Banks bank on UTI units
Mumbai: Public sector banks have invested nearly Rs 1,500 crore in Unit Trust of India's units in 1998-99, most of this in the US-64 scheme, thus giving the troubled scheme a helping hand.

The Economic Times in a study said Union Bank of India, Corporation Bank and Canara Bank had specifically stated that their higher investments (to the tune of Rs 126 crore) were in UTI. State Bank of India has made investments in units to the tune of Rs 800 crore, with Rs 450 crore in the US-64 scheme alone.

The US-64 scheme has generated a sale of Rs 4,696 crore in 1998-99, while repurchases were of the order of Rs 7,513 crore.
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BSE to seek court help to tackle errant companies
Mumbai: The Bombay Stock Exchange is seeking permission of the court for appointing liquidators for 160 errant companies which have been served with winding up notices by the exchange.

These companies have defaulted on various provisions of the exchange's listing agreement including payment of listing fee. 
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Sensex goes up
Mumbai: Riding high on the positive developments on the Kargil front, the stock market remained upbeat. The Sensex of the Bombay Stock Exchange reached an intra-day high of 4350.40 points to close at 4332.70, a gain of 26.30 points over the previous close. The National Stock Exchange's Nifty   gained 11 points to end the day at 1241.25 points. 
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Sebi wants venture capital regulations
Mumbai: The Securities and Exchange Board of India has written to the government requesting it to take the initiative to organise a meeting between various authorities regulating venture capital funds.

Sebi chairman D.R. Mehta said Sebi is keen to encourage venture capital activities in India. Foreign venture capitalists are keen to enter India, but certain stipulations imposed on selling of investment are discouraging investments, some of the leading venture capital firms say.

At present, there are three different sets of regulations for venture capital funds or companies -- ministry of finance guidelines for domestic funds, Sebi (Venture Capitalist Funds) Regulations, 1996, and rule 2D of Income Tax Rules, 1962. 
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