US markets and FIIS help bolster sensex
Mumbai: Frantic buying by foreign institutional investors on the back of an upsurge in the US markets, saw the BSE sensex gain 135 points to close at 3,574.08 points. Also helping the process was the US Federal Reserve’s unexpected decision to cut interest rates by a further 50 basis points .

The National Stock exchange index, Nifty also followed suit by gaining 41.05 points to close at 1,144.45.

However dealers were skeptical whether this trend of improvement in the sentiment would continue.

Among the gainers in the upward movement were Zee Telefilms, Satyam Computer and Reliance Industries.
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Sebi stuns corporate India with ban on leading companies
Mumbai: In a move that has corporate India surprised by its apparent show of determination to weed out malpractices on the stock exchanges, the capital markets regulator, Securities and Exchanges Board of India (Sebi) has cracked down on big names.

Sebi has barred BPL, Videocon and Sterlite from accessing the capital markets for four, three and two years, respectively, having found them guilty of manipulating their company share prices with the help of broker, Harshad Mehta. Sebi has also banned Harshad Mehta from dealing in the stock markets for life.

Sebi has also decided to initiate prosecution proceedings against the directors of these companies, besides Harshad Mehta. Thus, leading industrialists like Ajit Nambiar of BPL, Anil Agarwal of Sterlite Industries and Venugopal Dhoot of Videocon will come in the prosecution dragnet of Sebi.

The action comes nearly two years after the crime had been committed.

According to the investigations, these promoters had funded nearly seven companies belonging to Harshad Mehta, which, in turn, manipulated the share prices of their companies.
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