MFs want to launch MIP
Mumbai: Some public sector and private mutual funds have sought the Securities and Exchange Board of India’s permission to float an innovative monthly income plan scheme. The scheme will have assured returns and will be paid out of the capital raised from the investors. Sebi’s rules on mutual funds require that any assured return scheme should be backed by a guarantee from the sponsor or by a dedicated fund.

The mutual funds have represented to Sebi that it will be impractical for them to have a development reserve fund of Rs 1,000 crore like that of UTI.
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FIIs reach cap in Satyam
Mumbai: The Reserve Bank of India has notified that the aggregate net purchase of equity shares by foreign institutional investors in Satyam Computers from the primary/secondary markets has reached the 28 per cent limit of the company’s paid-up capital. As such, no further purchases of equity shares of the company will be allowed on behalf of the foreign institutional investors without prior approval from the RBI.
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NSE revokes suspension of Globe Stocks
Mumbai: The National Stock Exchange has revoked the suspension of Globe Stocks and Securities with effect from 27 October. The member had failed to meet its obligations to the exchange’s clearing corporation and failed to fulfil requirements for continued membership.
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Premier Mills to be delisted
Chennai: Promoters of Coimbatore-based Premier Mills is planning to delist the company’s shares. The promoters have come out with an open offer through their investment arm to mop up additional stake at a higher price. The promoters hold 72.64 per cent stake in the company’s equity capital of Rs 4.84 crore. The newly set up investment company, Primiera Investments, intends to acquire 9.60 lakh shares representing 20 per cent of the equity at a price of Rs 60 per share.
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