UTI, Morley Fund tie up
Mumbai: The Unit Trust of India is tying up with Morley Management Fund of London for sale of its products overseas and assistance in risk management. A memorandum of understanding has been signed for the purpose.

Morley is the asset management division of Commercial Union, an insurance company. It will immediately market UTI's India Access fund, an index fund linked to the National Stock Exchange's Nifty.

Commercial Union is an investor in UTI and in the past it has helped UTI to launch the India Access Fund.
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Bonds a major investment medium
Mumbai: Bonds are the emerging investment medium. There is nearly a 25 per cent increase in funds raised through private placement of bonds in 1998-99, according to Prime database.

According to Prime, an amount of Rs 38,933 crore was raised in the last financial year through private placement of bonds. The study also categorically says investors have been flocking to financial institutions at least for four years.

Prime says 204 institutions and companies tapped the growing private placement market in 1998-99 with Industrial Development Bank of India raising Rs 5,462 crore, followed by ICICI Ltd (Rs 3,087 crore) and IFCI (Rs 2922 crore). Other leading issuers of bonds listed by the study are APSEB (Rs 2,019 crore) and KSEB (Rs 705 crore), Steel Authority of India (Rs 767 crore) GE Capital ( Rs 692 crore), Hudco (Rs 681 crore) and MKVDC (Rs 1,158 crore).
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ICICI bonds rated by ICRA
Calcutta: ICRA has given an LAAA rating to the Rs 15,000 crore bonds proposed by ICICI Ltd over 1999-2000, indicating highest safety.

With the new guidelines of the Securities and Exchange Board of India disallowing rating of parent companies, ICRA is being entrusted with the rating of ICICI's debt plans.

ICRA has also retained the highest safety rating to ICICI's Rs 6,000 crore short-term borrowing programme.
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BSE gets rid of concentration margins
Mumbai: The Bombay Stock Exchange is doing away with the concentration margins payable by members on their outstanding sales or purchase positions with effect from the settlement 17/1999-2000 beginning from 12 July.

The concentration margin is an additional margin of 5 per cent fee payable only if there is an addition of a few scrips in the net cumulative outstanding sales and purchase position on the day.

The Securities and Exchange Board of India has ordered rationalising the existing margin system.  
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