of Maharashtra (2.63 percent) and AXIS Bank (2.34 percent) on BSE.
As per RBI data, of the total in May this year, external commercial borrowings (ECB) and RDBs contributed almost equally at USD 523.95 million and USD 525.76 million respectively.
A correction-bound BSE Sensex logged its biggest fall in a month, slipping below the 31,000 mark and plunging by 180 points to end at 30,958.25, as banking and PSU stocks led the decline amid lacklustre global cues and jitters ahead of GST rollout.
This strategic partnership, includes implementing joint compliance programmes, corporate governance initiatives, compliance analytics, compliance benchmarking, among other related initiatives, with relevant stakeholders.
Market rout: Sensex dips below 31,000-mark; Nifty under 9,500-level
This is for most part due to fresh selling, mainly in realty, oil and gas, banking, capital goods and power, as mixed Asian cues offered no firm guidance as to which way to move.
The finance ministry has made a case for pushing back the Reserve Bank's deadline for implementing Basel III banking norms in view of higher capital requirement to deal with bad loans which have reached unacceptable levels.
Foreign investors have invested about USD 124 billion in Indian equities over 2008-17 and own large stakes in the country's best companies, says a report.
Mutual fund managers invested a net sum of Rs 11,244 crore in stock markets in April and Rs 9,358 crore in May, taking the total to Rs 20,602 crore, as per data released by the Securities and Exchange Board of India (Sebi).
SBI's market valuation advanced by Rs 2,587.62 crore to Rs 2,49,336.78 crore and that of HDFC went up by Rs 1,868.57 crore to Rs 2,62,529.94 crore.
In the high-profile NSE co- location case, markets regulator Sebi wants its forensic audit to quantify unlawful gains made by some brokers, allegedly in connivance with the exchange officials, which may put in limbo a settlement plea proposed by the bourse.
Derivatives expiry coupled with crude oil prices and direction of foreign funds` movement are expected to affect the equity charts during the upcoming week.