SEBI notifies derivatives trading framework: SEBI has formally notified the board recommendations on the regulatory framework for derivatives trading in India. The board had cleared the LC Gupta committee report in its meeting on May 11. Derivatives trading would be able to commence only once the necessary amendment to theSecurities Contracts (Regulation) Act are made to enable derivative instruments to be treated as "securities". Exchanges willing to start derivatives trading may submit their application to SEBI for its consideration. The proposed bye-laws of the exchange and the clearing corporation shall be in conformity with the suggestive bye-laws prescribed by the committee.

Pune bourse move on demat shares: The Pune Stock Exchange has worked out an arrangement to facilitate the delivery of demat shares in the physical segment without having any connectivity with the National Securities Depository Ltd. The move which has been necessitated by pressure from members who thrive on arbitrage business with the National Stock Exchange and Bombay Stock Exchange, has proved to be a resounding success with the first settlement concluded on June 12 showing a whopping 56 per cent delivery of shares in demat form.

Skindia GDR down 8.36%: The Skindia GDR Index, representing 18 active scrips crashed by 8.36 per centto 583.67 points on June 15 as against 636.94 points on June 12. The Skindia GDR Index P/E also decreased by 7.52 per cent to 13.65 from 14.7, while GDR index premium fell sharply by 71.20 per cent to 1.17 per cent from 4.06 per cent during the same period. Only one scrip gained, 36 securities lost while 28 remained unchanged on June 15. Ranbaxy was the only gainer with 0.32 per cent while EI Hotels was the top loser with 33.33 per cent loss, followed by Telco 20 per cent and Raymond Woolen 16.85 per cent.

Bajaj Tempo board to meet on June 28: The board of directors of Bajaj Tempo will meet on June 28 to consider the accounts for the financial year ended March 31, 1998 and to consider dividend, if any, said a press release.

Forbes Gokak convenes board meet: Forbes Gokak has convened a board meeting on June 29 to finalise accounts for the year ended March 31 and declare dividend, said a company release.

Shivaji Works board meet postponed: The meeting of the board of directors ofShivaji Works has been postponed and now will be held on June 27, said a company press release.

Investors meet Maharashtra governor: A nine-member delegation of investors led by Kirit Somaiya, Mumbai unit president and member of legislative assembly of the Bharatiya Janata Party on Tuesday called on Maharashtra governor PC Alexander at Raj Bhavan. The members of the delegation handed over to the governor a memorandum requesting action against the plantation companies who were collecting huge sums of money from the investors allegedly on fictitious grounds. The governor assured the delegation that he would bring their representation to the attention of the authorities concerned for appropriate and early action.

Shares recover on DSE: Share prices staged a recovery on Tuesday in the Delhi Stock Exchange to close marginally higher after the sensitive index nosedived by about 33 points to 657 in early trading. Opening weaker, the DSE sensitive index recovered the losses suffered in earlytrading on huge shortcoverings in index-based scrips and aggressive purchases by domestic institutions led by Unit Trust of India. The sensitive index finally ended 3.46 points higher at 694.41 compared to the previous day's closing.

MSE down: Mid-session buying support helped equities cover part of their initial hour losses on the Madras stock market on Tuesday. The MSE index after declining to 3683.52, rallied to close at 3726.78, showing a net loss of 18 points against the previous day's close of 3744.78. ITC after reaching a low of Rs 582.50 rallied to close Rs 13.10 higher at Rs 624.30. Reliance was a shade lower at Rs 146.10.

CSE recovers: Domestic institutions, especially the UTI, moved into the centre stage to prop up the sagging market on Tuesday on the Calcutta Stock Exchange providing for a smart come back in share values which had sunk further down all round in the early trading. The start was on a better note, but prices soon developed a reactionary trend in the wake of newselling induced by lower advices from BSE. Reflecting the fall in values, the CSE's 40-share index eased off to 1755.04 points after touching a high of 1828.47 points before closing at 1825.88 points.

Gold improves in Mumbai: Gold prices improved further while silver .999 declined marginally and raw rose nominally on the Mumbai bullion market on Tuesday. Silver .999 came down by Rs 10 to Rs 7675 per kg on slack demand from local operators and raw increased by Rs 10 to Rs 7545 per kg on fresh demand from industrial consumers and good overseas advices. Gold standard mint and 22-carat drifted higher by Rs 10 each to Rs 4165 and Rs 3850 per ten gm respectively following good buying support from traders.