Infotech stocks shine in dull market
Mumbai: Infotech stocks maintained their hold on the market, otherwise marked by dull activity. Institutional funds bought these shares in good volumes, and a number of them touched the upper bands of their circuit breakers. Infosys Technologies, Pentafour Software, Silverline Industries and Tata Infotech were in the forefront. Infosys touched a new high of Rs 10,400 during intra-day trade and closed at Rs 10,055.

Bank shares were also in the spotlight, and HDFC Bank and ICICI Bank attracted buyers. Hoechst Marion Roussel witnessed keen buying from non-institutional players. The stock closed at Rs 1,237 on the Bombay Stock Exchange.

The BSE Sensex shed 34.64 points to end the day at 4673.61. The S&P CNX Nifty of the National Stock Exchange lost 0.4 points to close at 1219.70. As the day was settlement day on the BSE, operators resorted to unwinding their long positions.
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Sebi panel clears Internet-based trading
Mumbai: A committee set up by the Securities and Exchange Board of India has cleared Internet trading for stock markets under the existing legal framework. The committee, headed by Indian Institute of Technology (Bombay) professor D.B. Phatak, laid down the requirements for stockbrokers wanting to offer facilities to trade over the Internet.

Sebi will now place the proposal before its board towards the end of next week so that Internet-based trading can begin by 1 January, 2000, Sebi chairman D.R. Mehta said. The panel has recommended that Internet trading be linked to the exchanges’ automated trading systems to reduce delays in order processing,

In a related development, the National Stock Exchange and the Bombay Stock Exchange agreed to offer their servers to brokers wanting to host websites and offer Internet-based trading facilities. The NSE will levy a fee for the facility, while the BSE is offering the facility free.
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BSE planning to become corporate body
Mumbai: The Bombay Stock Exchange is taking steps to decentralise its ownership and become a corporate entity. The exchange has appointed a seven-member committee to work out a detailed plan by March 2000. The BSE is now owned by stockbroker members.

BSE president Anand Rathi said the global trend is to make exchanges profit-making companies. International exchanges like the New York Stock Exchange and Nasdaq are planning to go public. The demutualisation, as the process is called, will enable the exchange to have access to funds for development, usher in corporate governance and focus on profits and results.
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BSE cards sold at Rs 2.5 crore
Mumbai: The Bombay Stock Exchange has sold two of its membership cards, one for Rs 2.53 crore and another for Rs 2.51 crore. At a meeting on 16 December 1999, the governing board of the exchange accepted the offers and sold the two cards, held by defaulting members.

The BSE had sold three corporate membership cards in November 1999 for an average price of Rs 2.3 crore.
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NSE ready for Internet trading
Mumbai: The National Stock Exchange is ready with Internet trading plans, says NSE managing director R.H. Patil. Speaking at a seminar organised by the Indian Merchants Chamber, he said the members of the exchange plan to provide Internet trading in 22 countries, including the US and South East Asia. Once the regulations are in place, an investor in any of these countries will be able to trade on the NSE with the same ease as an investor in Mumbai, where the exchange is physically located, he said.
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84 "vanishing" directors debarred
Mumbai: The Securities and Exchange Board of India has debarred 84 directors and 49 companies, said to be part of "vanishing" companies. These persons and these companies will not be allowed to participate in capital market dealings for a period of five years. Earlier, Sebi had debarred 70 directors from the capital market for five years.
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Sebi directive to BOI MF
Mumbai: The Securities and Exchange Board of India has directed BOI Mutual Fund to inform investors through a public notice that the units of its Double Square Plus scheme will be redeemed at Rs 400, the return assured by the fund. The net asset value of the units at present is Rs 346 and the repurchase price Rs 300. Sebi says it wants the investors to get a fair and transparent deal.

The regulator’s intervention will ensure that the investors will get Rs 400 per unit. Bank of India will guarantee repurchase of units at the assured price of Rs 400 on redemption as on 31 August 2000 in case the net asset value is less than this figure, Sebi said.
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Dabur’s rating upgraded
Mumbai: Rating agency Crisil has upgraded the rating assigned to the fixed deposit scheme of Dabur India to FAA+ (high safety with relatively higher standing within the category), while reaffirming the AA (high safety) rating given to its Rs 25-crore non-convertible debenture issue. Crisil has also reaffirmed the P1 (very strong with relatively higher standing within the category) rating given to the Rs 10-crore commercial paper programme of the company.
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Bank MFs raise Rs 166 crore
Mumbai: Mutual funds owned by banks mobilised a net amount of Rs 166 crore in November 1999 under their various schemes. The Association of Mutual Funds of India said the figure has been calculated after adjusting for redemptions of Rs 708 crore during this period.

In the overall mutual fund industry, the Unit Trust of India led by mobilising Rs 3,552 crore in the month. Foreign-owned mutual funds together collected Rs 4,009 crore.
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