Financial Daily from THE HINDU group of publications
Friday, December 20, 2002
Markets (Dec. 19)
BL 2501111.30 (-3.01)
BSE Sensex3333.86 (+0.55)
S&P CNX Nifty1076.00 (-1.95)
Dollar (Buy/Sell)48.04/48.16
Gold Std (10 gm)5560 (+75)

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Ministry rapped for failure to avert US-64 fiasco
THE Finance Ministry has come under flak from the Joint Parliamentary Committee probing the securities scam for its failure in taking corrective measures that could have probably averted the US-64 fiasco. UTI had announced a freeze on sale and ... More

AMC to manage UTI-II may get derailed
THE Finance Ministry may be forced to review its decision of setting up an asset management company with four sponsors - - Life Insurance Corporation (LIC), State Bank of India (SBI), Bank of Baroda (BoB) and Punjab National Bank (PNB) - ... More

The UTI in retrospect
The book by the first Executive Trustee of the UTI, Mr V.G. Pendharkar, offers interesting insights into the evolution of the mutual fund, the subtle power games between the Centre and the RBI, and the role of "foreign experts" and other lobbies in w eaning the UTI away from its original objectives, says N. A. Mujumdar. More

Bank of India in pact with DSP Merrill to distribute products
BANK of India has announced a tie-up with DSP Merrill Lynch Mutual Fund, for the distribution of its mutual schemes. "We will start the mutual funds distribution initiative initially in western India, through our branches in about 20 cities," ... More

TECHNICAL ANALYSIS


Marginal gains
BEARS were in control of the initial hours of Thursday's trading activity. Later on, bulls took over and wiped out their early losses. Thursday's market action resulted in reducing the bear count by a considerable margin. The sentiment reading of ... More

STOCK EXCHANGES


Only stock-in-trade staff, please
WITH the NSE beginning to strictly enforce its ruling that only certified personnel can man stockbrokers and sub-broker terminals, the scramble for recruiting qualified staff has begun in earnest among stock broking firms in the country. The ... More

The end is nigh for regional SEs
A grim future awaits most of the regional exchanges, with companies restricting their listing to the concerned regional exchanges, BSE and NSE and getting their shares de-listed from other regional exchanges. More

SEBI mulls SEs' merger along Euronext lines
SEBI has asked the committee to submit a report on the lines of Euronext which should be within the ambit of the recommendations of the Kania Committee on Corporatisation and Demutualisation. More

STOCK MARKETS


Proposal for relook into ban on OCBs
THE Joint Parliamentary Committee (JPC) probing the securities scam has recommended that the Finance Ministry should lay down clear policy guidelines for overseas corporate bodies (OCBs) which are currently banned from making any fresh portfolio ... More

Bill hopes electrify BSES
THE stock price of power generation company BSES has been rising slowly over the last few days. The main factor for the stock rise was the expectation over the new Electricity Bill, which would be tabled shortly in Parliament, according to ... More

Titan, SB&T Intl glitter on firm gold prices
THE stock price of Titan Industries and SB&T International today gained on account of rise in the gold prices over the last few weeks. Both the companies are engaged in manufacturing gold jewellery. Stockbrokers said both these companies had ... More

Special margin on Avon Organics
THE Bombay Stock Exchange (BSE) has imposed a special margin of 25 per cent from today. Special margin has been imposed on the basis of member-wise gross outstanding purchase or sale position (client-wise net), the BSE said in a ... More

Investors see value buying in M&M
IN an otherwise dull trading session on the major bourses on Thursday, the Mahindra & Mahindra stock recorded nearly a 100 per cent jump in volumes and a little less than two per cent rise in price. Today, the stock grossed a volume of 15 lakh ... More

DERIVATIVES MARKETS


SBI: Outlook negative, buy January 260 puts
THE following strategies are based on Thursday's trading in the derivatives segment at the NSE: Equity options SBI: The outlook on this stock appears negative. The first downside price target is Rs 265, and the second target is ... More

COMMENTARY


Pivotals' rally short-lived; bank stocks tumble
THE BSE Sensex ended almost unchanged on Thursday after staying down for most of the day. A rally in the later half of the day following a surge in prices of pivotals petered out and the Sensex ended the day flat. On the NSE, the Nifty Index ... More

ECONOMIC OFFENCES


JPC nails Ketan Parekh for all scams — Clean chit to Yashwant Sinha; Ajit Kumar faulted
THE Joint Parliamentary Committee (JPC) on the Rs 5,000-crore stock scam and the UTI fiasco today gave a clean chit to the former Finance Minister, Mr Yashwant Sinha, even as it indicted stock broker Ketan Parekh as the ``key player'' in the ... More

RBI blamed for `slackness'
THE Joint Parliamentary Committee (JPC) probing into the securities scam has expressed concern over the Reserve Bank of India's (RBI) "weak and ineffective" supervisory role, which, it feels, was instrumental in diverting bank monies into the ... More

`Super-regulator not needed'
THE Joint Parliamentary Committee probing into the securities scam has voted against a super-regulator for the financial markets, saying that the monitoring of the financial and capital markets can be handled by the High Level Committee on ... More

JPC moots wide-ranging changes in capital market regulations
WHILE coming down heavily on the Securities and Exchange Board of India (SEBI) on its lapse, the Joint Parliamentary Committee (JPC) has suggested wide-ranging changes in the regulations of the capital market and also lent it voice for early ... More

DSQ, CSE, SHCIL nexus bled UTI
A DISTURBING nexus between officials of the DSQ group, CSE, SHCIL and UTI led to a Rs 21.4-crore loss to the country's largest mutual fund, said the JPC on the stock scam which has asked various regulators to expedite probe into the matter. ... More

DCA functioning `leaves much to be desired'
THE Joint Parliamentary Committee (JPC) on stock scam has called for further investigations in regard to transfer of funds by six corporate groups to Ketan Parekh even as it came down heavily on the quality of inspections carried out by the ... More

`CEOs must certify all disclosures'
THE JPC probing into the stock scam said that the retail investors lacked confidence in the Indian stock markets and has recommended strict accountability by listed companies through certification by their chief executives, which if proved ... More


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Dec. 8-Dec. 14
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