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BSE's corporatisation proposal cleared by SEBI
Mumbai: The Bombay Stock Exchange (BSE), India's oldest stock exchange has had its demutualisation and corporatisation plan approved by SEBI.

According to the plan, 51 per cent of shares will be held by public ownership, while the management will be segregated from trading rights. Also, BSE trading rights cannot be transferred.

BSE members will get trading rights in exchange of membership cards. Every member entitled to 10,000 shares of rupee one each.
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SBI mulling buy out of UTI MF sponsors
Kolkata: SBI Chairman, Purwar has hinted that the State Bank of India, one of the four sponsors of the UTI Mutual Fund, will consider proposals to buy out the shareholding of others if the offer is right and the situation is conducive for such a move. The other sponsors of the country's largest asset management company are LIC, PNB and BoB.

"We are open to the idea of acquiring new business. We will also allow SBI Mutual Fund to run on its own. In case the proposal (involving UTI MF) is actually carried out, its assets will not be coalesced with those managed SBI MF," he said.

SBI MF recently tied up with Societe Generale and holds over 30 per cent stake in the company as its promoter.
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SEBI chief Damodaran not to yield to pressures from violators
Hyderabad: The Chairman of Securities and Exchange Board of India, M. Damodaran, has said that SEBIs recent decision to disbar UBS Securities from issuing offshore security instruments had brought undue pressures on him to reverse the order. He has however vowed not to succumb to these pressures and to continue protecting the interests of investors in general and retail investors in particular. The SEBI chief was addressing a seminar on `Relevance of Ethics in Public Administration' here on Friday organised by the Indian Railway Accounts Service.

The SEBI order had come in the wake of investigations conducted by the market regulator after last year's stock market collapse. Damodaran said he was committed to remaining tough on the capital market entities that violated the norms prescribed by the regulatory system.

Damodaran also said he would continue follow up action on eleven more entities being probed for their alleged involvement in the last year's stock market crash. On May 17, 2004, the stock markets suffered an unprecedented fall with trading being halted twice as circuit filters were activated. The day witnessed over Rs2 lakh crore erosion of market capitalisation.

Following an investigation into the issue, the market regulator on Tuesday passed on order barring the Swiss broking house UBS Securities Ltd from issuing offshore derivative instruments for a period of one year. The SEBI Chairman also said that he would never go easy on those who hold back information at the time of investigation and suppress information in the guise of `client's confidentiality'.

"I received a large number of phone calls from influential persons from both within and outside the country saying that this is a very big party. They said I should have been careful before issuing the order. With regard to eleven other cases in the pipeline, I was advised to go little easy on them," Damodaran revealed.
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