Markets in a free fall
Mumbai: The Bombay Stock Exchange index of 30 shares dropped 161 points from the previous close to close at 4594 on 28 October 1999. The National Stock Exchange index of 50 shares closed at 1367, registering a loss of 43 points.

The reason for the fall is attributed to large-scale selling by foreign institutional investors. Major counters such as Hindustan Lever, Reliance Industries, Telco and ACC faced huge selling pressure.
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NSE wants a ‘listing’ authority
Mumbai: The National Stock Exchange has called for the setting up a ‘listing’ authority, which will co-ordinate the disclosures made by corporates with the corporate governance provisions that will be framed by the Securities and Exchange Board of India.

It has also asked the stock exchanges throughout the country to take strict action against companies violating the listing agreement.

In another move, the NSE will shortly launch the first internet trading software through its information technology subsidiary, NSE.IT.
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Sebi bars three brokers
Mumbai: The Securities and Exchange Board of India has suspended Satyanarayan Nanglia of the Bombay Stock Exchange for three years and Valfin Financial Services and Asian Securities and Stocks, both National Stock Exchange brokers, for 18 months.

These brokers have been accused of rigging the share prices of BPL, Videocon and Sterlite Industries.
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OTCEI to help budding entrepreneurs
Mumbai: The Over the Counter Exchange of India will appoint ‘relationship officers’ in Hyderabad, Bangalore, Delhi, Calcutta and Chennai for encouraging and guiding entrepreneurs to raise funds through its exchange.

The cities have been chosen as they are some of the top Indian ‘infotech’ cities, where potential infotech start-ups are more likely to appear.
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Nasdaq to enter Europe in 2001
New York: Nasdaq, the US stock market where the major information technology stocks are listed will launch an exchange in Europe in the year 2001. In the year 2000, Nasdaq is expected to launch its Japanese branch.

If these plans succeed, the Nasdaq market will be open throughout the day and will be a huge, electronically connected stock market. Trades and exposures can be shifted between New York, London and Tokyo and back again to New York.
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