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Singapore crypto exchange Coinstore enters India amid govt seeking to ban private cryptocurrencies

Even as the government seeks to ban all private cryptocurrencies through the new crypto bill, which is likely to be introduced in the Winter Session that began Monday, Singapore-based crypto futures and spot trading exchange Coinstore has forayed into the Indian market. The company on Monday announced its entry into the Indian crypto market with the launch of its web and app platform for Indian users. Users can “trade, buy and sell cryptocurrencies, with easy KYC verification and 24/7 customer support,” Coinstore said in a statement. The exchange enables trading into over 50 cryptocurrencies. The launch assumes significance as more than 20 per cent of Coinstore’s active users come from India.

“With over 20 per cent of our active users from India, we decided to start local operations to fully support our Indian users,” said Jennifer Lu, Head Product and Co-Founder, Coinstore. The setting up of a local support office is currently underway in the country. The company will have offices in Delhi, Mumbai, and Bengaluru “that will act as its base in India for future expansion.”

Coinstore is also looking to hire local talent with 100 immediate openings in India for its customer support, marketing and operations division. The company added that its $120-million fund, which is allocated for India expansion, will be deployed towards marketing, hiring, and development of crypto-related products and services for the Indian market.

Users will be provided with a copy trading feature to follow trades of other successful traders in order to make strategic investment decisions from trading the future prices of cryptocurrencies. In June this year, Coinstore had launched its iOS and Android apps globally alongside their web trading platform. The company said it would soon undergo a “rigorous audit by Hacken, a global cybersecurity firm with a focus on blockchain security.”

Coinstore’s foray follows the entry of Malaysia-headquartered crypto exchange CGCX.io back in April this year, as per a company release, followed by the US-based crypto trading platform CrossTower that entered India in September this year. According to a Nasscom report published in September this year, cryptotech has the potential to create more than 8 lakh jobs by 2030 in India, up from 50,000 individuals employed currently. Moreover, the industry is expected to reach $241 million in size by 2030 in India from $6.6 billion invested by Indian retail investors in different crypto assets such as Bitcoin, Ethereum, Polygon, etc., the report noted. The crypto industry has grown by 39 per cent in the last five years in India.

Importantly, the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 listed for introduction in the current Winter Session seek to create a framework for the creation of the official digital currency to be issued by the Reserve Bank of India. While it also intends to prohibit all private cryptocurrencies in India, however, it will allow for ‘certain exceptions’ to promote the underlying technology of cryptocurrency and its uses, the government had said in the legislative agenda released last week.

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Bank of Baroda raises Rs 1,997 cr via Basel III-compliant bonds

State-owned Bank of Baroda on Friday said it has raised Rs 1,997 crore by issuing Basel III-compliant bonds. The bank had come out with a Rs 2,000 crore issue of additional tier-I bonds on November 24.

“The bank has received total bid amount of Rs 5,308 crore, out of which the issuance was finalised for Rs 1,997 crore at 7.95 per cent (per annum),” BoB said in a regulatory filing.

The bank said it issued a total of 1,997 bonds of Rs 1 crore each under this issue to a total of 21 allottees. To comply with Basel-III Capital Regulations, banks need to improve and strengthen their capital planning processes.

These norms are being implemented to mitigate concerns on potential stresses on asset quality and consequential impact on performance and profitability of banks. Stock of Bank of Baroda traded 3.33 per cent lower at Rs 89.90 apiece on BSE.

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Exchanges decide to implement T+1 settlement cycle in phased manner

Stock exchanges and other market infrastructure institutions on Monday came out with a roadmap for the implementation of T+1 (trade plus one day) settlement cycle whereby the mechanism will be introduced in a phased manner from February 25.

T+1 means that market trade-related settlements will need to be cleared within one day of the actual transactions taking place. Currently, trades on the Indian stock exchanges are settled in two working days after the transaction is done (T+2).

The settlement cycle will be implemented in a phased manner and will apply only to the bottom 100 companies starting February 25, and from March 2022 onwards, the next bottom 500 stocks will be available for introduction to T+1 settlement, according to a joint statement.

The decision has been taken by market Infrastructure Institutions or MIIs — stock exchanges, clearing corporations and depositories. This comes after markets regulator Sebi in September permitted stock exchanges to introduce T+1 settlement cycle from January 1, 2022 on any of the securities available in the equity segment. As per the statement, all listed stocks, across stock exchanges (BSE, NSE and MSEI), will be ranked in descending order based on daily market capitalization averaged for month of October 2021. Where a stock is listed on multiple exchanges, the market capitalization will be calculated based on the price of stock at the stock exchange with highest trading volume during the period under review.

The list of stocks and exchanges where they are available for trading will be published on website of all exchanges. Based on the ranking arrived, the bottom 100 stocks will be available for introduction of T+1 settlement, from February 25, 2022. Thereafter, from March 2022 onwards, on the last Friday (trade day) of every month, the next bottom 500 stocks from the list of stocks ranked will be available for introduction to T+1 settlement. In case Friday is a trading holiday, the same will be introduced on immediate next trading day.

Any new stock getting listed after October 2021, will be added to list, based on the market capitalization calculated on the basis of average trading price of 30 days after commencement of trading. In case, based on market capitalization, if the stock falls under the category (in terms of market capitalization) of stocks already under T+1 settlement then that stock also becomes eligible for T+1 settlement and will be introduced in T+1 settlement cycle on the last Friday (trade day) of next month.

This will also apply to new stock getting listed on account of initial public offering (IPO), corporate action or any other reason and the date of transition will be announced jointly by all exchanges on which the stock is available for trading.

Securities such as preference shares, warrants, right entitlements, partly paid shares and securities issued under differential voting rights (DVR) will be transitioned to T+1 settlement along with the stock of parent company.

Further, more than 5,000 securities listed by the exchanges in the equity segment of bourses will be transitioned to T+1 settlement cycle along with the last scheduled batch of securities as determined by the exchanges.

Any security getting listed post the trade date of last scheduled batch of securities based on the ranking arrived will be directly introduced with T+1 settlement cycle.

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Latent View Analytics IPO to open on Nov 10; price band set at Rs 190-197/share

Latent View Analytics on Wednesday said it has fixed a price band of Rs 190-197 a share for its Rs 600-crore initial share-sale that opens for public subscription on November 10. The three-day initial public offering (IPO) will conclude on November 12. The bidding for anchor investors will open on November 9, the company announced in a virtual press conference.

The IPO comprises fresh issue of equity shares worth Rs 474 crore and an offer of sale of equity shares to the tune of Rs 126 crore by a promoter and existing shareholders. As a part of the offer for sale, promoter Adugudi Viswanathan Venkatraman will offload shares worth Rs 60.14 crore, shareholder Ramesh Hariharan will sell Rs 35 crore shares and Gopinath Koteeswaran will offload Rs 23.52 crore shares among others.

At present, Venkatraman owns 69.63 per cent stake in the company, Koteeswaran holds 7.74 per cent stake and Hariharan has 9.67 per cent holding in the firm.

Proceeds from the fresh issue will be used for funding inorganic growth initiatives, working capital requirements of the subsidiary LatentView Analytics Corporation, and investment in subsidiaries to augment their capital base for future growth and general corporate purposes.

The company said that up to 75 per cent of the issue has been reserved for qualified institutional buyers, 15 per cent for non-institutional investors and the remaining 10 per cent for retail investors. Axis Capital, ICICI Securities and Haitong Securities India are the book running lead managers to the issue.

The company provides services ranging from data and analytics consulting to business analytics and insights, advanced predictive analytics, data engineering and digital solutions.

It engages and provides services to blue chip companies in technology, BFSI, CPG and retail, industrials and other industries, and have worked with over 30 Fortune 500 companies in the last three fiscals. The company serves clients across countries in the United States, Europe, and Asia through its subsidiaries in the United States, the Netherlands, Germany, the United Kingdom and Singapore, and its sales offices in San Jose, London and Singapore.

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