Tuesday, November 24, 1998
40% foreign stake allowed in insurance
The Union cabinet on Monday cleared the way for a Bill to allow foreign insurance companies to take a 26% stake in new insurance ventures in India. It also allowed FIIs to pick-up an additional 14% in these new companies.
Panel fails to reach consensus on Uniform settlement period
The M R Mayya committee, set up by the Securities and Exchange Board of India (SEBI) to consider the feasibility of shifting to uniform settlement cycle, has again failed to reach a consensus on the issue of bringing uniformity in settlement periods on stock exchanges.
IOC divestment on course
Union minister for petroleum and natural gas Vazhapadhy K Ramamurthy said on Monday that the Centre intended to sell "some portion" of the 10% disinvestment planned in Indian Oil Corporation in the domestic market. The Centre also plans to offload around 25% in Gas Authority of India Ltd (Gail).
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