SEBI has issued a warning to all the investors of instruments like agro bonds/plantation bonds issued by plantation companies and other collective investment schemes. SEBI has advised investors to exercise great deal of caution while investing in these instruments. The notice has been issued in the interest of investors and in pursuance of the directions issued by the Mumbai high court after a writ petition was filed by the Investors' Grievance Forum. IGF had filed a public interest litigation against SEBI, finance ministry and RBI.

BSE revises margin for outstanding sales: BSE has revised the margin rates for the net cumulative outstanding sales positions (net sales minus net purchases). These rates are being increased by 10 per cent and the revised rates would be 20 per cent for net exposure above Rs 1.5 crore and up to Rs 5 crore. Net exposure above Rs 5 crore and up to Rs 10 crore would attract a margin of Rs 70 lakh plus 30 per cent forexcess over Rs 5 crore, and a net exposure above Rs 10 crore would attract a margin of Rs 2.2 crore and an additional 40 per cent for excess over Rs 10 crore.

SEBI suspends two merchant bankers: SEBI has suspended the certificate of registration of Ficom Project Technologists and Sajjan Kanodia, both category IV merchant bankers from June 5 and June 10 respectively for non-payment of annual registration fee.

Ravi Narain inducted on OTCEI board: National Stock Exchange deputy managing director Ravi Narain has been inducted on the board of the Over The Counter Exchange of India (OTCEI). NSE has been asked by the common promoter, Unit Trust of India, to help revive the fortunes of OTCEI. The move to induct Narain on the board is aimed at expediting the revival.

SEBI warns two members: SEBI has warned SR Uppal & Co member of the Ludhiana Stock Exchange and Shree Ram & Co, member of the Delhi Stock Exchange for not maintaining proper accounts and not obtaining clients consent whileacting as principal. It has also warned them for not affixing broker stamp on contract notes, for delay in making payments to clients, misutilisation of exchange mechanism for finance deals with fellow members and failure in maintaining separate account for clients.

BSE move on vyaj badla shares demat: The Bombay Stock Exchange has worked out an ingenious way of getting all the vyaj badla shares dematerialised quickly. As per the scheme worked out by the exchange, all the vyaj badla shares will be transferred in the name of BoI Shareholding, the clearing house of the bourse. These shares will then be handed over to some custodians and registrars through a power of attorney who will in turn transfer the shares in the name of the brokers who own these shares.

Skindia GDR Index down 5.32%: The Skindia GDR Index, representing GDR's of 18 actively trading companies decreased by 5.32 per cent from 671.21 to 636.94 on June 12, 1998 as per the Skindia GDR Index with a base January 2, 1995 equal to1000. The Skindia GDR Index P/E ratio was 14.77 as compared to 15.60, said a press release issued in Mumbai on Monday. Out of the total 65 GDRs, there were no gainer, 27 losers and 38 unchanged as compared to 19 gainers, 8 losers and 38 unchanged on June 11. The top losers of the day were Wockhardt, SAIL and GE Shipping which moved down to US dollar 4.00, 3.25 and 5.10 from 6.38, 3.85 and 5.75 respectively on June 11.

Private placement market remains unattractive: The uncertainty over interest rates have led to a poor response for a deluge of issues in the private placement market. An attractive coupon and government guarantee in many cases notwithstanding, the volatile forex market seems to have kept high net worth individuals and banks away from the private placement market. Almost all the issues currently open (around 12 or 13) are facing a rough weather. After almost a year of low interest rates, private placements with high coupons were expected to witness a healthy subscription, but theuncertainty over interest rates has kept potential investors away.

Cholamandalam to launch closed-end debt fund: Cholamandalam Cazenove is launching a five-year, closed-end income fund on July 1. The initial offer will remain open till July 15. The closed-end income fund has been christened Chola RMI '98 and will offer returns on a monthly-basis. This will be the third fund from the asset management company, the first two being open-end funds.

DSE suffers setback: Stocks suffered heavy setback following all-round selling by foreign investors and bear hammerings on the Delhi Stock Exchange on Monday and the benchmark Index ended 39.85 points lower or 5.5 per cent at 690.95 points. Bears sold heavily after reports of G-8 countries having decided last week to freeze loans to India for conducting nuclear tests. With Monday's fall, the sensitive index lost 140 points or almost 17 per cent since the presentation of union budget on June 1. The Sensex had soared to 830.88 points in the pre-budgettrading session.

Scrips decline on MSE: Share values declined further on the Madras stock market following downward pressure on prices though some equities found buying support at lower levels. The MSE share price Index further dropped by 55.66 points to close at 3744.78 points. ITC declined by Rs 42.85 to Rs 611.20, India Cement by Rs 6 to Rs 54.50, SBI by Rs 11.40 to Rs 194.65, Telco by Rs 7.35 to Rs 192.65 and Reliance by Rs 5.10 to Rs 146.75. Sathyam Computer dropped by Rs 39.60 to Rs 361.60. Bank of Baroda, Eid Parry, GNFC, ICICI, Loyal Textiles, Orchid Chemical, Premier Mill, Pentafour Communication, Rolta, RS Soft, Silverline and Software Solution all drifted lower. Amarjothi, Ennore, Coromandel Fert, and Naga Flour remained unchanged. Spic was a shade lower at Rs 23.95.

Pivotals crash on Ahmedabad bourse: Pivotal scrips crashed on the Ahmedabad Stock Exchange on Monday following heavy selling pressure from speculators coupled with weak upcountry advices. Arvind Mills was traded at Rs45.50, Bank of India 35.25, Larsen and Toubro Rs 221.95, Master Plus Rs 17.35, Reliance Petro Rs 18.75, Reliance Industries Rs 146.35 and Reliance Capital Rs 50.50.

Mumbai oilseeds market flares up: Prices flared up all-round on the Mumbai oilseeds and oils market on Monday. Castorseeds futures ruled firmer. Among edible oils, groundnut oil shot up sharply owing to poor supplies for the lean season period as against good local demand. Imported palm oil also shot up due to increased local buying as against paucity of stocks. In the industrial sector, castorseeds and its oil rose moderately on renewed enquiries from shippers. Linseed oil flared up owing to heavy inquiries from the paint industry. Linseeds ruled quiet.

Silver falls in Delhi: Silver fell sharply on the Delhi bullion market on Monday on lack of buying interest against increased arrivals and closed lower. Marketmen said a depressed condition in foreign silver market and adequate supply from neighbouring states also dampened themarket sentiment. On the other hand, gold climbed up on little buying support from local traders along with encouraging trend in the international market. Gold was up by $2.60 per ounce at $285.25 on increased purchases as trader's attention got diverted following a strong US dollar against Australian dollar and Japanese yen. Both the precious metals, silver and gold, firmed up on the Mumbai bullion market on Monday. Silver improved on scattered demand from industrial units and supported by higher overseas advices. However, raw silver declined due to increased supplies. Silver ready .999 fineness firmed up to rs 7685 and tenderable silver to rs 7690 from the previous close of rs 7670 and rs 7675 respectively. Raw silver .916 fineness declined to rs 7535 from the last close of rs 7545. Gold prices moved up marginally on stray buying interest. Standard gold edged up to rs 4155 from rs 4150. 22-carat gold was nominally quoted higher at rs 3845 from rs 3840. Ten-tola gold bar .999 purity went up by rs 100 to rs48,800 from the previous close of rs 48,700.