UTI to dematerialise 100 % holdings: The Unit Trust of India has finally decided to dematerialise 100 per cent of its equity holdings in companies which have signed up to offer the facility of dematerialisation to investors. The trust is expected to shortly issue instructions to this effect to its custodian, the Stock HoldingCorporation of India Ltd (SHCIL). UTI, which is the largest promoter of the National Securities Depository Ltd (NSDL), was waiting for the Bombay Stock Exchange promoted depository to get operational. This was because the second depository has promised to levy no custody charge and hence UTI decided not to put all its eggs in one basket. Sources said that UTI had set itself a deadline of January 1 for the second depository to come through failing which it would dematerialise all its holdings.

GIC MF to launch India's first demat scheme: GIC Mutual Fund (GICMF) is set to launch India's first demat scheme where investment will be predominantly in dematerialised equity shares. The scheme, scheduled to open for subscription in the third week of January, will initially have 71 dematerialised scrips with a market capitalisation of Rs three lakh crore, said S G Kaimal, vice-president of GICMF. While officials were unwilling to commit themselves to any target corpus, sources said that they were optimistic ofmobilising an amount upwards of Rs 500 crore.

Five years of Kothari Pioneer: On December 1, 1998, the first two equity funds of Kothari Pioneer AMC as also the first two mutual funds from the private sector in India completed five years of operation. Kothari Pioneer was the first to launch a mutual fund after the private sector was allowed to enter the market. The five year old AMC currently manages close to Rs 300 crore under 14 schemes. The AMC today offers a wide range of funds. These are eight equity schemes including three vanilla equity funds, one sector dedicated fund and four equity-linked tax saving schemes; four debt funds including an open-end income fund, a closed-end fund and a pension plan; a short term liquidity fund and a money market fund. The AMC offers a range of no and low-load open-end funds. The load on its equity funds - Bluechip, Prima, Prima Plus and Infotech fund has been waived off till March 31, 1999.

Change in accounting period: The following companies haveintimated the Bombay Stock Exchange about the change in accounting period: VLS Finance (September 30, 1997 to March 31, 1999), Hoechst Marion Roussel (March 31, 1998 to December 31, 1998) and Credential Finance (March 31, 1997 to September 30, 1998).

SEBI prohibits three intermediaries, two firms: The Securities and Exchange Board of India has prohibited three intermediaries and two firms from dealing in securities in any manner for a five year period effective January four for alleged price rigging in the scrip of Arpan Leasing and Company between September-December 1995. According to SEBI investigations, the chairman of the company, Aswin Shah, Yogi Leasing and Finance Limited managing director Avinash Magan and Babulal Agarwal were interrogated following an unprecedented rise in the scrip of Arpan Leasing from Rs 15 in September to Rs 216 by December 4. SEBI, in a statement said Magan, Agwarwal and Yogi Leasing dealt in the said scrip with an intention to manipulate the prices and create a falsemarket and artificial rise in the price of the scrip.

Short-term outlook for sensex is bright: This week, the sensex managed to cross the 3030 level and touched a peak of 3119 points. This move, without any doubt, was a bullish signal. The fall from 3119 level to 3060 level where the sensex closed on Friday, should not bother much as it was of a corrective nature. The market had showed a rally of more than 200 points and a correction was imminent. Despite this fall, the sensex managed to clock a gain of 97 points over the close of previous`Friday. The short-term outlook for the sensex is bright. It has strong support at 3030 level and it will be broken only in extreme case. On the upper side, the sensex is all set to cross the 3119 points in the coming days and is likely to head for the 3260 level. Indicators such as RSI and MACD have also pointing for a rally.

Nicholas Piramal may remain bullish: The performance of Nicholas Piramal stock has been impressive in the recent past. The stock hasbeen posting higher bottoms. In fact, the latest move upto Rs 351 is a clear break-out on the upper side and hints at a rally. On several occasions in the past few months, the stock has faced a strong resistance at this level. The latest move now makes this as a strong support level. The next resistance for the stock is very far at Rs 434 and offer an ample room for further appreciation. The formation of higher bottoms has also helped the moving average to enter into a positive mode. The position of oscillators has also improved and points toward a northward journey. Long position can be taken for 10-12 per cent gains in the coming weeks.

MSE at crossroads: The Madras Stock Exchange (MSE), which has put in place various systems to boost the confidence of the members and investors, now hopes that 1999 will usher in the volumes which the exchange saw in its heady days. MSE has been relegated to the position of a regional stock exchange, especially after the advent of NSE. Both the members andinvestors deserted the exchange and the volumes crashed to even less than Rs 1 crore per day.

Poor response to membership corporatisation: Poor business has prevented the members of MSE from corporatising their memberships.