Sebi ruling on issue price
Mumbai: The Securities and Exchange Board of India has said that public issues should be pegged at the same price as that paid by promoters to raise their stakes a little before the issues.

Upon receiving some public issue applications, Sebi found that three companies are issuing shares to the public at prices that are much higher rates than those the promoters paid to increase their stakes. Two of these companies have been forced to bring the public issue price on par with the rate the promoters paid.

Sebi feels that since there are no issue pricing guidelines at present, investors need to be protected.
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NSDL plans revamp
Mumbai: The National Securities Depository Ltd. will shift its large Mumbai-based depository participants to a leased line network that will reduce the traffic on its Vsat network. According to a report in the Business Standard, the NSDL is planning this shift since by 1 December 1999, by when it will be handling about 5 million investors.

The NSDL will spend about Rs.20 crore to shift the major depository participants, such as the Stock Holding Corporation, Global Trust Bank, Standard Chartered Bank and HDFC Bank, to the leased-line network.
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Badla rates ease
Mumbai: The Bombay Stock Exchange badla rates dropped by one-third to about 20 per cent during the last week. The BSE net outstanding position has decreased marginally to Rs.2,733 crore for the week ended 16 October 1999 against Rs.2,806 crore for the week ended 9 October 1999.

Stocks that topped the badla rates list were Ranbaxy Laboratories, Zee Telefilms and Global Telesystems.
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