SEBI ne Jane Street par Ban Lagaya: Kya Hai Maamla?
SEBI (Securities and Exchange Board of India) ne recently Jane Street naam ki company ko market manipulation ke liye ban kar diya hai. Isse financial markets mein hulchul mach gayi hai. Brokerage firms is ban ke impact ko lekar alag-alag views de rahe hain. Jefferies aur Goldman Sachs ko lagta hai ki BSE (Bombay Stock Exchange) par iska zyada asar nahi hoga. Lekin, Goldman Sachs ne BSE ke stock ka target price kam kar ke Rs 2,300 kar diya hai, jo pehle Rs 2,430 tha.
Market par Kya Asar Padega?
SEBI ke is order se market mein volumes aur earnings ko lekar concerns badh gaye hain. Jefferies ne kaha ki Jane Street ek bada player tha, isliye volumes par asar pad sakta hai. Lekin, unhone yeh bhi kaha ki prop activity mein tezi aane se iski bharpayi ho sakti hai. Friday ko exchanges ke options premium turnover mein thodi kami dekhi gayi, jo pichle do mahino ke average se kam thi. Isliye aane wale week mein trends ko dekhna important hoga.
BSE par Kam Asar Kyun?
Jefferies ke according, BSE par SEBI ke order ka zyada asar nahi padega. Unka kehna hai ki BSE ke earnings par kam impact hoga kyunki FPIs (Foreign Portfolio Investors) turnover ka sirf 3-4% hi hote hain.
Goldman Sachs ka Kya Kehna Hai?
Goldman Sachs bhi BSE par neutral hai. Unhone recent volumes ko dekhte hue apne EPS (Earnings Per Share) ko thoda kam kiya hai. Goldman Sachs ko umeed hai ki BSE ka cash equity market share badhkar medium term mein 7.4% ho jayega. Unka kehna hai ki BSE ne naye members add kiye hain aur recently launch kiya gaya Common contract note interoperability mein help karega.
Market Participants ka Kya Sochna Hai?
Jefferies ne market participants se baat ki aur unhe pata chala ki Jane Street ke exit se zyada problem nahi hogi. Prop traders aur HFTs (High-Frequency Traders) ko lagta hai ki turnover mein kami ko props/HFTs pura kar sakte hain kyunki manipulative factors kam ho sakte hain. Iske alawa, Jane Street ke contracts par counter-party risk nahi hona chahiye kyunki trades clearing corporations dwara covered hain. Matlab, sab safe hai!
