Wednesday, June 17, 1998
SEBI imposes fresh curbs to arrest downslide in markets
Even as the Sensex bounced back by nearly 200 points to close steady, the Securities and Exchange Board of India (SEBI) has tightened the trading norms to arrest the market slide. It has made it mandatory that all outstanding sales positions should result in delivery at the end of a trading day with effect from June 17.
RBI offers one more sop to FIIs
The Reserve Bank of India 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.
ED slaps final show-cause on ITC in FERA case
The Enforcement Directorate (ED) has slapped the final showcause notice on tobacco major, ITC, for allegedly violating Foreign Exchange Regulation Act (FERA) to the tune of over $ 180 million. The final notice to the company came at the conclusion of investigations and serving of as many as 20 show cause notices to the company and its directors, charging them with underinvoicing leaf tobacco exports from its international leaf tobacco division (iltd) and then acquiring, retaining and utilising these funds abroad between 1990-96.
|
|
