Top stories: SEBI curbs F&O trading, Kotak CEO’s big ambitions, Israel-Lebanon conflict escalates, and more
🔝 Top 10@10 — CNBC-TV18’s daily newsletter featuring the top 10 stories on markets, corporate updates, economic insights, and financial highlights — delivered at 10 PM
In today’s edition of our Top 10@10, we delve into the latest developments shaping the financial landscape and global events. SEBI has announced new measures to curb the F&O frenzy, raising the minimum contract size to ₹15 lakh and increasing upfront margin collection, with phased implementation from November 20.
In an exclusive insight, Kotak Mahindra Bank CEO Ashok Vaswani shares the bank’s goal to be among the top three private lenders by 2030. On the global front, Israeli troops have invaded southern Lebanon following a limited operation against Hezbollah.
In the auto sector, Maruti Suzuki, Hyundai, and Tata Motors saw a decline in September wholesales, while Bajaj Auto’s Chetak e-scooter now holds a 21.4% market share, close to Ola Electric's 27.6%. The RBI has warned gold loan financiers of potential regulatory action for irregular practices. Former RBI Governor Rangarajan advocates for consecutive 25-basis point rate cuts and new bank licenses to boost competition.
In education, a government internship scheme in partnership with CII aims to benefit 30 lakh youth. Jammu and Kashmir's final phase of assembly elections saw a 65% voter turnout by 5 PM. Meanwhile, the Supreme Court has reserved judgement on the plea challenging the use of bulldozer demolitions, hinting at possible guidelines.
Here are the top 10 buzzing stories from markets, business, economy, and beyond.
SEBI announces new measures to tame speculative retail trading in F&O markets
The Securities and Exchange Board of India (SEBI) on Tuesday announced new measures to curb the increased retail participation and heightened speculative trading in futures and options markets, particularly on expiry days.
The measures are aimed at strengthening the equity index derivatives market to enhance investor protection and market stability, the market regulator said in a circular to all stock exchanges and clearing corporations.
SEBI has outlined several key initiatives in the circular, effective from various dates in late 2024 and early 2025.
Exclusive | Kotak Mahindra Bank CEO Ashok Vaswani: 'Nothing seems to be cooking on IDBI Bank currently'
In an interview with CNBC-TV18, Ashok Vaswani, Kotak Mahindra Bank's Managing Director and CEO, dismissed speculations about a potential acquisition of IDBI Bank by the private lender.
“I don't think it's hot in cooking right now, so I think when the time comes and there is talk about doing something we will definitely look at it," the bank's chief said, adding that when the government and the RBI move forward with this deal, Kotak Mahindra will "definitely have a look at it."
"We have never shied away from M&A; we are not shying away from M&A even today. We look at every single opportunity that comes along, and as and when the opportunity comes along that presents itself, we will evaluate it."
Furthermore, Kotak Mahindra Bank wants to be one of the top three banks in India over the next five years. With a market capitalisation of over ₹3.7 lakh crore, Kotak Bank currently ranks fourth after HDFC Bank, ICICI Bank, and Axis Bank.
In an exclusive interview, CEO Ashok Vaswani shared how he plans to get there. Read here
Iran is preparing to launch ballistic missile against Israel, says US official
The White House issued a warning on Tuesday, October 1, asserting that the United States believes Iran is on the verge of launching a ballistic missile attack against Israel.
“The United States has indications that Iran is preparing to imminently launch a ballistic missile attack against Israel. We are actively supporting defensive preparations to defend Israel against this attack. A direct military attack from Iran against Israel will carry severe consequences for Iran,” a senior White House official said in a statement.
Earlier today, Israel had ordered the evacuation of border towns as ground forces entered southern Lebanon…
This directive came shortly after Israeli ground forces entered southern Lebanon, launching a targeted incursion against Hezbollah.
The evacuation orders were posted by Israel’s military spokesperson in Arabic on social media platform X (formerly Twitter), instructing residents of roughly two dozen towns in southern Lebanon to move north of the Awali River, about 60 kilometres from the border. This area lies farther north than the Litani River, which previously marked the northern boundary of a UN-designated buffer zone established after the 2006 Israel-Hezbollah war.
Israel’s military has characterised this operation as a “limited” ground incursion, focused on areas close to the border with Lebanon.
Oil prices drop 2% to $70/bbl on supply concerns and weaker demand outlook
Brent crude oil prices fell over 2% on Tuesday, reaching $69.91, the lowest level since 11 September, amid concerns over demand and the potential for oversupply. These worries came despite escalating tensions in the Middle East.
By 08:40 GMT, Brent crude futures were down $1.49, or 2.08%, trading at $70.21 per barrel, while U.S. West Texas Intermediate crude futures slid $1.55, or 2.27%, to $66.62 per barrel.
Oil markets are also awaiting the outcome of the OPEC+ panel meeting scheduled for 2 October. However, no major policy shifts are expected. Russian Deputy Prime Minister Alexander Novak has confirmed that the group plans to begin restoring supply in December, increasing output by 180,000 barrels per day.
PM Internship Scheme: CII's Aditya Ghosh urges India's youth to make the most of the program
The Confederation of Indian Industry (CII) is collaborating closely with the Ministry of Corporate Affairs (MCA) to roll out the Prime Minister’s Internship Scheme. This ambitious initiative, introduced in the Union Budget 2024, aims to offer one crore internship opportunities to India’s youth over the next five years.Aditya Ghosh, the Founder of Akasa Air and Chairman of the CII Skill Development Committee, has expressed his strong belief in the transformative potential of the scheme.
Speaking to CNBC-TV18, Ghosh urged young applicants to approach this opportunity with honesty, enthusiasm, and patience.
"Opportunity comes to all of us. It is only a few who grab that opportunity and make the most of themselves," Ghosh stated, emphasising the importance of seizing the moment.
September Auto Sales: Bajaj Auto sells 20% more vehicles in September than last year
The Bajaj Group company beat estimates with an overall jump of 20%, compared to the same month last year.
Bajaj Auto has sold 4.69 lakh units in September this year as against 3.92 lakh units in September 2023, recording a growth of 20%.
The total sales comprise of domestic sales of 3.11 lakh units, up 23% year-on-year, and exports of 1.57 lakh units, up 13% year-on-year.
The domestic two-wheeler segment alone saw a growth of 28% year-on-year in September 2024 whereas exports during the month grew 13 on-year.
Brokerages say larger gold financiers 'better positioned' amid RBI crackdown
Brokerages believe that larger and more established gold financiers like Muthoot Finance and Manappuram Finance are “better positioned” to navigate the Reserve Bank of India's (RBI) latest regulatory directive, which flagged significant irregularities in the gold loan sector.
Due to their history of compliance and regular audits, Jefferies and Morgan Stanley have pointed out that these companies are more likely to withstand regulatory scrutiny. However, some near-term challenges may be there, the brokerage houses said.
RBI, earlier, flagged irregular practices in gold lending, calls for immediate action
This comes after a comprehensive review revealed several serious deficiencies that threaten the integrity of the gold loan market.
C Rangarajan says it's time for interest rate cuts as India's inflation drops
The former RBI Governor, is advocating for interest rate cuts as India experiences a slowdown in inflation. In an interview with CNBC-TV18, he noted that the RBI could consider reducing the repo rate, especially since inflation has decreased over two recent six-week cycles.
"The last two times, the inflation rate was below 4%; therefore, in some sense, if we cut the rate, we are following the market rather than leading the market. So if there is enough evidence to show that if that tendency will persist, I think we should do it," the former governor said.
Rangarajan suggested a cautious approach: a 25 basis-point cut now, another 25 basis points later, or a more significant front-loaded cut of 50 basis points.
J&K election phase 3 latest update: Over 65% voter turnout recorded
The voting for this crucial phase was held on October 1, with the electoral fate of 415 candidates, including former deputy chief ministers Tara Chand (Congress) and Muzaffar Beig, decided in this phase. The election covered 40 Assembly segments across seven districts — Jammu, Udhampur, Samba, and Kathua in the Jammu region, as well as Baramulla, Bandipora, and Kupwara in north Kashmir.
This is the first Assembly election in Jammu and Kashmir since the abrogation of Article 370 of the Constitution in August 2019. The results are set to be announced on October 8. In phase 3, a voter turnout of 65.48% was recorded by 5 pm.
Supreme Court reserves order on demolition of properties, to lay down pan-India guidelines
The SC on Tuesday reserved judgement on pleas challenging demolition of properties. The court said it will lay down guidelines and safeguards for demolitions which would be applied to all communities across the country.
The apex court said it will make it clear that merely because a person is an accused or even a convict, it cannot be a ground for the demolition of a property.
"Whatever we are laying down, we are a secular country. We are laying it down for all the citizens, for all the institutions, not for any particular community," a bench of Justices BR Gavai and KV Viswanathan said.
Solicitor General Tushar Mehta cautioned that for an injustice meted out to few, others should not get undue advantage.
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