Sep 282016
 
MUMBAI: Markets regulator Sebi on Wednesday allowed commodity derivatives exchanges (commexes) to start trading options contracts on commodities. As of now commexes are allowed to trade only in commodity futures.

In the Budget speech in February this year, finance minister Arun Jaitley had announced that Sebi will introduce new derivative products for the commodity derivatives markets. Subsequently, Sebi had set up a committee of experts, called the Commodity Derivatives Advisory Committee which advised the regulator on regulation and development of commexes.

"The recommendations made by the (committee) on the subject of introduction of new products have been considered and it has been decided that Commodity Derivatives Exchanges shall be permitted to introduce trading in options," a circular from the regulator said.

Commexes will now have to amend some of their rules and regulations to allow options trading on their platform, come out with detailed specifications for commodity options, seek permission from Sebi and then start trading in those contracts. Sebi said detailed guidelines for commodity options will be issued in due course.

Sebi also said that introduction of new commodity derivatives products had been a subject of deliberation since such moves lead to overall development of that market as it attracts broad-based participation, enhance liquidity, facilitate hedging and bring in more depth to overall commodity derivatives markets. The regulator has also asked commexes to inform Sebi about the status of implementation of its circular on options on commodities.



Reacting to Sebi's nod for launching of trading in options on commodities, NCDEX, the leading commodity derivatives exchange said that the move will help expand the product basket and make it attractive for new participants.

"For the farmers, it will be a game changer. It would help them to sell their produce in the derivatives market and thereby get the benefit of price protection in case the price falls below their cost of production and also derive the benefit of any rise in price," said Samir Shah, MD & CEO, NCDEX. "Options are also a much better hedging instrument as compared to futures for hedgers," Shah said.

A release from the exchange said that it was "fully prepare" to launch options on commodities and have in place a trading platform with the right technology.

MCX, another commex, too said that the introduction of options in commodities would deepen and transform the commodity derivatives space, both in terms of products and participants. "It will also complement the existing futures contracts and would make Indian commodity derivatives more vibrant and efficient. It will provide for inclusive development of the market and encourage cost effective hedging for participants like farmers and SMEs," Mrugank Paranjape, MD & CEO, MCX said.

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Sep 282016
 
WOAH! Was BCCI initially clueless about Kanpur Test being India's 500th?

New Delhi: The Board of Control for Cricket in India (BCCI) marked India’s 500th Test with several unique initiatives.

All former India captains were present at the Kanpur Test, in which the hosts beat New Zealand by 197 runs.

As with most BCCI events, this occasion too triggered a controversy after the board didn’t extend an invitation to the legendary Bishan Singh Bedi.

The former left-arm spinner has been a vocal and consistent critic of the BCCI and its functioning, which perhaps coerced the board into not involving him in the 500th Test celebrations.

Bedi launched a fresh attack on BCCI after the match, claiming that the board was not even aware that the 1st India-New Zealand Test was India’s 500th.

REALITY CHECK! Why Virat Kohli will pick Shikhar Dhawan over Gautam Gambhir to partner Murali Vijay

“They (BCCI) didn’t even know it was the 500th Test. If they did, the Test would not have been played in Kanpur. They would have chosen Mumbai or Bangalore or Kolkata,” he told Cricktracker.

Some may argue that Bedi is bitter, but one cannot rule out the possibility of this being true. Kanpur as venue for India’s 500th Test did come as a surprise to many fans.

The 70-year-old also disagreed with the BCCI’s Dream Test XI, which featured players based on votes sent in by fans.

“I don’t agree with it at all. I wouldn’t have (Virender) Sehwag open with Sunil Gavaskar, Syed Kirmani in place of (MS) Dhoni. Tiger Pataudi in place of (VVS) Laxman, and as captain. No doubt about it,” he further added.

Bedi also stated that BCCI’s snub didn’t really bother him and nobody could deny him of his presence in Indian cricket history.

“It was very strange alright. Could be anything – oversight, maybe? Or deliberate – I don’t know. Oh, I’m not going to lose any sleep over it. It’s part of the game. No one can deny my involvement with Indian cricket, can they?,” Bedi said.

Sep 282016
 
India vs NZ: Gautam Gambhir's comeback is nice but all 15 players are available for selection, says Anil Kumble

New Delhi: Indian cricket coach Anil Kumble today welcomed the comeback of Delhi batsman Gautam Gambhir into the Indian Test squad. (India vs NZ: Full coverage)

Gambhir, who last played a Test for India in 2014 during India’s tour to England, was recalled as a replacement for opener Lokesh Rahul, who suffered an injury to his right hamstring during India’s second innings at Kanpur.

Speaking at a press conference, Kumble, who recently became the coach of the Indian team, said while the Delhi batsman was back, his inclusion in the playing XI wasn’t certain as all 15 players were available for selection. (Gautam Gambhir’s Test comeback: Kolkata Knight Riders camp erupts with joy as BCCI recalls left-hander)

Gautam Gambhir

“I think it’s really nice to have Gautam back. Gautam has done really well in domestic cricket. He is a part of the 15. I don’t want to give away anything with regard to team combinations, but all 15 are available for selection. So it’s nice to have him back,” he said.

Gambhir had set the Indian domestic circuit on fire with impressive knocks.

In the recently concluded Duleep Trophy, the left-hander’s form was vital in India Blue’s title triumph. In five innings, Gambhir scored 356 runs at an impressive average of 71.20. In the summit clash, India Blue defeated Yuvraj Singh-led India Red to clinch the trophy. (Why Virat Kohli will pick Shikhar Dhawan over Gautam Gambhir to partner Murali Vijay)

Gautam Gambhir

But now that Rahul has been ruled out due to injury for the upcoming Kolkata Test, the fight is between Shikhar Dhawan and Gambhir for the opening slot with Murali Vijay as their partner.

Dhawan was left out of the fourth Test against West Indies, which was washed out due to rain. Even in the first Test against New Zealand, he was left out while Rahul opened the innings with Vijay.

While Dhawan is running out of time, Gambhir would want to make the most of this opportunity if he gets to play at Eden Gardens – which is a home ground for IPL franchise Kolkata Knight Riders, of which he is the skipper. (How Shah Rukh Khan reacted after Gautam Gambhir was named KL Rahul’s replacement)

Sep 282016
 
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Sep 282016
 
Rajendra Mal Lodha: BCCI got full opportunity to argue recommendations

New Delhi: The BCCI got full opportunity to argue against the recommendations made by the Supreme Court appointed Lodha committee, said the panel chief Justice (Retd) R M Lodha after seeking removal of the Board’s top brass in a status report to the apex court.

Lodha said the verdict of the Supreme Court is supreme, after the panel filed its status report which has called for the removal of BCCI President Anurag Thakur and Secretary Ajay Shirke for non-compliance of the apex court directions.

The BCCI had filed a review petition challenging the sweeping reforms proposed by the Lodha panel, also seeking recuse of the Chief Justice of India from the five-judge bench which will review the Supreme Verdict.

“Every recommendation which was not acceptable to the BCCI was opposed and they had full opportunity to argue. After hearing them, the Supreme Court has accepted nobody undermines their capacity, capability, we all bow to the Supreme Court,” said Lodha.

Asked if he is open to a dialogue with the BCCI to further discuss the recommendations, Lodha said: “We are no party to the litigation, there is no question of the dialogue. We are simply to implement the Supreme Court’s judgement now.

“We held a meeting on 9th August (with the BCCI officials) and three weeks before that meeting, intimation was sent to Mr Anurag Thakur and Mr Ajay Shirke. We wanted to discuss. We invited them on our own, we sent communication to them. One of them came (Shirke), the other (Thakur) didn’t,” he said.

Lodha said the panel has not specifically asked for the removal of Thakur and Shirke but the entire set of office-bearers.

“We are not concerned with names, we are only concerned with whether existing office-bearers be superseded and panel of arbitrators be put in their place. The persons who are incharge of the affairs in the BCCI should be superseded.”

It remains to be seen what BCCI does at its Special General Meeting on September 30, the day it faces a first set of the deadlines set by the Lodha panel.

The panel submitted the status report after observing violation of Supreme Court directives in the BCCI AGM held earlier in the month.

“I am nobody to examine their mood (in BCCI), we have only examined the decisions taken by them in their AGM, we had already clarified to them that AGM can go ahead and they can discuss routine measures for the year 2015-16. No decision should be taken concerning 2016-17.

“Certain decisions have been taken which are direct in conflict with what we directed BCCI to do. Therefore it was necessary for us to bring it to the notice of the Supreme Court that these are the violations,” added Lodha. 

Sep 282016
 
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