Saturday, October 31, 1998
SEBI pins blames on Big Bull for price rigging
The Securities and Exchange Board of India (SEBI) has charged scam-accused, Harshad Mehta for having rigged the prices of BPL, Videocon and Sterlite which culminated in a huge payments crisis at the bourses in June, 1998 through seven front companies.
RBI lifts 3-day curbs on forward repo deals
The Reserve Bank of India has withdrawn the three-day restriction for carry forward repo transactions with effect from October 31, 1998. Through this move, the central bank has made repo instrument an ideal substitute for call.
French T-bills auction to make way for Dutch system
The Reserve Bank of India has proposed to replace the existing French auction system for 91-day treasury bills auction with a Dutch auction system which follows the uniform price auction method. The move is expected depth to the treasury bills segment, increase the number of players, widen the T-bills market and bring about a lower cut-off yield.
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