NBFCs want new rating bodyMUMBAI -- Non-banking finance companies (NBFCs) today asked the Reserve Bank of India (RBI) to devise a separate credit rating entity to appraise their industry and demanded a three-year period to regularise their operations.
At a meeting with the RBI deputy governor S P Talwar here today, NBFCs decried the importance given to the credit rating agencies in their business and said the RBI should start a credit rating institution comprising some bankers, auditors and its own staffers to initiate a separate rating mechanism for the finance companies. Finance companies said the RBI had in principle agreed to look into the problems of the finance companies even with regard to the limits placed on deposit mobilisation.
BSE changes tick size in A group
MUMBAI -- The Bombay Stock Exchange (BSE) has decided to do away with the rigidity of imposing a tick size of 25 paise on A group stocks. However, stocks valued at a price above Rs 200 will continue to
attract a tick size of 25 paise. As per the revamp exercise, the exchange has decided to impose a tick size of 5 paise on the stocks whose price ranges in the band of Rs 1 to Rs 50, 10 paise for Rs 50 and upto Rs 100, 15 paise for Rs 100 and upto Rs 150 and 20 paise for Rs 150 and upto Rs 200. This will be implemented from January 27.
Essar ties up for $ 191 mn loan
MUMBAI -- Essar Shipping on Friday signed a US $ 191 million term-loan facility in Singapore, arranged and underwritten by Bank of Nova Scotia, Nedship Merchant Bank and Skandinaviska Enskllda Banken AB. The banks will refinance ESL's existing banking facilities resulting in significant interest cost saving for the company, a Nova Scotia release on Friday said.
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