All set for BSE corporatisation
Mumbai: Following the amendment of two sections of the Income Tax Act, 1961 — section 43 and section 55, the stage is now set for the corporatisation of the stock exchanges, including the Bombay Stock Exchange.

The broker members had been hesitant to take this plunge since their membership tickets, bought many years ago, had increased manifold in value, and their conversion into equity shares of the new entity would have attracted considerable amount of capital gains tax.

The Parliament at its recently concluded Budget session had cleared the related amendments to the Income-Tax Act. The new changes circumvent this need, the exchanges are now allowed to transfer the assets at book value.

The Bombay Stock Exchange (BSE) is now getting ready to convert its 130-year-old Association of Persons (AoP) status to that of an equity-based corporate entity.
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Sebi to probe Raymond buy-back
Mumbai: Sebi is planning to launch a probe into Raymond’s buy-back programme that was completed in March this year. The company had time until February of 2002 to complete the buyback.

Besides, the buy-back has been done at a time when the market prices were high and rising, from Rs 125 to Rs 140 per share. Now the prices are hovering between Rs 108 to 112.

Sebi would investigate whether the prices were propped up to benefit associates of the company's promoters.
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Jittery market plays safe, Sensex moves down
Mumbai: Profit-booking in the face of imminent Sebi measures to streamline the market affected the four day upward march of the market, pulling the Sensex down by 18 points, and the S&P CNX Nifty by 4.30 points.

The Sensex, which opened at 3586.58 swayed in a narrow range before closing at 3568.27 against Wednesday’s close of 3586.58. The Nifty followed suit and closed at 1144.95 as compared to previous close of 1149.25 shedding 4.30 points.
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