Sensex down 59 points
Mumbai: On 7 September the Bombay Stock Exchange's index of 30 shares declined by 59 points to close at 4,773, compared to the closing on 6 September 1999. The National Stock Exchange index of 50 shares closed 7 points down at 1,383.
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Elections at CSE
Calcutta: On 21 September 1999, elections to three posts on the governing board will be held at the Calcutta Stock Exchange. Those in contention for the three seats are: Dilip Khandelwal, J M Choudhury, Anil Saraogi, Pawan Kayan, Bipin Dewra and Krishna K Daga.
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BSE plans revival of smaller bourses
Mumbai: The Securities and Exchange Board of India will consider a proposal submitted to it by the Bombay Stock Exchange for reviving smaller stock exchanges. The proposal contains three options.

One of the options is that the exposure of brokers in the regional stock exchanges through a BSE broker should be considered independently and not clubbed with that of the latter. This should be done so as to avoid problems of double margins.

The second option made by the BSE is that the regional exchange should float a company or a subsidiary that can then register as a member with it.
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MFs could collect around Rs. 45,000 crore in the FY 1999-2000
Chennai: The chairman of the Securities and Exchange Board of India, D R Mehta, has said that Indian mutual funds will raise anywhere between Rs.40,000 crore and Rs.45,000 crore during the period April 1999 to March 2000. The net inflows during the period April to July 1999 were Rs.4,875 crore.

The Unit Trust of India has disclosed for the first time the portfolio of its Rs.900-crore Mastershare-86 scheme. The scheme has an exposure of 23 per cent to the consumer products industry. Around 11 per cent and 8 per cent of total investments have been made in  pharmaceuticals and information technology. The net asset value of the scheme now stands at Rs.21.28.

UTI will launch its one-year assured-return, monthly income plan shortly. It will be along the lines of LIC Mutual Fund’s Dhanvarsha.
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NSE announces complaints list, suspends 14 companies
Mumbai: Vatsa Corporation is on top of the complaints list, with 33 complaints, according to the National Stock Exchange. This list contains complaints against companies pending for more than two months.

The others in the top ten in descending order are: Xedd Telecom, Motorol, Grapco Industries, Patheja Forgings, Padmini Polymers, Videocon International, Jindal Vijaynagar Steel, Sterlite Industries and Mafatlal Industries.

The National Stock Exchange has suspended trading in 14 companies' shares. The reason: failure to comply with the listing agreement of the exchange. The companies are: Damania Capital Markets, DSJ Finance Corporation, Ganpati Exports, Grapco Industries, Karuna Cables, Moolchand Exports, Nath Seeds, Nova Electro Magnetics, Pal Peugeot, Pan Asia Industries, Rajinder Pipes, Rajinder Steels, Sanderson Industries and Vibrant Investment and Properties.
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Sebi cannot be asked to hear individual complaints
New Delhi: According to a ruling by the Delhi High Court, the Securities and Exchange Board of India cannot be asked to hear complaints made by individuals against malpractices made by companies while allotting shares.

A petition had earlier been filed by the Consumer Education and Research Society, an Ahmedabad-based organisation. The bench comprising chief justice S N Variava and justice S K Mahajan, dismissed the petition.
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Kale Consultants to float issue
Mumbai: Software company Kale Consultants Ltd is making a public issue, opening on 17 September 1999. The issue target is Rs.38 crore. The issue price is Rs.120 a share. The listing will be done on the Bombay and Pune stock exchanges.
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