MUMBAI: The Securities and Exchange Board of India (Sebi) has formed a committee to finalise details of the buyback scheme, permitted by the government in an ordinance last month.

The committee would have on its board, representatives from various chambers of commerce and industry associations, Institute of Chartered Accountants of India, Institute of Company Secretaries, merchant bankers, lawyers. The first meeting of the committee would be held on November 7 and chaired by SEBI chairman D R Mehta.

RBI eases norms for disabled

MUMBAI: The Reserve Bank of India has prescribed a procedure for banks to follow to enable the old/ sick/ incapacitated account holders to operate their bank accounts. In a circular issued recently, the RBI has asked banks to get the thumb or toe impression of such account holders indentified by two independent witnesses, one of whom should be a bank official, according to a statement here today. The customer must also indicate to thebank who would withdraw the amount from the bank and the withdrawee should accordingly furnish his signature to the bank.

US Bank to seek Indian consultancy

MUMBAI: First Union National Bank, USA's sixth largest commercial bank, is considering consultancy agreements with banks in India to further its international expansion strategy. "Our strategy is not to compete with indigenous financial institutions but partner with local institutions with the belief that markets can be served best by servicing local banks," first Union's Executive vice-president (international division) Michael Heavener told newsmen here.