Wednesday, July 15, 1998
NSCCL stock lending gets nod
The National Stock Exchange (NSE) has received an in-principle approval from SEBI for its clearing corporation to be a stock lending intermediary. The exchange will now submit the detailed business plan to SEBI and once this is approved, it will kick-off stock lending operations.
Oil imports by private sector delicensed
The government has delicensed the import of crude oil by private sector and joint sector oil refineries and decanalised the import of furnace oil. A Director General of Foreign Trade (DGFT) notification said on Tuesday that the government would allow crude oil imports "without any import licence" for actual users like "private and joint sector oil refineries."
Govt to float `on-tap' bonds
The Centre on Tuesday offered to sell an `on-tap' bond of three-year maturity at a coupon of 11.55%. The Reserve Bank of India will sell the three-year tap stock, maturing in 2001, from July 17. It will be repaid at par on July 2, 2001.
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