Tuesday, October 6, 1998
Sensex dives 224 points as US-64 rumours roil market
There was a virtual bloodbath at the markets on Monday, triggered off primarily owing to rumours that Unit Trust of India (UTI) planned to sell off 4% of its equity holdings in US-64, its flagship scheme. Despite UTI chairman PS Subramanyam's denial of the reported move, the bellwether Sensex crashed 225 points, the sharpest drop recorded since the fall of the United Front government 16 months back.
Sebi says no to mandatory rating for equity issues
The Securities and Exchange Board of India (Sebi) has ruled out mandatory ratings for public issue of shares. Many experts had mooted the idea of compulsory rating for companies approaching capital markets with public or rights issue, in a bid to ensure that investors are not duped by fly-by-night operators.
SBI Mutual Fund launches open-ended income fund
The SBI Mutual Fund, a subsidiary of the State Bank of India (SBI), has announced the launch of an open-ended magnum liquibond income fund, aiming to deliver the benefit of investments in bonds with minimum risks. The fund will invest solely in quality debt instruments including rated corporate debt and government securities with no exposure to equity.
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