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Reserve Bank easy on NBFC deposit norms
The Reserve Bank of India has relaxed the timeframe for compliance of new deposit-taking norms by allowing non-banking finance companies (NBFCs) to hold on to excess deposits beyond the stipulated deadline of December 31, 1998. "It may be clarified that the RBI does not intend to order the NBFCs to prematurely repay their deposits. The NBFCs pay their deposits only on maturity," an RBI release said.
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Asian crisis spreads to world markets, European SEs fall
For the fourth time in recent months the Asian crisis threatened to engulf world markets. In Asia, the crisis extended to the fourth day on Friday, with the Singapore stock market slumping by 7.4 per cent, Hong Kong by 3.9 per cent, Malaysia by 3 per cent, Indonesia 1.2 per cent, Thailand 2.9 per cent, Shanghai B 3.8 per cent, Phillipines 8.3 per cent, South Korea, 2.9 per cent.
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SEBI committee moots status quo in structure of mutual funds
The SEBI-instituted PK Kaul committee formed to suggest better functioning of the funds management business is reportedly in favour of allowing the present structure of mutual funds to stay. Besides looking at ways in which trustees of mutual funds can carry out their responsibilities, as laid out in the Mutual Fund Regulations, 1996, the committee had also been mandated to consider the possibility of altering the structure of mutual funds so as to ensure greater efficiency.
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Regional clearing centres set to cut costs for NSE members in metros
Members of the National Stock Exchange (NSE) in Delhi, Calcutta and Chennai will find a substantial reduction in their operational costs, besides finding it profitable to boost their delivery-based business, thanks to the NSE's move to undertake the task of transporting documents. These members will now be able to save on the costs they were incurring to maintain an office in the financial capital.
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