Sebi cautions stock exchanges
Mumbai: The Securities and Exchange Board of India has sent letters to all the stock exchanges to be vigilant against the highly volatile market. Sebi officials said there is nothing special about it. It says it is good to be cautious since the markets are booming and there is volatility. The directive is apparently a precaution against the large trading volumes in software stocks.
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Sebi cancels licences of 2 MF companies
Mumbai: The Securities and Exchange Board of India has cancelled certificates of registration of GFC Mutual Fund and Asia Pacific Mutual Fund. Approvals granted to their respective asset management companies have also been cancelled. The decision follows inquiries, which revealed that the asset management companies no longer fulfil the eligibility crtiteria. They have also defaulted in payment of fees to Sebi.
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Indian Bank MF asked to pay dividend
Mumbai: The Securities and Exchange Board of India has ordered the Indian Bank Mutual Fund to pay dividends from 1996-97 onwards till redemption of its IndPrakash scheme. Sebi has also asked the fund to pay dividends to unit holders of the Ind Jyoti scheme who stayed with the scheme for the entire year 1996-97. The regulator has said if the mutual fund is not able to pay the dividends, Indian Bank, sponsor and principal trustee of the fund, should make arrangements to do so.
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Allahabad Bank plans bonds issue
Calcutta: Allahabad Bank is coming out with a Rs 100-crore issue of unsecured redeemable bonds with a greenshoe option of Rs 25 crore. The face value of each bond is Rs 25 lakh at par and the indicative coupon rate is 12.30 per cent to 12.50 per cent payable annually. The bonds will have a bullet payment after 88 months from the deemed date of allotment.
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