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Bank of India to lose BSE's sole clearing-bank status
Bank of India (BoI) is set to lose its lucrative business as the sole clearing bank of the Bombay Stock Exchange (BSE). The BSE has decided to induct two other banks as additional clearing banks. BSE is reportedly expected to select the two banks in about a month.
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RBI takes steps to clear BSE's application for SGL
After clearing the decks for the NSE and the Over the Counter Exchange of India to open subsidiary general ledger (SGL) accounts with it, the RBI has initiated measures to clear the BSE application for trading in government securities. The RBI has reportedly submitted BSE's application to the SEBI, seeking the latter's opinion on the matter.
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Wellington seeks FIPB nod to pump in fresh funds
Wellington Management Company, the joint venture partner in Anagram Wellington Asset Management Company, has sought the approval of the FIPB for infusion of fresh funds to double the net worth of the asset management company to Rs 10 crore. The move is in line with the SEBI regulation making it mandatory for AMCs to have a minimum net worth of Rs 10 crore to launch new schemes.
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Nomura plans to unveil 2 funds
Nomura, the Japanese investment banking and fund management giant, is planning to launch two funds for India. One of these would be set up through a seed capital drawn out of the $3.6 billion owned by Nomura, which is managed out of London, and the second would be part of a fund planned for India and south-Asia.
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