Infosys, Satyam score on Nasdaq
Mumbai: Infosys Technologies’ American depository shares touched a new high of $232.5 on the Nasdaq on 23 November. The other Indian scrip listed on the exchange, Satyam Infoway, also flared up to reach a new high of $81.Each Information Technologies’ ADS represents half a share of the company on Indian bourses, meaning mean that the ADS is quoting at a premium of over 100 per cent on its price of around Rs 9,190 on the Bombay Stock Exchange. While Infosys ADS had a volume of 1.22 lakh on Nasdaq, Satyam Infoway ADS had a volume in excess of 2.3 lakh.
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Rolling settlement system coming
New Delhi: The government is planning to introduce a rolling settlement system in the physical segment as part of capital market reforms to control excessive speculation. The transition to rolling settlement system will bring India’s equity market trading practices closer to international standards, Finance minister Yashwant Sinha said after inaugurating the’emerging markets committee’ meeting of the International Organisation of Securities Commissions. Under the rolling system, settlement of transactions in the capital market will be done on a rolling basis instead of doing it on a fixed day in a week as at present. Mr Sinha said the government will take steps to introduce trading in derivatives in the winter session of the Parliament.

Later Securities and Exchange Board of India chairman D.R. Mehta too said the rolling settlement system would be made compulsory.

"At present, the system of rolling settlement is on a voluntary basis. Shortly, this will be made compulsory. Derivatives trading is likely to be introduced as soon as our Parliament declares derivatives as securities," he added.
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BSE cards priced above Rs 2 crore
Mumbai: The value of Bombay Stock Exchange’s corporate card has gone up by nearly 30 per cent in the last six months. The card is now being quoted between Rs 2 crore and Rs 2.25 crore against Rs 1.5 crore some in April 1999. The exchange is auctioning three new cards on 25 November and the benchmark price is expected to be around Rs 2 crore. A committee approved by the Securities and Exchange Board of India will supervise the auction.
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Tata Finance in badla financing
Mumbai: Tata Finance, the finacial services arm of the Tata group, is entering badla financing in a focused manner. The company already funds carry forward transactions on the Bombay Stock Exchange to the tune of Rs 80 crore. It intends to increase this expozuree to Rs 500 crore next year.

Tata finance is the first non-banking finance company to enter badla financing.
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