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Wednesday, April 22, 1998
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Surveillance group seeks base price for price bands
The Inter Exchange Market Surveillance Group (ISG), at its meeting on Tuesday, has decided to formalise a working group of representatives of leading stock exchanges to determine a base price for price-bands to be adopted if some of the bourses remain closed on a given day. In a related move, the group has also asked stock exchanges to formulate an ethics code for its directors on dealing with price-sensitive information.
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FII buying pushes Sensex up 70 points
Hectic FIIs' buying at the MNC counters saw the Sensex vault 70 points on Tuesday. Mirroring the firm sentiment the BSE-30 Index crossed the crucial technical barrier of 4,271 at 4,280.96 points thus recording a net gain of 70.23 points. With over 6.84 crore shares changing hands, the exchange notched a turnover of Rs 1,600.78 crore.
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Mumbai exchange to crack the whip on errant companies
The Bombay Stock Exchange (BSE) has decided to crack down on companies which have failed to convene their board meetings to declare dividends, despite having informed to this effect. The exchange has decided to forward a list of such companies to the Registrar of Companies (RoC) to take suitable action against them.
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Hoffland Finance seeks CLB nod for deposit repayment scheme
Hoffland Finance (HFL) has sought permission from the Company Law Board for its deposit repayment scheme. In a written communication to the board, Hoffland Finance said it would give depositors two repayment options beginning August 1998. Under the first option, the entire principal amount would be re-paid in six quarterly installments before December 1999, while in the second option, the amount would be repaid in two equal installments by the third-quarter of 2000.
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