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AlphaGrep, one of India’s largest home-grown high-frequency trading firms, has tapped the bond market for funds amid curbs on bank-financing to proprietary trading firms.
The firm said it has raised 2 billion Indian rupees ($21.09 million) through non-convertible debentures of one-year tenor at 10.5% per annum.
AlphaGrep added that it plans to use the funds to augment its AI and machine-learning infrastructure and grow f its retail-facing businesses.
The Reserve Bank of India, effective July 1, has barred banks from funding proprietary trading and requires 100% collateral for other funding to brokers.
The measure was the latest in a series of regulatory steps aimed at cooling the derivatives trading boom and protecting small investors.
Also Read: EU and Canada plan far-reaching alliance to strengthen partnership
The firm said it has raised 2 billion Indian rupees ($21.09 million) through non-convertible debentures of one-year tenor at 10.5% per annum.
AlphaGrep added that it plans to use the funds to augment its AI and machine-learning infrastructure and grow f its retail-facing businesses.
The Reserve Bank of India, effective July 1, has barred banks from funding proprietary trading and requires 100% collateral for other funding to brokers.
The measure was the latest in a series of regulatory steps aimed at cooling the derivatives trading boom and protecting small investors.
Also Read: EU and Canada plan far-reaching alliance to strengthen partnership
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