is because June 30 happens to be the last working day
of the accounting year 2004-05, he added.
Securities moves securities tribunal against Sebi ban
Mumbai: On Monday, UBS Securities Asia, a registered
foreign institutional investor (FII), moved the Securities
Appellate Tribunal (SAT) against the one-year ban imposed
on it by Sebi on May 17, for failing to make appropriate
disclosures about one of its clients which had sold heavily
on Black Monday, May 17, 2004.
far, UBS Asia is the only market participant to be pulled
up by Sebi for the Black Monday market crash on May 17,
2004. Although UBS was not penalised for heavy selling
on that day, it was banned for not disclosing sufficient
details about one of its clients, who had sold on that
day using the participatory note route.
notes are offshore derivative instruments used by foreign
investors unwilling to invest in India directly.
28 June 2005
moves up - bonds decline
Mumbai: The rupee strengthened against the dollar
on Monday, ending trade at 43.4950/50, higher than Friday's
close of 43.53/54.
market: The 12-month premium closed at 1.34 per cent
(1.25 per cent) and the 6-month premium at 1.52 per cent
(1.35 per cent).
rates: The inter bank rates were between 5.10 and
5.50 per cent (5.10-5.15 per cent). It was dealt at the
level of 6-6.15 per cent during the day.
The 8.07 per cent 12-year 2017 bond ended trade at
Rs108.35 (7 per cent YTM), against Friday's close of Rs109.02
(6.92 per cent YTM). The 7.38 per cent 10-year 2015 benchmark
paper was dealt at Rs103 (6.96 per cent YTM) against the
earlier level of Rs103.75 (6.86 per cent YTM).
market: 240 trades, put through in the rate range
of 4.95-6.15 per cent, aggregating Rs7169.6 crore, were
asks States to act quickly on the Pension Bill
New Delhi: The Centre on Monday has asked the States
to recognise the need to set up the Pension Fund Regulatory
and Development Authority (PFRDA) quickly, so that the
bill could act as a backbone for all pension-related reforms.
Bill to set up the PFRDA, which was introduced in the
Lok Sabha in March this year and is currently with the
standing committee on finance, needs to be passed quickly,
the State Governments were informed at the 51st meeting
of the National Development Council (NDC) here.
to the finance Ministry projections the average annual
increase in expenditure on pension was as high as 30 per
cent between 1996 and 2001, making it the fastest growing
expenditure in the Central and State Budgets. Pension
liability has also grown faster than normal GDP and in
the last 17 years, while nominal GDP grew by a compounded
annual rate of 14.5 per cent, the Centre's outgo on pension
increased at a compounded annual rate of 17.8 per cent.
the State Governments, the pension payments in 1987 stood
at Rs 1,391 crore which went up to Rs 35,585 crore in
2004-05, the projection has said.
bring down the Government liability in pension payment,
the New Pension Scheme that has come to effect from January
1, 2004, is based on individual contribution and already
nine States have joined it for their own employees.
Centre has called upon other States to follow suit as
that alone can make use of the demographic advantage of
having a very large population in the working age.