BSE volumes touched Rs.2,552 crore, and those on the NSE were Rs.2,058 crore. The B1 group on the BSE once again contributed over 10 per cent to the total turnover.

Ranbaxy dominated the trades on both exchanges. Others in the limelight were ITC, Zee Telefilms and L&T.
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Sebi to become stricter on fly-by-night operators
Mumbai: The Securities and Exchange Board of India will take stringent action against directors of companies that have vanished from the market and which do not comply with listing guidelines.

Sebi has barred 70 directors from associating themselves with the capital market for five years. Of these, only eight have come forward to make a representation after Sebi gave them 15 days' time to do so.
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BSE discards 10 from proposed reshuffle
Mumbai: The Bombay Stock Exchange has dropped its plans to transfer 10 of the stocks that were to be moved the A group in mid-September 1999.

The shares dropped are Aurobindo Pharma, BFL Software, CMC, Fujitsu-ICIM, ITC Agrochem, Navneet Publications, PSI Data Systems, Tata Infotech, Vikas WSP and VisualSoft.

The shares included are Amararaja Batteries, Aptech Ltd., Bata India, Bausch & Lomb, Cipla, Global Telesystems, HCL Infosystems, Himachal Futuristic, Hoechst Marion, India Cements, IOC, McDowell, Reliance Petroleum, Silverline, Software Solution, Tata Elxsi and Wipro.
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Floatglass to issue shares
Mumbai: Floatglass India Ltd. will issue 10 per cent cumulative redeemable preference shares of Rs.100 each aggregating Rs.19 crore to the promoter groups, associates or their nominees.

Floatglass had earlier decided to shelve its Rs.77-crore safety glass project. More than half the company’s net worth was eroded in 1996-97 owing to a Rs.87-crore loss.
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NSE’s move to increase exposure limit thwarted by Sebi
Mumbai: The Securities and Exchange Board of India has scuttled an attempt by the National Stock Exchange to increase the exposure limit within the Sebi-prescribed limit.

NSE brokers feel that volumes on the exchange have decreased by over one third owing to the exposure limit. With the exchange unable to do anything on the exposure front, brokers have now started approaching Sebi directly.

NSE has a gross exposure limit of 8.5 times members’ base capital. Sebi has prescribed this limit to be 20 times. The members argue that NSE should be allowed to freely increase this limit from 8.5 per cent up to 20 per cent without seeking permission from Sebi.

An earlier NSE move to decrease the limit had also met with a similar fate. Sebi officials feel that a decrease in limits could prove risky in a volatile market.
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