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Markets regulator Sebi today fixed position limit for brokers and institutional investors, operating in international financial services centres (IFSCs), for cross-currency futures and options contracts. Position limit refers to the highest number of options or futures contracts an investor is allowed to hold on one underlying security.   In a circular, Sebi said that "gross open position across all contracts not to exceed 15 per cent of the total open interest or USD 1 billion equivalent, whichever is higher", for trading members, institutional investors and eligible foreign investors.   For other clients, open position across all contracts should not exceed 6 per cent of the total open interest or USD 100 million equivalent, whichever is higher.   The stock exchanges would impose penalties for violation of position limits by these market participants.Trading in currency derivatives has been allowed on stock exchanges operating in IFSC. ...

The Union cabinet on Wednesday decided to extend the maternity benefit scheme across India, under which pregnant and lactating mothers will get ?6,000 for their first born child. The scheme, which is presently under implementation on a pilot basis in 52 districts, provides financial assistance to pregnant women for the first two live births. It was launched by the women and child development (WCD) ministry in 2010.   The programme, which does not cover women working in state or central government, aims to ensure that beneficiaries are not deprived of nutrition before and after pregnancy, and also get partially compensated for the wage loss, in case they are working.   “Out of this, ?5,000 will be given by the WCD ministry and ?1,000 by the state,” Union power minister Piyush Goyal said at the cabinet briefing.   The scheme was originally called Indira Gandhi Matritva Sahyog Yojana. The programme will cost the government ?12,661 crore for f...

GST marks emergence of a new federal India: J&K FM Jammu and Kashmir finance minister Haseeb Drabu said the shift to goods and services tax marks the emergence of a new federal India and that the state will convene a special session in June to pass the law on its own terms to preserve its special status.   The crucial GST Council meeting -to be chaired by finance minister Arun Jaitley on May 18-19 -will decide on tax rates before GST rollout from July 1.The tax brackets are 5, 12, 18 or 28%.   Referring to GST as the most signifi cant tax reform since In dependence, he said sta te revenue is likely to go up about Rs 2,000 crore.   “We might be behind the schedule, but we will ta ke it to assembly and get the GST law passed, most probably in the last week of June. We will try our best to work out a system which is in consonance with the regime and also protect domestic inves tors,“ Drabu told ET.    Drabu said the decisions...

A new bench of the Securities Appellate Tribunal (SAT) might be established and begin operation this year.The only bench at present is in Mumbai. The idea was proposed in the Union Budget last year, of amending the Sebi Act of 1992 to enable more benches, to expedite decisions on cases pertaining to the securities markets.   The proposed bench is expected to deal with matters pertaining to companies based out of the northern states.There will be a judicial member and technical member, beside support staff.The bench in Mumbai has a presiding officer and two other members.   Apart from appeals against decisions of the Securities and Exchange Board of India (Sebi), the appellate body has begun hearing appeals against orders issued by the insurance and pensions regulators, from 2015.As a result, the number of cases are likely to increase in the coming months.   “On an average, the tribunal takes about a year to dispose of cases.A new bench will help,” s...

Input credit for old stock might go up; Council meets today to finalise rates In a relief for business, the government is considering easier provisions related to the Electronic Way (E-Way) Bill and input tax credit for old stock under the coming goods and services tax (GST) regime.   The GST Council will meet in Srinagar on Thursday and Friday, its 14th meeting, to discuss GST rates and finalise the rules.   On strong corporate demand, the government is considering whether to enhance the threshold limit under the under-draft E-Way Bill, beside removing intrastate supplies from its ambit. Under the draft rules, moving of goods worth more than Rs 50,000 under GST will require prior online registration of the consignment and securing of an e-way bill. The aim is to check tax evasion, by allowing officials to inspect consignments anytime during the transit.   The draft E-Way Bill, however, will not be discussed at Srinagar. “It is unlikely to...