The dispute between the MCX Stock Exchange and market regulator Sebi has now gone to the government. Mint has learnt that the finance ministry has asked Sebi to comment on a letter from MCX. The MCX Stock Exchange had written to the ministry asking for its help in getting approval to offer trading in products like stocks and equity derivatives. Last month Sebi had turned down an application from MCX for trading in those products. That prompted the exchange to go to the finance ministry.
The IMF’s latest World Economic Outlook report has mixed news for India. It projects the country’s economy will grow at 9.7% in the current fiscal. But growth is expected to fall to 8.4% in the year ending March 2012. The IMF’s numbers for the economy are based on the market prices rather than factor cost. It described India’s economic growth as ‘vigorous’ and said major economic indicators were all looking up.
Reliance Industries has given up on it latest bid for American shale gas. A report says it has ended talks with Chesapeake Energy to buy a stake in its Eagle Ford shale field. RIL has already made three shale gas deals in the US this year.