Nasdaq opens Bangalore office
Bangalore: The US-based Nasdaq has opened its India office in Bangalore. Mr. Alfred Berkeley III, Nasdaq vice chairman who inaugurated the office said the new office was aimed at providing enhanced service to the existing companies and to assist other companies contemplating listing on the Nasdaq stock market.

The Nasdaq has appointed Mr. Ghanshyam Dass as the Director - South Asia to look after the activities in the region. Over 5,000 companies listed on Nasdaq, of which about 500 are of non-US origin (120 of them were registered last year alone). Infosys, Satyam Infoway and Rediff are the only three Indian companies registered at present.

Nasdaq's dollar volume is greater than the next three largest exchanges in the world combined, touching a new high of an astronomical $20 trillion in 2000. This volume is greater than any other stock market in history. Nasdaq, which represents a market capitalisation of around $5 trillion also lists more manufacturing companies than high-tech companies.
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Notification on amendment to Companies Rules
New Delhi: The department of company affairs has issued a notification amending the Companies (Central Government's) General Rules and Forms, 1956, in which "sales of shares and debentures" had replaced "sale of shares" in item 8, Form no 22.
In another notification issued earlier on Rule 4c of the same Act, the proviso "provided nothing contained in this rule shall apply on and after the commencement of companies (central government's) general rules and forms (amendment) rules 2001" had been added.
The notification has been issued under clauses (a) and (b) of sub-section (1) of Section 642 with Section 165 of the Companies Act, 1956.
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India up on A T Kearney confidence scale
New Delhi: The latest AT Kearney report has placed India as the seventh-most attractive destination for foreign direct investment for the year 2001, a significant improvement from the 11th position it held last year. AT Kearney’s FDI Confidence Index also says that India is the fourth hottest likely destination for first time FDI investments during the year. The FDI Confidence Index 2001 report is being on Tuesday in London.

The management consultants have prepared the index on the basis of opinions of CEOs, CFOs and other top executives of Global 1000 companies who said they intend to direct three quarters of first time FDI commitments towards developing countries.

Brazil emerged as the hottest destination for first time FDI, followed by China, Mexico and then India.
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Shaw Wallace to go for US listing
Mumbai: Shaw Wallace & Company Ltd. (SWCL), has appointed McKinsey and Co. for getting the necessary approvals for listing on the US stock exchanges. Shaw Wallace has also decided to go in for Generally Accepted Accounting Practices (GAAP) from next year, a necessary condition for US listing.

McKinsey has also been mandated to advise the company in the globalisation process, as a part of which SWCL plans on acquiring a distillery unit in Scotland to launch the Royal Challenge scotch whisky abroad. At present the company is bottling the scotch in arrangement with a Scottish company for overseas clients.

Shaw Wallace has appointed Rabo Bank India Ltd. to scout a buyer for the agrichem and gelatine businesses. The agrichem and gelatine businesses contributes Rs 230 (Rs 180 crore and Rs 50 crore respectively) to the group's turnover of Rs 2,500 crore. The group's other interests include tyres under Dunlop brand name, Falcon tyres manufacturing two and three-wheeler tyres and Matter and Platt manufacturing fire risk instruments. The company, that has 21 units across the country, recently repaid Rs 145 crore debts in inter-corporate deposits and has made the company nearly zero debt.
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