Markets down
Mumbai: The Bombay Stock Exchange index of 30 shares dropped 58 points on 27 October 1999, to close at 4756. The National Stock Exchange index of 50 shares closed at 1411, down 3 from the previous closing of 1414.

HLL showed bullishness in an otherwise bearish market. Actively traded shares were those of Ranbaxy Laboratories, Zee Telefilms, Satyam Computers, Pentafour Software and Reliance Industries.

Some 40 odd brokers on the BSE have decided to stop or minimise their trading activities since the exchange has introduced stiff carry-forward and additional volatility margins.
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Sebi says no to Indbank offshore scheme
Mumbai: The Securities and Exchange Board of India has rejected the application of a proposed offshore fund by Indian Bank’s merchant banking division. This follows the bank’s inability to pay dividend to the unit holders of the Ind Prakash scheme.

Ind Prakash was launched by Ind Bank Mutual Fund, whose sponsor is Indian Bank. Indian Bank had earlier given Sebi an assurance that it will pay dividend by November, on behalf of Ind Bank Mutual fund. Now, the bank has expressed its inability to pay the accumulated dividend.

Sebi has written a formal letter to Indian Bank asking the latter to fulfil its commitment to investors.
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NSDL covers 33% of India
Mumbai: As per a survey, the National Securities Depository Ltd. has found out that it covers around 33 per cent of the country geographically.

NSDL has done this by comparing the distinct pin codes of the accounts opened with it with the total number of pin codes in the country.

In India, the accounts have been opened from regions as varied as Jorhat to Andaman, Assam to Mokochung and Zunheboto to Ladakh.

Non-resident Indians from 43 countries including the US, Germany, Canada, Switzerland, the UK, UAE and China have opened accounts.
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