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Kochi : Securities and Exchange Board of India (SEBI) Chairman C B Bhave today said stock exchanges would be launching options in currency derivatives shortly.
Delivering his inaugural address at the seminar on 'Investor Protection and Market Development' here, Mr Bhave said both the Reserve Bank of India (RBI) and SEBI had principally cleared the introduction of options in currency derivatives.
''The exchanges have applied to us and we are expecting to be able to take a decision about actually allowing the exchnages to launch currency derivatives very soon,'' he noted.
Mr Bhave said the introduction of options in currency derivatives comes after futures in currrency derivatives were introduced more than a year back.
''We are moving step-by-step and cautiously,'' he added.
Putting to rest the contention that there was a erosion of close to Rs 10,000 crore from the mutual fund industry due to the ban of entry load to the schemes, Mr Bhave said between August 1, 2009 and July 31, 2010, there was an inflow of Rs 63,000 crore and Rs 73,000 crore was redeemed by the investors.
Moreover, the Asset Management Companies (AMC) made three times profit from Rs 243 crore in 2008-09 to Rs 870 crore in 2009-10.
--UNI
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''The exchanges have applied to us and we are expecting to be able to take a decision about actually allowing the exchnages to launch currency derivatives very soon,'' he noted.
Mr Bhave said the introduction of options in currency derivatives comes after futures in currrency derivatives were introduced more than a year back.
''We are moving step-by-step and cautiously,'' he added.
Putting to rest the contention that there was a erosion of close to Rs 10,000 crore from the mutual fund industry due to the ban of entry load to the schemes, Mr Bhave said between August 1, 2009 and July 31, 2010, there was an inflow of Rs 63,000 crore and Rs 73,000 crore was redeemed by the investors.
Moreover, the Asset Management Companies (AMC) made three times profit from Rs 243 crore in 2008-09 to Rs 870 crore in 2009-10.
--UNI
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