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Coffee futures exchange to kick off operations in May
The Coffee Futures Exchange of India (COFEI) is likely to become operational from May this year. The exchange will benefit producers, trade and consumers by providing a mechanism for price discipline. COFEI will help growers, curers, roasters and exporters to have better estimates of future coffee prices.
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Carryforward rates take a dip of 24%
Carryforward rates, helped by a 50 basis point cut in the bank rate, has attained a realistic level on the Bombay Stock Exchange (BSE). The bank rate cut made badla returns more attractive and also brought back a section of financiers. The rates on the BSE fell to a realistic level of 24% annualised, with the value of total outstanding carryforward positions touching a high of Rs 893.10 crore.
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SEBI reshuffles portfolios of Kar, Gahrotra
The Securities and Exchange Board of India (SEBI) has effected a reshuffle in the portfolios of executive director, Pratip Kar and senior executive director, OP Gahrotra. While Kar has been shifted to the secondary market department, where he would share the responsibility with MD Patel, another executive director, Gahrotra has been given the portfolios hitherto handled by Kar, except for mutual funds and depositories.
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Amex board plans to finalise merger details with Nasdaq next week
American Stock Exchange (Amex) officials plan to hammer out and adopt a final proposal to merge with Nasdaq by April 8, before putting the plan to a membership vote. The Nasdaq is run by the NASD (National Association of Securities Dealers). A merger between the Nasdaq and Amex would combine the nation's second and third-largest stock markets, respectively.
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