Shares less volatile: study
Mumbai: A study by the Securities and Exchange Board of India indicates that share prices were less volatile in the second half of 1998-99 than they were during the same period in 1997-98.

Volatility in the Sensex, for instance, declined continuously from 5.26 per cent in June 1998 to 1.83 per cent by March 1999. The same is the case with the BSE-100, whose volatility fell from 5.92 per cent to 1.67 per cent.

The S&P CNX Nifty and CNX Nifty Junior also reflected the same trend.

The smoothening of prices is a result of containment measures like additional volatility and concentration margins introduced by the market regulator, says the study.
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Fire guts Calcutta brokers' offices
Calcutta: A major fire broke out on 4 July morning inside the Heilgers' Building situated adjacent to the Calcutta Stock Exchange, gutting offices of 34 brokers.

Trading at the exchange on 5 July is expected to be affected because of the fire.
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CSE, Patna bourse in pact
Calcutta: The Calcutta Stock Exchange has signed a memorandum of understanding with the Magadh Stock Exchange to extend CSE's online trading facility to brokers at Patna.

The agreement was signed by CSE president Kamal Parekh and vice president Vivek Mahajan on behalf of CSE and executive director of the Magadh Stock Exchange Charanjeet Singh on behalf of MSE.

Sebi had recently given permission to CSE to extend its online trading network facility outside Calcutta.
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Sebi's second note to Shriram MF
Mumbai: The Securities and Exchange Board of India has served a second show-cause notice to Shriram Mutual Fund for its alleged role in the bail-out operations during the payment crisis in June 1998.

Shriram Mutual Fund has been asked by Sebi to explain why monetary penalty should not be imposed on it. Sources said Sebi may impose a Rs 5-lakh penalty on the mutual fund.

The mutual fund is alleged to have used investors' money in its four schemes to bail out three brokers trapped by the unchecked price manipulation of Videocon International's shares. It is alleged to have concluded a deal whereby it picked up close to one lakh shares from an associate company at Rs 84 per share. The ruling market price of the Videocon International shares was Rs 62.75.  
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ICICI fixes ESOP price
Mumbai: The board of the Industrial Credit and Investment Corporation of India has fixed an exercise price of Rs 43.80 per share as the rate at which employees of the company can purchase equity shares in the company under a new employee stock option scheme.

This will mean that an employee, whenever he or she becomes eligible for the ESOP, can purchase the shares at Rs 43.80 irrespective of the prevailing market price.

At present the ICICI share price is around Rs 80 per share.

The company proposes to seek approval for the scheme from its shareholders at the annual general meeting on 30 July 1999.
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