Absence of reforms hindering debt markets, says UTI ED: The Indian financial sector reforms are almost over but there are certain issues that need to be addressed in the future, said the executive director UTI, Basudeb Sen, while speaking at a seminar organised by Indian Merchant Chambers on the `Future of Financial Sector Reforms'.

Dundeeto launch money market fund in January: The Canada-based Dundee group will foray into the Indian mutual funds sector by launching its scheme in the country in the first week of January next year. Dundee Investment Management and Research (DIMR), the asset management company which manages the scheme will launch its first mutual fund scheme, Dundee Liquidity Scheme, on the fourth of January, chairman of DIMR, Danesh Varma told PTI.

CSDL on the prowl: The Central Depository Services (India) Ltd (CDSL), the proposed depository to be set up by the Bombay Stock Exchange (BSE) has begun wooing depository participants from its rival the National Securities Depository Ltd (NSDL). CDSL is currently awaiting the go-ahead nod from Securities and Exchange Board of India (SEBI) to commence operations. It is yet to tie-up the funds to meet the minimum networth criteria of Rs 100 crore.

BSE bans Vermani Steel scrip: The Bombay Stock Exchange has decided to discontinue trading in the equity shares ofVermani Steel Strips with effect from December 23. The action follows orders passed by the Delhi high court to wind up the company.

BSE to keep filters open in the Indabrator scrip: The Bombay Stock Exchange has decided to keep open the daily circuit filter in the equity shares of Indabrator Ltd in order to enable the investors trade in the scrip at a realistic price, till a trade is established. The scrip was last traded on July 27, 1995 at Rs 110.

Fifteen companies change accounting period: The following companies have intimated the Bombay Stock Exchange about the change in their accounting period - Elgi Finance (September 30, 1997 to March 31, 1999), Gujarat Carbon and Industries (September 30, 1997 to March 31, 1999), Gujarat Credit Corporation (June 30, 1998 to March 31, 1999), Inalsa (September 30,1997 to March 31, 1999), Jhunjhunu Investments (March 31, 1998 to December 31, 1998), Kanishk Steel Industries (September 30, 1997 to March 31, 1999), Lloyds Finance (May 31, 1997 to November30, 1998), Micro Plantae (March 31, 1996 to September 30, 1997), Prajay Engineers Syndicate (March 31, 1997 to June 30, 1998), Rekvina Laboratories ( November 30, 1997 to January 31, 1999), Sandur Laminates (September 30, 1997 to June 30, 1998), Shri Vardhman Overseas ( March 31, 1998 to December 31, 1998), Toubro Industries (December 31, 1997 to March 31, 1999), Unicorp Industries (September 30, 1997 to March 31, 1999) and Vipul Dye-Chem (June 30, 1998 to March 31, 1999).

Selected shares rule firm on CSE: With extended bull support aiding sentiment, selected shares ruled distinctly firm on the Calcutta Stock Exchange where some counters fell below their previous closings due to profit booking induced by Thursday's settlement. The turnover was again on the high side and undertone bullish. The CSE's 40-share index closed at the day's lowest level for the second day at 1654.20. Wednesday's highest was 1689.24 points.

Shares fail to maintain early gains on MSE: Equities failed to maintain theirearly gains and finished with marginal losses while software counters rallied to settle with modest gains at the Madras Stock Exchange on Wednesday. The MSE index, after reaching 3311.38 at one stage, declined to settle at 3296.31 against the previous day's close of 3306.86, losing 10.55 points.

Indian GDRs dip 0.86 per cent: The Skindia GDR index, representing GDR's of 18 actively traded companies decreased by 0.86 per cent from 570.67 to 565.76 on December 22, 1998 as per the Skindia GDR index with a base January 3, 1995 equal to 1000. The Skindia GDR index P/E ratio was 16.04 as compared to 16.16 a Skindia Finance release said.

Share prices rise moderately: Share prices recovered moderately on the first day of the current settlement at the National Stock Exchange (NSE) here today due to small purchases in select counters. The market opened better and the sentiment remained positive during the trading session with moderate gain in select scrips. Reflecting the trend, the S&P looked up by1.40 to close at 858.70 from the previous close of 857.30. The Cnx Nifty Junior rose by 10.20 to end at 1458.20 from yesterday's level of 1448.00. The S&P Cnx Defty edged up by 0.95 to finish at 699.40 from the last close of 698.45. S&P Cnx 500 improved by 1.98 to 585.30 from 583.32. Cnx Midcap 200 recovered by 2.46 points to 526.17 from 523.71.

DSE down 2.27 points: In volatile trading, stocks ended somewhat mixed on the stock market today with stocks of software computer companies rising further on sustained buying while others reacted to late selling and yielded moderate grounds. The Delhi stock exchange sensitive index along with the trends ended 2.27 points down at 647.48 points following revival of selling by foreign funds after hitting day's high of 660.31 points at mid-session. Marketmen said fears that the crucial patents Bill (amendment) was unlikely to be taken up by the Lok Sabha triggered off late selling which reversed an early bullish trends.

Demat trade at Rs 4.83 cr: A totalof 2.13 lakh shares valued at Rs 4.83 crore were traded in the demat segments on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) today, according to the release issued by the NSDL.