The gold deposit scheme will come under the Securities Contract Regulation Act and not under the Forward Goods Contract Act.
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Next few months to see new heads at PSU banks
Mumbai: With the chairman of around nine public sector banks retiring, the hunt for replacements is already on.

State Bank of India deputy managing director Janaki Ballabh is likely to take over as chairman of Bank of Baroda, as K Kannan, the current chairman, retires in December 1999. Sharda Singh of Uco Bank, who retires in November 1999, is likely to be succeeded by P K Sarkar, a chief general manager at SBI.

Canara Bank which is currently headless, with its chairman T R Sridharan joining the Board for Industrial and Financial Reconstruction, is likely to see C V Krishnamurthy, chairman of Syndicate Bank, as its new chairman.

The other banks where the chairman’s post will become vacant include Indian Bank, Indian Overseas Bank, and Bank of India. These appoinments will be finalised post-elections.
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FIPB may look at Pfizer’s 100% subsidiary plans
New Delhi: Pfizer Inc, global pharmaceuticals major, had some time ago sent a proposal to the Foreign Investments Promotion Board, for setting up a wholly-owned subsidiary in India. The FIPB had deferred the proposal by a few weeks.

Mumbai-based management consultancy firm -- Ambit Corporate Finance -- handles the proposal. Pfizer's plans are to explore avenues to source and procure raw material, bulk drugs and formulations through its new subsidiary.
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IDBI’s new method for short term funds
Mumbai: The Industrial Development Bank of India will be issuing floating rate bonds with a rate linked to that of the call money markets.The financial institution has received Reserve Bank of India permission in this regard. These bonds will have a tenor exceeding one year. Such bonds are a first in the country.
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