Sebi prescribes norms for market-making
Hyderabad: The Securities and Exchange Board of India has finalised a set of guidelines for market making. These guidelines are based on the recommendations of the Gupta Committee. It has specified four criteria while allowing the stock exchanges to have their own benchmarks for selecting stocks for market-making. These are:

• stocks included in the BSE Sensex and S&P CNX Nifty;
• stocks where the average number of trades is more than 50;
• stocks where the daily value of trades is over Rs 10 lakh; and
• stocks of companies not in operation and of those with over 50 per cent erosion in net worth.

Sebi, in a communiqu, has asked the exchanges to review the list of stocks eligible for market-making on an ongoing basis so that the stocks can be shifted from one category to another.
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MTC India plans IPO
New Delhi: Software company Modern Technologies Corporation India, an affiliate of the US-based $125-million MTC International, is planning an initial public offer by end-2000.

The company is in the process of working out the modalities for the IPO, according to S.K. Ahuja, Country Manager. It may opt for a listing on the Nasdaq as the parent company is more in favour of such a move than a domestic issue, says Mr Ahuja.

MTC India has launched a data services division to diversify into IT-enabled services. Initially, the division will handle medical transcription and back office solutions work, Mr Ahuja said. Set up in 1994, MTC India focuses on offshore software development and offers services such as consulting, on-line services, re-engineering and systems integration.
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