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Drumbeat: Ad Buzzaar
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Friday, May 15, 1998
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Rupee hurtles to its lowest
The Indian rupee plunged against the US dollar to hit an all-time low of 40.77 as nervousness gripped the foreign exchange market over reports of fresh sanctions being imposed against India. The Reserve Bank of India did not intervene in the market to arrest the currency crash.
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Govt to give 3 power guarantees soon
In a move certain to get US firms to begin active lobbying against their government's sanctions on India, Power Minister P R Kumaramangalam yesterday announced that the government would issue counter-guarantees for 3 fast-track power projects soon. The three projects -- the Bhadrawati project is promoted by the Ispat Group, Vizag by the Hindujas and Neyveli by the US-based CMS -- together account for an investment of Rs 8,500 crore.
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Panel moots separate MF Act
The P K Kaul committee report on the role of trustees of mutual funds (MFs) has recommended that the level of size and dimension of the mutual fund industry required the governance of a separate Mutual Fund Act. The committee, appointed by the Securities and Exchange Board of India (SEBI), in its report submitted yesterday, felt that a more comprehensive Act was needed to replace the Indian Trusts Act of 1881, which presently governs the MF industry.
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Sebi adds 20 cos to demat list
The Securities and Exchange Board of India (SEBI) has decided to expand the list of securities in which institutions are required to compulsorily trade in the demat mode (shares dematerialised through the depository) by adding 20 more scrips. In a related move, SEBI has also urged market participants to boost the value of dematerialisation to Rs 50,000 crore from the current level of Rs 28,000 crore and ensure that at least five stock exchanges have tied up with the National Securities Depository Ltd (NSDL) by August 15, 1998.
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