Friday, January 1, 1999
Dave panel moots two-tier structure for CIS
The S A Dave committee today submitted its report on collective investment schemes (CIS) to the Securities and Exchange Board of India (SEBI) recommending a two-tier structure like mutual funds for the constitution of CIS of plantation companies and compulsory listing of such schemes on the stock exchanges.
Euro may quote at 49-50 against rupee
The European Commission in Brussels today announced the lock-in rates of 11 legacy currencies that will be replaced by the euro, the common currency for eleven European countries. India will be among the first countries to trade in the euro and the rupee is likely to open at 49.75 against the euro on January 1.
MoF to raise Rs 16,000 crore
The finance ministry seems to have become extremely ambitious about the money it can mop up through the twin instruments of buyback and warehousing of public sector undertakings' shares. The finance ministry has projected a mop-up of Rs 8,000 crore in the current fiscal.
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