SEBI may allow individual investors in derivatives
The SEBI board will soon clear the implementation of the L C Gupta committee report on derivatives with "minor changes". The market regulator has also finally veered around the point that derivatives trading should not be restricted to institutional investors alone but also to high networth individuals.
RBI to tighten forex reporting
The Reserve Bank of India (RBI) is making drastic changes in certain sections of the Exchange Control Manual dealing with the reporting system followed by authorised dealers (ADs) about the foreign exchange transactions to the central bank. The exercise is being undertaken to correct certain anomalies that occur in the reporting of total foreign exchange dealings and provide a true picture about the balance of payment position to the International Monetary Fund.
CLB summons to JVG directors
The Company Law Board (CLB) has issued summons to all directors of JVG Finance Ltd on a number of complaints filed by investors alleging default on payment by the company. All directors have been asked to appear before the court on May 22, the next date of hearing.
Sterlite holds hectic negotiations with FIs
Even as the Securities and Exchange Board of India (SEBI) cleared the offer document of India Cements for the acquisition of Raasi, Sterlite Industries was unable to submit its revised offer on Wednesday. Hectic negotiations between the financial institutions and Sterlite Industries is cited as the main reason for the delay.
Ispat profit dips, skips dividend
Ispat Industries has reported a net profit of Rs 55.17 crore for 1997-98 as against Rs 78.83 crore in the previous fiscal. This is despite an 8.65 per cent growth in the company's turnover, which has gone up from Rs 1,388.26 crore in 1996-97 to Rs 1,434.19 crore. The company did not recommend any dividend this year although the depreciation cost has declined from Rs 66.82 crore to Rs 57.54 crore this fiscal.
J&K Bank to tap capital market for Rs 70 crore
Jammu & Kashmir Bank Ltd is entering the capital market on May 13 to raise Rs 70.30 crore through a public issue of 185 lakh equity shares of Rs 10 each at a premium of Rs 28. The issue includes a preferential allotment at Rs 38 per share.
