MCX raises maximum compensation limit to Rs.25 lakh from IPF

MCX (Multi Commodity Exchange of India) on Thursday announced the enhancement of maximum compensation that could be availed by investors to Rs. 25.00 lakhs from the existing Rs.2.00 lakhs per claim.

MCX has established and maintained an Investor Protection Fund viz. Multi Commodity Exchange Investor (Client) Protection Fund (MCX IPF), with the aim of compensating investors in the event of defaulters' assets not being adequate to meet the legitimate claims of investors.

MCX also promotes investor awareness and education to increase literacy, participation in the commodity derivatives market and utilized for such other purpose as prescribed by the Sebi.

The maximum amount of compensation available against a single claim of an investor arising out of default of a member of exchange is presently Rs. 2.00 besides the maximum available compensation being Rs.2.00 crore per defaulter member.

In today’s, NSE Closing hours, shares of Multi Commodity Exchange of India Ltd was traded at Rs. 744.75 down by 2.14% at Rs.744.75 as compared to the previous close of Rs. 761.00. The stock hit an intraday high and low of Rs. 759.40 and 741.15

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Reliance Communications shareholders approve asset monetization

Reliance Communications Limited (RCOM) on Friday announced that the Company’s shareholders approved the monetization of its assets.

RCOM announced the results of the postal vote on Thursday, February 15, through which the shareholders approved the resolution to monetize the Telecom Infrastructure, Towers, Spectrum, Fiber and other assets with a vast majority of 99.91%, RCom said.  Post the other asset sales, RCom will consist of a steady and profitable B2B focused biz, in the world.

Shares of RCom are trading at Rs 28.35, by Rs. 1.61 or 0.45% on Exchanges by 3.05 pm. The scrip opened at Rs. 28.45 and has touched a high of Rs. 29 and low of Rs 27.65. 

PNB stocks slump for second straight day after fraud shock; Plunges almost 12 pc

Shares of PNB on Thursday continued to drop for a second straight day by closing almost 12% lower after a USD 1.8 billion fraud was detected in one of its branches in Mumbai.

The trading volumes in PNB shares spiked remarkably high level. At the closing on Thursday’s trades, more than 19.4 crore shares exchanged hands on NSE and BSE counters with about 17.7 crore shares on NSE alone.

Stocks of jewellery companies such as Gitanjali Gems and PC Jewellers too declined after authorities blamed billionaire diamond trader Nirav Modi for the fraud.

Stocks of Gitanjali Gems plummeted almost 20 percent, while Stocks of PC Jewellers fell 5.31 percent on the BSE.

On Thursday, PNB shares lost about 12.89 percent to conclude at 127.05 on NSE while the shares settled 11.97 percent down at Rs 128.35 on BSE.