Markets move up
Mumbai: The Bombay Stock Exchange index of 30 shares rose to 5075 on 14 October 1999 from its previous close of 5032, up 43 points. The National Stock Exchange index of 50 shares rose 9 points to close at 1505. Both exchanges firmed up during the initial trading hours. But, after about 11 am, there was selling pressure.

Volumes on the BSE and NSE were Rs.4,261 crore and Rs.3,300 crore respectively. Actively traded stocks were Global Telesystems, Satyam Computers, Ranbaxy Laboratories, Pentafour Software, Digital Equipment and Silverline Industries.
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Outstandings average Rs.10,000 crore
Mumbai: The Securities and Exchange Board of India and the major stock exchanges are quite worried about the collective gross outstandings.

The total amount at the National Stock Exchange, Bombay Stock Exchange, Delhi Stock Exchange and the Calcutta Stock Exchange as on 11 October 1999 was Rs.10,680 crore. The gross outstanding on the Bombay Stock Exchange on 14 October 1999 was Rs.3,757 crore.
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Sebi has its hands full
New Delhi: The Securities and Exchange Board of India will request the department of company affairs to acknowledge video conferencing as a method of conducting company board meetings. Currently, this medium is not considered valid under the Companies Act 1956. Sebi feels that with globalisation, companies will increasingly have directors residing overseas, for whom video conferencing is an effective way to participate.

Sebi will meet the heads of financial institutions to discuss the corporate governance report, drafted by the Kumarmangalam Birla Committee.

Sebi is also concerned that a large number of primary market applications received are from the information technology sector. It feels that many companies have deliberately changed their names to be categorised as infotech companies to become eligible to special benefits and also ride the boom in the new issue market for the IT sector.

It may issue new guidelines for primary issues made by infotech companies that have changed their names after a certain cut-off date.
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MFs face drop in inflows
Mumbai: For the month of September 1999, mutual funds have registered an inflow of just Rs.235 crore, compared to the Rs.1,465 crore in August 1999. The Unit Trust of India saw a net outflow of Rs.175 crore in September 1999.
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Credit Capital MF revamping
Mumbai: The Credit Capital Asset Management Company will convert all but one of its schemes into open-ended ones. It has about Rs.250 crore of assets under its management. It will also set up a new distribution network to market its schemes.

The schemes intended to be converted into open-ended are Taurus the NewShare, Libra Leap and Libra Tax Shield. The scheme that will remain close-ended is ‘Taurus the Genshare’.

Credit Capital has applied to the Securities and Exchange Board of India for converting its schemes.
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