Wednesday, June 17, 1998
SEBI slaps fresh measures to arrest the Sensex slide
A rejuvenated SEBI on Tuesday pulled out a fresh set of measures from its hat to contain the market fall. The latest measures have made it mandatory for all outstanding sales positions to result in delivery at the end of a trading day with effect from June 17. With respect to carryforward business, 50% of all outstanding short sales positions at end of Tuesday, will be squared up in the current settlement with the balance being squared up in the following settlement.
RBI extends one more carrot to FIIs
The Reserve Bank of India (RBI) has extended the benefit of forward cover on incremental equity investments by foreign institutional investors (FIIs) to cover appreciation in the market value of existing investments. This is in addition to the permission granted to FIIs to take forward cover for their incremental equity investment from June 11.
Chola Cazenove to launch close-end income fund
Cholamandalam Cazenove is launching a five-year, closed-end income fund on July 1. The initial offer will remain open till July 15. The closed-end income fund has been christened Chola RMI '98 and will offer returns on a monthly-basis. This will be the third fund from the asset management company, the first two being open-end funds.
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