MUMBAI, December 10: Silver prices flared up on good international advices while gold prices declined marginally on lack of buying support in the local bullion market. The Bombay Bullion Association President Makhanlal Damani said that silver prices in the international market rose by 8 per cent which adversely affected the Indian market. When asked about the yellow metal he said weak international demand was being reflected here. Silver .999 and raw shot up by Rs 210 each to Rs 7760 and Rs 7660 per kg respectively. Gold standard mint and 22-carat declined by Rs 10 and Rs 5 to Rs 3900 and Rs 3610 per ten gm in sympathy. Ten tola gold decreased by Rs 100 to Rs 45,600 per biscuit.

SEBI guidelines on demat trading

MUMBAI, December 10: Securities and Exchange Board of India (SEBI) directed FIIs to carry out trading of shares only in dematerialised form from January 15, next year. The capital watchdog, through an amendment has notified that an FIIs having an aggregate of securities worth Rs 10 crore or more shall settle their transactions, entered on or after January 15, only through dematerialised form. SEBI has also prohibited non-banking financial companies (NBFCs) from acting as merchant bankers. Merchant bankers other than a bank or financial institution have been disallowed from carrying on any business than that of a securities market. The merchant banker is now required to take separate registrations for underwriting and portfolio management.

UTI money market fund

MUMBAI, December 10: The re-purchase limit for UTI money market fund has been relaxed from Rs 5 crore per member per month to Rs 5 crore per member per fortnight. This means that any investor can withdraw upto Rs 10 crore per month, as against Rs 5 crores previously. For this purpose, the first to 15th day of the month will constitute the first fortnight. While the 16th to the end of the month will constitute the second fortnight. The change will be effective from January 1. The fund will continue to have a lock-in of 30 days as per the RBI regulations.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.