SEBI set to announce second compulsory demat list today
The committee appointed by the Securities and Exchange Board of India (Sebi) to recommend a second list of scrips for compulsory dematerialisation is likely to choose shares from a range of sectors. The compulsory dematerialisation order is restricted to institutional trading. Preference will be given to securities with reasonably high market capitalisation, high investor interest and have seen a fairly high level of dematerialisation.
Open offer for NILE stake an investment move, says Gujarat Machinery chief
The Gujarat Machinery Manufacturers Ltd chairman and managing director (CMD) Ashok J Patel on Wednesday termed his open offer to acquire 20 per cent stake in the Hyderabad-based NILE Ltd as neither hostile nor friendly. The offer is just a strategic investment move, he added.
HC asks Golden Forests to stop new schemes
The Mumbai high court on Thursday temporarily restrained Chandigarh-based plantation company, Golden Forests India (GFIL), from floating any new investment scheme after a court-appointed committee said that around Rs 1,037 crore mobilised by the company from the general public was apparently not safe. The committee felt that the return of these monies could not be guaranteed if one were to look at the working of the company.
DCM firms told to repay depositors within 15 days
The Company Law Board (CLB) on Thursday directed two DCM group companies -- DCM Ltd and DCM Sriram Industries Ltd -- to repay their depositors within 15 days. DCM Sriram Industries has also been asked to collect claim applications filed by depositors from CLB every 15 days and make payments in the next 15 days.
Plantation firms go slow on compulsory rating directive
Plantation companies have shown poor response to the Securities & Exchange Board of India's (Sebi's) order on compulsory credit-rating. According to credit-rating agency sources, only 10 per cent of the companies who have filed their registrations with Sebi have initiated procedures to get themselves rated.
Geojit to provide demat facility free-of-cost
South India-based Geojit Securities has decided to provide portfolio management to its depository clients free of charge. The move is expected to be replicated by a number of other depository participants, say depository sources.
