Marginal recovery in the market
Mumbai: There is visible recovery in the stock markets, spurred by speculative buying and the government's assurance on the second generation of reforms. The benchmark 30-scrip Sensex of the Bombay Stock Exchange added 46.67 points to close at 4930.68. The National Stock Exchange's CNX Nifty, however, closed 10.50 points lower at 1444.05.

The buoyancy in the market after the 15 October drop was evident as popular shares, including Zee Telefilms, Global Telecom, Larsen & Toubro, Siemens, Century Textiles and Sun Pharmaceuticals, hit the upper circuit bands. Hindustan Lever, however, registered a fall of 2 per cent. Shares in core sector industries, such as steel and cement, were also in demand. In the IT sector, Satyam Computers logged a new 52-week high of Rs 1,623.75. Pentafour, Infosys, Cyber Tech, Aftek Infosys and Onward Technologies also showed considerable firmness.
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New depository transfer model
Mumbai: The Securities and Exchange Board of India has decided that the two depositories, National Securities Depository and the Central Depository Services, will adopt a new model of inter-depository transfer of securities as suggested by the Central Depository Services, in addition to the model that is now operational. The clearing houses and companies will have the option to adopt a model suitable to them.

The depositories have been advised to make necessary changes in the software for the new model. The model allows on-market inter-depository transfer of securities via segregation of inter-depository transfers resulting from settlement at the level of the clearing corporation/clearing house. Each depository will be required to open an account with the other depository and this account will be debited or credited based on the net inter-depository transfer instructions.
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Sebi wants UTI to register as a MF
Mumbai: The Securities and Exchange Board of India has asked the finance ministry to direct the Unit Trust of India to register with the regulator as a mutual fund. The UTI had earlier expressed its willingness to voluntarily comply with Sebi's norms from 1 November in the case of schemes launched by it before 1994.

At present, some of UTI's schemes are subject to Sebi investment norms, but the regulator has no power to take any action as the mutual fund is governed by the UTI Act. Sebi can at best "advise" UTI.
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IPO norms for infotech cos altered
Mumbai: The new entry norms of the Securities and Exchange Board of India for information technology companies will be applicable to companies that have changed their names in the last three years. Sebi had stipulated a three-year profitability track record for information technology companies planning to make initial public offerings. The change will mean that companies that have changed their names within the past three years and are planning an IPO as an infotech company will have to adhere to the new entry norms.
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IFCI issues bonds
Mumbai: The issue of Rs 150 crore, 5-year, 7-year and 10-year bonds of Industrial Finance Corporation of India has opened on 18 October. The IFCI is offering the bonds at 12.75 per cent (for 5 years) 13 per cent ( for 7 years) and 13.10 per cent ( for 10 years) interest annually.

The bonds are not rated, and the IFCI is in the process of getting a fresh rating from a rating agency.
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Sun F&C to launch balanced fund
Mumbai: Sun F&C Mutual Fund is launching a balanced fund called the Sun F&C Balanced Fund. The fund will have a 60 per cent allocation to equity and the balance in debt. It will be a no-load fund during its initial public offer period, the fund's chief executive officer Nikhil N. Khatau, said.
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