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SAT
moots penalty on UBS
Mumbai: The Securities Appellate Tribunal (SAT) has
suggested to the market regulator, Sebi, to consider plea-bargaining
and a penalty of Rs50 crore on UBS Securities Asia Ltd,
a foreign institutional investor (FII). Sebi had earlier
banned UBS Securities from issuing participatory notes
for one year.
While hearing UBS Asia's appeal against Sebi's order,
SAT presiding officer Justice Kumar Rajaratnam said the
regulator could consider process akin to plea-bargaining
as a innovative step to put an end to endless litigation
since there was no allegation of manipulation.
In May this year, as part of its crack down on those allegedly
involved in May 17, 2004 market crash, Sebi had barred
UBS Securities Asia from issuing participatory notes (offshore
derivative instruments) for underlying Indian securities
for one year.
UBS has totally failed to discharge its obligations to
regulatory requirements, with a design to withhold critical
information for stultifying the investigation, Sebi had
said.
On May 17, 2004, there was a melt down in the Indian stock
markets, with the Sensex falling by 567.74 points, ostensibly
due to uncertainties over government formation.
Through plea-bargaining a defendant agrees to enter a
plea of guilty to a lesser charge and the prosecutor agrees
to drop a more serious charge. UBS Securities Asia had
strongly pleaded ''not guilty'' in the Securities Appellate
Tribunal (SAT) on Monday.
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RBI
clears FII buying in Reliance Capital -Grasim and Tata
Tea are on hold
Mumbai:
The RBI
has issued a notification giving permission for the purchase
of equity shares of Reliance
Capital by foreign institutional investors under the
portfolio investment scheme.
The
press release states that since FII holdings have gone
below 22 per cent of Reliance Capital's paid-up capital,
equity shares of the company could now be bought.
The central bank has also notified that no further purchases
of equity shares can be made by FIIs through the primary/secondary
markets in Grasim Industries and Tata Tea without prior
permission. The release states the companies have already
reached the limit of 22 per cent of their paid-up capital.
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Prudential
ICICI launches Infrastructure Fund
Mumbai: Prudential
ICICI Asset Management has launched its Infrastructure
Fund. The fund is an open-ended equity scheme, which seeks
to invest in equity of companies belonging to the infrastructure
sector, according to a press release from the fund house.
The fund is suitable for investors with a long term investment
horizon looking to diversify their investments portfolio,
the release said. The fund will invest at least 95 per
cent of the corpus in equity and related securities and
will also have a provision to invest up to 30 per cent
in debt securities.
The minimum subscription amount for the fund is Rs5,000.
The fund will remain open for subscription till August
10.
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Block
deals in RIL stock worth Rs.525 crore
Mumbai: Reliance
Industries stock witnessed multiple block deals on
BSE and NSE, valued at more than Rs525 crore.
While one deal was struck for 59.9 lakh shares at Rs663.30
per share on the BSE,
another deal of 20 lakh shares at Rs663.10 a share was
struck on the NSE.
The two deals together amount to 0.58 per cent of the
company's equity.
No disclosure about the block deal was made to the stock
exchanges. Market sources suggest that the deal could
be an internal transfer within the Ambani family or between
institutional investors. There was no official communication
from RIL on the deal.
At the end of the day, RIL shares closed at Rs661.25 down
0.8 per cent on BSE with a volume of 79.84 lakh shares
and on NSE it closed at Rs661.80, down 0.73 per cent with
a volume of 78.39 lakh shares.
Out of the total purchases, 82.32 per cent shares were
for delivery on BSE and 53.16 per cent on NSE.
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MSP
Steel, Nectar Life IPOs list at premium
Mumbai: Shares of MSP Steel and Nectar Life debuted
on the stock exchanges with MSP listing at a 50 per cent
premium while Nectar Life listed at a marginal premium
to the issue price.
MSP Steel & Power, which came out with IPO at Rs10,
closed at Rs15 on the BSE.
It touched at high of Rs19.50 and the total shares traded
was 65.55 lakh shares of which 33.99 per cent shares were
for delivery. On the NSE
the stock closed at Rs15.30 with total volume of 1.01
crore shares, of which 42.79 per cent were for delivery.
Nectar Life Sciences closed at Rs258 on BSE, that is at
a eight per cent premium to the issue price of Rs 240.
The total shares traded were 30.48 lakh shares, of which
19.48 per shares were for delivery. On NSE, the stock
closed at Rs259, up 8.38 per cent with volume of 38.31
lakh shares, of which 21.60 per cent shares were for delivery.
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