NDTV Profit Pulse On July 4: India's Forex Reserves To Trade Deal Update — Top 8 Stories Of The Day

Securities and Exchange Board of India banning Jane Street Group from accessing the Indian securities market was among the top news stories of the day, along with India’s foreign exchange reserves rising to $702.78 billion for the week ending June 27.

Here’s a quick roundup of today’s key headlines:

Trade pacts between two countries are "not bound by deadlines", Union Commerce Minister Piyush Goyal said on Friday, amid the ongoing talks between India and the United States for a bilateral trade agreement. High-level teams representing New Delhi and Washington have been involved in hectic negotiations to hammer out a deal before July 9 — the deadline imposed by the Donald Trump-regime to reinstate the so-called reciprocal tariffs.

Although the Securities and Exchange Board of India has ordered the impounding of Rs 4,843.57 crore in alleged unlawful gains from Jane Street Group, sources said that the group’s margin deposits in government securities will likely ensure compliance.

Currently, Jane Street entities hold Rs 15,000 crore in margin deposits through G-Secs. If the group attempts to avoid payment, the market watchdog has the option to recover the impounded amount from these deposits, according to individuals familiar with the matter.

India’s foreign exchange reserves rose to $702.78 billion for the week ending June 27, reaching the record high set in late 2024.

The reserves surged by $4.849 billion compared to the previous reporting week, according to data released by the Reserve Bank of India on Friday.

Russia launched a record air strike on Ukraine, as US President Donald Trump shared his disappointment over the outcome of his phone call with Vladimir Putin aimed at ending to the war.

Ukraine’s air defense reported that Russia launched 550 drones and missiles in an overnight assault lasting over 11 hours and Kyiv as the major target. Of the aerial barrage, 478 targets were stopped, according to official statements.

The Securities and Exchange Board of India plans for a large-scale investor education initiative across the country.

Investor awareness will be the “next big mission,” for the regulator with a comprehensive strategy being made in partnership with state governments and other key stakeholders, according to Whole-Time Member Kamlesh Varshney.

Kharif sowing has picked up momentum as the monsoon gathers pace. Overall sowing area is 11% higher as compared with the same period last year, covering a total of 262.15 lakh hectares as of June-end, according to data published by the Department of Agriculture and Farmers Welfare. Sowing areas for rice, pulses, coarse cereals, oilseeds, and cotton have exceeded last year's figures despite the variability in monsoons and uneven distribution of rainfall, the data showed.

Zerodha's Nithin Kamath has lauded the Securities and Exchange Board of India's temporary ban on US-based quantitative trading firm Jane Street from accessing India's securities market, calling it a strong move. If the allegations were revealed to be true, this could prove to be a grim notion for the futures and options trading space in the country, he said.