B group volumes soar on BSE
Mumbai: B1 group shares on the Bombay Stock Exchange have soared, mainly due to performance of infotech stocks. Now, these form around 10 per cent of the total turnover of the exchange compared to the previous levels of around 6 per cent.

The main ones that contributed to the B1 group are Silverline, Global Telesystems, HCL Infosystems and Rolta.
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Reliance MF asked to approach finance ministry
New Delhi: Reliance Mutual Fund has been asked to seek permission from the finance ministry for accepting investments from two multilateral financial institutions in two of its schemes – Reliance Assured Income Fund and Reliance Growth Fund. The company had sought permission from the Foreign Investment Promotion Board for offering full repatriation benefits to these investors, according to a report in the Business Standard.
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AMFI approachaes CBDT for hybrid schemes
Mumbai: For allowing mutual funds to launch hybrid equity schemes, the Association of Mutual Funds of India has approached the Central Board of Direct Taxes. These schemes are sought to be offered under sections 88, 54 EA and 54 EB of the Income Tax Act.
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Tata Chemicals issue
Calcutta: Tata Chemicals plans to issue debt instruments in the form of non-convertible debentures or by raising loans for its long term requirements. The amount targeted will be around Rs.200 crore.
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Sebi suggests overseas fund raising norms
Mumbai: The Securities and Exchange Board of India is suggesting a 25 per cent compulsory sale in Indian markets for companies wishing to raise overseas funds. This is because of the feeling in Sebi that the Indian markets are not seeing quality issues. Many companies such as Satyam Infoway, MTNL, and HCL Technologies are planning issues in the American markets.
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ICICI issue by 1999 end
New Delhi: ICICI Ltd’s plans of raising Rs.2,165 crore of equity in the local and overseas markets will be completed by the end of calendar year 1999. The company has not yet taken a decision on which specific instruments will be issued. They could be American depository receipts or global depository receipts, or both.

The institution has already got permission from the Foreign Investment Promotion Board for going ahead with the issue.
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NSDL objects to Sebi decision on DP
Mumbai: According to a report in the Business Standard, C B Bhave, managing director of National Securities Depository Ltd. has objected to the Securities and Exchange Board of India’s decision to make depository participants holding more than 5,000 accounts to become online compulsorily.

Sebi had asked all the branches of the depository participants to be connected to their back offices or to the depository directly. Mr Bhave feels that this move would make depository participants unwilling to open new branches, which would in turn harm the interests of investors.
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