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Tuesday, May 5, 1998

	SEBI to amend Depositories Act The SEBI-appointed Dhanuka committee has decided to introduce amendments in the Depositories Act, 1996, which will be finalised on May 5. Justice Dhanuka said that the committee has stressed on the need for depository participants (DPs) to share the liability factor.		NSE may alter paperless shares' delivery list in favour of brokers The National Stock Exchange (NSE) may amend the priority list of demat shares' delivery in favour of brokers owing to representations made by them to receive such shares first. However, Bombay Stock Exchange (BSE) authorities have decided to reject the request of brokers to restructure the priority list and promote them to the top in terms of receiving demat shares.
	Prudential ICICI AMC plans range of schemes Prudential ICICI Asset Management Company, a joint venture between Industrial Credit and Investment Corporation of India and Prudential of United Kingdom, will kick-start mutual fund operations in the early part of June. The company will introduce a range of mutual fund products to the investors, dedicated both to the equity and debt segments.		ISE firms up risk-management systems Even as it awaits final approval from SEBI for its inter-connected market system and the settlement guarantee fund (SGF), the Inter-connected Stock Exchange of India Ltd (ISE) has firmed up its risk management and surveillance systems. Till date the exchange has received Rs 5.4 crore from member exchanges against Rs 6 crore envisaged prior to the start of operations.

Sensex soars 129 points on back of FII buying
Massive buying by operators and foreign institutional investors (FIIs) on the first day of the trading cycle saw the 30-share BSE Sensitive Index surge by 129 points to close at 4,135.81 points. The Nifty Index recovered by 25.80 points to close at 1,185.15 points.

State-run and foreign banks trim prime rates
A number of nationalised and foreign banks have reduced their lending rates and realigned their deposit rates in the wake of the 1 per cent cut in the bank rate in the Reserve Bank of India's latest credit policy. While Union Bank has revised its prime-lending rate (PLR) and medium-term lending rate to 13% with effect from today the Calcutta-based Uco Bank has revised its PLR to 14% with effect from May 1.

GE Caps links coupon on debt issue to call rate
Coffee futures exchange plans to set up sugar bourse in Banglore
Global custodians allow FIIs to settle via depository
Market gives a thumbs down to Otis Elevator
Rumour mill propels Himachal Futuristic on the bourses
Asian crisis shows risks in capital markets
6 lakh bales of cotton contracted for imports
Equities rally smartly on NSE
Market Round-up
Chennai bourse to offer trading in demat shares
Financial Briefing
Commodity Briefing
Market Briefing
Crude rallies on hopes of Opec meet
Copper to replace nickel as metal for EU coins