BSE launches new index
Mumbai: The Bombay Stock exchange introduced a new index, BSE-500.

"The index is a broad-based one, reflecting the changing pattern of Indian economy and also that of the market," Anand Rathi, president of the exchange, said.

The new index will represent all segments of listed stocks and will be the standard index among existing indices. The exchange will include all scrips covered by the existing indices -- BSE-30, BSE-100 and BSE-200 in BSE-500.

The scrips have been selected on the basis of parameters like market cap, industry representation, trading frequency and the number of trades. Information technology industry has been given the highest weightage of 13.76  per cent in the new index, followed by consumer non-durables, food and beverages and healthcare.  
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BSE entrusts Vision 2005 to PwC
Mumbai: The Bombay Stock Exchange has appointed PriceWaterhouse Coopers as consultants for Vision 2005, its ambitious modernisation programme. PwC is expected to submit its report by September 1999.

Exchange officials said the study would cover best practices adopted by various exchanges the world over and analyse the environment in which they function. It will cover the regulatory structure, role of regulatory bodies, supervision of exchanges, supervision of broker-dealers, investor protection regulations, ethical standards, market structure and size, organisational structure of exchanges, trading settlement and clearing systems and net trading.   
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New norms for IPOs
Mumbai: The Bombay Stock Exchange has suggested a minimum size of 25 lakh shares and a market value of Rs 10 crore for initial public offers. The minimum quantity would be irrespective of the size of the issue, Anand Rathi, the exchange's president, said.

The proposal, if approved by Sebi, will solve the liquidity problem in new listings, Rathi feels.
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New scheme from Templeton India
Mumbai: Templeton India AMC is planning to launch a personalised monthly income plan with a systematic withdrawal scheme. The scheme, which works as a retirement plan, will be available to individuals through the growth scheme of the Templeton India Income Fund and the Templeton India Government Securities by investing a lump sum amount.  
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Custodian to move court in ACC rights offer
Calcutta: The custodian holding the assets of Harshad Mehta in the wake of the securities scam has decided to move the special court seeking permission to exercise the option of subscribing to the ongoing rights issue of Associated Cement Companies on behalf of the notified persons.

Harshad Mehta and his associates have not shown any inclination so far to subscribe to the issue.

Sources in the custodian's office said the issue, priced at Rs 55, is quite attractive, given the market price of the scrip at Rs 180. The funds required to exercise the option will be raised from the attached assets subject to the special court's permission.  
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