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Indian Bank decides to bail out fund, pay Rs 48 crore to keep promise
Indian Bank has decided to bail out Indbank Mutual Fund by meeting the latter's dividend payout obligations of Rs 48 crore to investors in the Ind Jyothi scheme. Indian Bank has decided to extend financial support through its asset management company (AMC) to enable it to keep its commitment of payment of assured returns to investors in the Ind Jyothi scheme.
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Reserve Bank redeems $500m March forward contracts
The Reserve Bank of India (RBI) has redeemed its March forward liabilities to the tune of $500 million. In another significant development, the apex bank has started selling forward dollars in the market as it does not want six-month premiums (annualised) to slide below 6 per cent. Dealers stated that the RBI's decision to redeem its forward contracts for March is a good one.
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Mumbai bourse gearing up to launch index-based derivatives
The Bombay Stock Exchange (BSE) is gearing up to launch index-based derivatives and is engaged in talks with two foreign exchanges. BSE has decided to launch index-based derivatives the day it is legally permitted with safeguards beyond the guidelines set out by the Securities and Exchange Board of India (SEBI).
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Red tape hampers foreign investment flow: HSBC Markets
The HSBC Markets' fortnightly report revealed that the state approvals and documentation delays have resulted in a lower level of foreign direct inflows. According to the report, the additional hurdles in the easy flow of approvals include delays in completing administrative and legal formalities like registration of a company and the RBI approvals for foreign exchange remittance, bottlenecks in implementing infrastructure reforms, unclear policies and delayed reforms, incomplete and flawed reforms.
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