Zerodha co-founder and CEO Nithin Kamath shared a humorous mock obituary for Bank Nifty Weekly contracts on social media. The post, created by one of his old trader friends, announced the "passing" of Bank Nifty Weekly and mentioned its struggles with regulation. The post has since gone viral, with many traders reminiscing about their experiences with this contract.
Background
Bank Nifty weekly contracts were a popular derivative instrument traded on the National Stock Exchange (NSE) of India. These contracts allowed traders to speculate on the movements of the Bank Nifty index, which tracks the performance of 12 major banking stocks.
Mocking Obituary
Nithin Kamath, the co-founder and CEO of Zerodha, a popular online trading platform in India, recently shared a humorous mock obituary for Bank Nifty weekly contracts on social media. The post, created by one of his old trader friends, announced the "passing" of the contract and mentioned its struggles with regulation.
The post quickly went viral, with many traders reminiscing about their experiences with this contract. Some expressed sadness over its demise, while others celebrated its regulatory troubles.
Regulation and Ban
Bank Nifty weekly contracts faced regulatory challenges in recent years. In 2021, the Securities and Exchange Board of India (SEBI) tightened the eligibility criteria for trading in these contracts. This led to a significant decline in trading volumes.
In April 2023, SEBI completely banned the trading of Bank Nifty weekly contracts. The regulator cited concerns about excessive speculation and manipulation in these contracts.
Top 5 FAQs
Q1: Why was the Bank Nifty weekly contract banned? A1: SEBI banned the contract due to concerns about excessive speculation and manipulation.
Q2: When was the contract banned? A2: The contract was banned on April 10, 2023.
Q3: What were the struggles faced by Bank Nifty weekly contracts? A3: The contract faced challenges with regulation, including tighter eligibility criteria and a complete ban.
Q4: Who created the mock obituary for the contract? A4: The mock obituary was created by one of Nithin Kamath's old trader friends.
Q5: What was the reaction to the mock obituary? A5: The mock obituary has gone viral, with many traders expressing a range of emotions from sadness to celebration.
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