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‘Modify SEBI norms for creation of more stock exchanges

sharjil s — Mon, 01 Mar 2010 08:52:34 +0000

An industry chamber has demanded changes in the guidelines of Securities and Exchange Board of India (SEBI) for easy creation of more stock exchanges to bring in greater competition in capital markets through wider participation of SMEs and retailers.

Assocham said the new exchanges would also ensure better price discovery to investors, specifically retail investors, with much lesser transaction costs.

In a representation to Competition Commission of India, the chamber pointed out that the present position in the country is ”very dismal” as regards to competition and ”highly favoured and weighing” for National Stock Exchange (NSE).

The NSE, which commands 98 per cent of turnover in futures and options and has about 70 per cent in cash section, needs to be countered with competition, it said.

Source- The Hindu Business Line

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United Bank of India’s IPO Fully Subscribed

sharjil s — Tue, 23 Feb 2010 11:58:32 +0000

United Bank of India’s initial public offer has received bids for all the shares on sale, data on the National Stock Exchange showed Tuesday, the first day for making bids.

The issue received bids for 5.80 crore shares, against five crore shares on offer, thereby generating a demand of 1.16 times, according to the data available with the National Stock Exchange. Bids came across the INR60-INR66 indicative price band, but most of them were at the lower end.

The company would also offer a five per cent discount over the issue price at the time of allotment of shares to retail investors.

The issue will close Thursday

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Sensex up 125 pts higher, driven by positive cues from US

Agatha Vyland — Sat, 06 Feb 2010 11:22:53 +0000

Indian shares snapped a two-day falling streak to close 0.8 percent higher on Saturday buoyed by overnight gains on Wall Street, but BSE investors remained cautious about European debt and the global recovery.

The Bombay Stock Exchange benchmark Sensex resumed higher by 142 points and touched an intraday high of 15,951.07 points before ending at 15,915.65, a net rise of 124.72 points or 0.79 per cent from its last close, when it crashed by 434 points on global cues.

Significantly, all the sectoral indices ended in the green, with the worst hit sectors in the past two sessions– realty, metals, oil & gas and IT counters– leading the rally.

The National Stock Exchange’s 50-share Nifty also shot up by 38.60 points or 0.82 per cent to finish at 4,757.25 from its previous close, after opening over 42 points.

US stocks rose yesterday on speculation that the European Union may propose a solution for Greece’s budget deficit. The Dow Jones Industrial Average closed flat after rising 163 points intraday due to last hour profit booking, while Nasdaq gained 0.74 per cent andthe S&P 500 0.29 per cent.