The Sebi-appointed panel on collective investment schemes is IN THE process of finalising the basic structure for such schemes. The panel is looking at a hybrid structure which will be a combination of the corporate structure of a public limited company and the structure of mutual funds. The structure is likely to be a two-tier one where the company launching a scheme will also manage the fund, but under the supervision of a trustee company. The trustee will be independent and be held responsible for the scheme on the lines of a debenture trustee board. The panel has not decided on any net worth criteria for the managing company but it is studying the financial eligibility criteria of corporates which launch such schemes in the UK, Australia and Canada.

Sebi keen on reviving OTCEI: Sebi is considering ways to revive the OTCEI, executive director Pratip Kar said on Thursday. "There has to be an economic rationale to its existence, we need toreview trading and practices to make OTCEI a third alternative market," he said.

BSE on `vyaj badla': BSE has clarified that in case a broker has done a book closure `vyaj badla' and withdrawn the shares from BoI Shareholding in order to send them for transfer, they are required to continue `vyaj badla' for the same quantity in the scrip till they re-deposit the said shares with the clearing house.

Trading in North Star Gems to be suspended: Trading in the equity shares of North Star Gems (India) will be suspended on the BSE with effect from June 1 until further notice.

BSE lifts circuit filter on negotiated deals: BSE has decided to lift the 15 per cent circuit filters on special, negotiated, bulk, odd-lot and cross deals with immediate effect as the committee appointed by Sebi has yet to take a final view on the issue.

Sebi cancels Suraj Securities registration: Sebi has cancelled the certificate of registration of Suraj Securities and Finance Ltd, a category I merchantbanker, with effect from April 1. In a release issued on Thursday, the regulator said the merchant banker had failed to submit information on employees involved in the merchant banking activities in terms of regulation 37 read with regulation 36 (i(ii)(a) of Sebi (Merchant Bankers) Rules and Regulations.

Nifty loses 15 points: A depressed sentiment prevailed at the NSE on Thursday, with pivotals declining marginally on selling pressure. The NSE-50 Index decreased by 15.40 points over the previous close to end at 1,075.55 points. The total turnover on the exchange stood at Rs 1,875.65 crore.

CSE shares end down: The Calcutta Stock Exchange witnessed yet another bearish session on Thursday with share values continuing to slide under fresh selling pressure. Tisco was marked down substantially to be pegged at Rs 137.90 by close. The 40-share CSE Index slumped further to settle at 2,092.07 points against the day's high of 2,135.82 and low of 2,087.85 points.

MSE Index slips 61 points:Pivotals continued to decline on increased selling pressure and lack of buying support at the Madras Stock Exchange on Thursday. The MSE Share Price Index dropped by 60.83 points to close at 4,159.84 points. Hectic activity was witnessed in Satyam Computers, DSQ Software, Software Solution, ITC and Reliance.

OTCEI Index down slightly: Share prices declined moderately at the OTCEI on Thursday on fresh selling pressure. The OTCEI Composite Index opened steady at 114.58 and declined to close at 113.87, down 0.71 point over the previous close of 114.58.

NSE debt market turnover at Rs 685 cr: The wholesale debt market of the NSE witnessed increased activity with trades worth Rs 684.71 crore. The 12.69 per cent government loan maturing in 2002 was traded for Rs 85 crore at a weighted yield of 11.44 per cent. The 11.50 per cent government loan maturing in 2004 was traded for Rs 80 crore at a weighted yield of 11.69 per cent. The 13.65 per cent government loan maturing in August 1998 was traded forRs 65 crore at a weighted yield of 10.49 per cent.

Skindia Index dips 8.63%: The Skindia GDR Index dropped by 8.63 per cent from 822.10 to 751.16 on May 27. The Skindia GDR Index p/e ratio was 17.03 on May 27 compared with 18.90 on May 26. The top gainer was Indian Aluminium which quoted at $4.20 as against its previous close of $4.00. Losers included ITC, Crompton Greaves and ICICI.

Shenzhen B index ends sharply lower: Shenzhen's hard currency B share index ended down sharply on Thursday, pulled down by weakness on the neighbouring Hong Kong stock market, analysts said. The B index shed 2.71 points, or 2.84 per cent, to 92.49 as turnover shrank to HK $29 million from HK $44 million on Wednesday.

Call rates end at 6.10%: The overnight call money rates opened at 6-6.10 per cent on Thursday and remained steady throughout the day. The rates hovered at the opening level for most part of the day, dealers said.

Rupee weakens further: The rupee opened at 41.30/33 on Thursday,compared with its previous close of 41.30/35, and weakened to 41.35 on speculative buying by banks. At this level, exporters came in to sell dollars along with the foreign banks which saw the rupee strengthen to 41.25. The rupee weakened to close at 41.35/40.

Silver, gold recover: Both the precious metals recovered on Thursday. Silver of .999 fineness firmed up by Rs 80 to close at Rs 7,520. Gold standard and 22-carat edged up by Rs 10 each to Rs 4,160 and Rs 3,850 per 10 gm.

Groundnut oil prices drop further: Groundnut oil prices continued to seek lower levels on Thursday. Groundnut oil lost Rs 2 to end at Rs 423. Palmoil prices rose by Rs 2 to Rs 374. Groundnuts ready bold remained unchanged at Rs 1,980.