Thursday, September 10, 1998
Cabinet okays changes in Forward Contracts Act, allows options in goods
The Union Cabinet has approved the proposed amendments to the Forward Contracts (Regulation) Act, 1952 allowing "options in goods" and to provide adequate mechanism for its regulation. It has proposed to introduce an amendment bill in the next session of Parliament.
Expatriates free to sell GDR, ADR shares sans RBI clearance
The Reserve Bank of India has allowed non-resident investors to sell or transfer shares underlying global depository receipts (GDRs) or American depository receipts (ADRs), provided the sale is put through a stock exchange or in terms of an open offer made under the Securities & Exchange Board of India (SEBI) Takeover Regulations, 1997.
Reserve Bank to divest 14% stake in STCI
The Reserve Bank of India (RBI) has taken an "in-principle" decision to divest its 14% stake in the Securities Trading Corporation of India (STCI) to domestic or international financial institutions in the current financial year. This is line with the apex bank's policy of exiting from the secondary market for government securities as a participant.
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