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SEBI Approves: NSE to launch NYMEX WTI crude oil and natural gas futures contracts; Bajaj Finserv to begin MF operations

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NSE gets Sebi nod to launch WTI crude oil and natural gas futures contractsOn March 02, 2023, the National Stock Exchange (NSE) received approval from SEBI (Securities and Exchange Board of India) to launch the rupee-denominated NYMEX WTI crude oil and natural gas futures contracts in its commodity derivatives segment.

  • The approval would enable NSE to trade rupee-denominated Nymex WTI crude oil and natural gas derivatives contracts for Indian market participants.
  • NYMEX WTI Crude Oil and Natural Gas contracts are one of the world’s most traded commodity derivatives contracts generating interest from across the globe.
  • The contracts would facilitate the Indian market participants to meet their trading objectives without price risk.

Background: In February 2023, NSE has signed a data licensing agreement with CME Group to list, trade and settle rupee-denominated NYMEX West Texas Intermediate (WTI) crude and Henry Hub natural gas derivatives contracts on its platform.

Note – Currently, commodity traders preferring India’s largest commodity derivatives exchange, Multi-Commodity Exchange of India Ltd (MCX), which already has crude and natural gas futures.

-Bajaj Finserv got SEBI approval to begin MF

Bajaj Finserv received in-principle approval from SEBI to begin its mutual fund (MF) operations. The total count of MF houses in India increased to 42 due to the addition of Bajaj Finserv Mutual Fund.

Key Points:

i.Bajaj Finserv has also formed two wholly owned subsidiaries, namely Bajaj Finserv Mutual Fund and Bajaj Finserv Asset Management.

ii.Bajaj Finserv Asset Management has also got an approval to act as an asset management company (AMC) for Bajaj Finserv Mutual Fund.

  • The new AMC will offer range of products equity, debt, hybrid mutual funds, active and passive funds.

The leadership team of Bajaj Finserv MF:

i.In January 2022, Nimesh Chandan, Canara Robeco MF’s equity head, was hired to lead the investment team of Bajaj Finserv MF and Aniruddha Chaudhuri, ICICI Prudential AMC to head the sales team.

ii.Nimesh Chandan is an investment professional with over 22 years of experience in investing in Indian capital markets. He has been part of the MF industry for 17 years.

Ganesh Mohan was appointed as the chief executive officer of the AMC.

Note – The MF industry manages assets worth over Rs 40 trillion.

About Securities Exchange Board of India(SEBI):

Chairperson -Madhabi Puri Buch
Headquarters – Mumbai, Maharastra
Establishment – 12 April 1992