Sebi reiterates stand on Rathi before HC
Mumbai: THE Securities and Exchange Board of India (Sebi) has reiterated its stand against former BSE president Anand Rathi, submitting to the Bombay High Court that Mr Rathi did indeed act on market sensitive information obtained by him in his capacity as stock exchange president, thereby violating the Sebi (Stock Brokers) Regulations code of conduct.

Sebi also confirmed that Rathi's group of companies entered into trade transactions based on such information which resulted in manipulation of the prices in the market.

The submission was made before the division bench of the high court comprising Justice Ajit P Shah and S Vajifdar by Sebi counsel Ghulam Vahanvati.

The petition filed by Anand Rathi challenging the order banning four of his firms from trading will be heard on April 26, while the final verdict is expected to be made on April 27.
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Sensex inches up 3 points
Mumbai: THE bourses made a smart recovery towards the end of Tuesday after heavy institutional buying, with the Sensex closing the day with a three point gain. But the S&P CNX Nifty of the NSE closed the day with a marginal loss, as Tuesday was the last day of current settlement.

The Sensex opened 40 points weak with a sharp fall of more than 100 points on the Nasdaq, but recovered on news of Nasdaq futures firming. It closed the day at 3589.99, up 2.98 points from the previous day's close of 3587.

Nifty moved in the opposite direction, shedding 3.45 points to close at 1146.30, against its previous close of 1149.75.

The smartest rallies were in Global Tele, HFCL, DSQ Software and Silverline Tech which hit the 16 per cent circuit breaker while Pentamedia, Wipro, Trigyn Techno, PSI Datasystems and Digital Equipments were frozen in 8 per cent and above.
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ITC offer for VST okayed, Damani on hold
Kolkata: Sebi has withheld clearance to the Brightstar Investments’ open offer for VST Industries, while it has granted its approval to ITC subsidiary Russell Credit’s counter offer.

BAT of UK, the promoters of VST, and also the single largest shareholder in ITC, has already announced that it had no objection to Russell Credit's open offer.

The Damani brothers of Brightstar Investments, say reports, are yet in the fray, awaiting the clearance.

The market regulator has asked the Damanis for disclosure and clarifications in connection with the ongoing probe into bear hammering.

Russell Credit’s open offer is set to open on April 30 and close on May 29.

Sebi had asked ITC for disclosures similar to Russell Credit, the latter being its wholly owned subsidiary.

Both Russell Credit and Brightstar Investments had made open offers for 20 per cent of VST Industries. While Russell Credit had priced it at Rs 115, Brightstar had offered Rs 112 per share of VST. Both have stated that the open offers were made for investment purposes.
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