Markets sharply lower
Mumbai: The Bombay Stock Exchange index of 30 shares declined by 90 points from 4661 on 16 September 1999 to 4571 on 17 September 1999. The National Stock Exchange index of 50 shares closed at 1351 points, a decline of 24 points.

The reasons attributed for the current fall are the pending election results and the carry-forward margins paid for long positions by bulls for the last three settlements.
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BSE for weekly badla only on few shares
Mumbai: The Bombay Stock Exchange has submitted a plan to the Securities and Exchange Board of India which states that the weekly carry-forward facility in the rolling settlement system should be made applicable only for a few ‘A’ group shares. The BSE has also stated in the report that daily carry-forward will have the disadvantages of high operational costs and may not suit long-term players.

The BSE has also stated that the disadvantage of a mixed carry-forward system, where there is a daily as well as a weekly settlement system, is that the back-office has to keep track of two different types of carry-forward positions.
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DSE card gets good price
New Delhi: Two Delhi Stock Exchange membership cards that were auctioned on 16 September fetched Rs.53.3 lakh and Rs.53.6 lakh, according to Delhi Stock Exchange president Ashok Agarwal. This is one of the highest prices DSE cards have got in the recent past. The highest ever price for a DSE card has been Rs.1.51 crore.
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Reliance gets ‘RIL’ symbol on NYSE
Mumbai: Reliance Industries Ltd. has got the ‘RIL’ symbol on the New York Stock Exchange. Reliance is considering giving an option to its global depository shareholders to convert their GDRs into more liquid American depository receipts. This move by Reliance is considered as a precursor to getting its shares listed on the New York Stock Exchange.

Reliance’s GDR currently has a market capitalisation of $400 million and is traded at $10.6 per GDR.
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Sebi versus RBI for debt market control
New Delhi: The Securities and Exchange Board of India as well as the Reserve Bank of India are claiming their authority over the Indian debt market.

The Reserve Bank says that it has the power to regulate the entire debt market, which consists of government and private debt instruments. Sebi’s contention is that all listed debt securities, whether government or private should come under its purview. The finance ministry, which is the link between these two institutions, has emerged as the arbitrator.

Privately placed debt instruments are currently not under anybody’s supervision.
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HCL Technologies to float
Mumbai: HCL Technologies will come out with its maiden public issue in the next six months. The company has already filed its initial prospectus with the Securities and Exchange Board of India on 15 September 1999.

According to Vineet Nayar, vice-president, HCL Technologies, the size, date and other details of the issue are yet to be finalised.

HCL Technologies, headed by Shiv Nadar, chairman of the HCL group, has an equity base of Rs.33 crore. It is the holding company for HCL subsidiaries in the US, Europe, Japan, North Asia, Australia and New Zealand.
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Mutual funds face lower inflow
Mumbai: Mutual funds in India have seen their net inflows decrease to Rs.1,465 crore in August 1999 from to the Rs.1,476 crore in July 1999, according to the Association of Mutual Funds of India. The Unit Trust of India redeemed Rs.339 crore in August 1999.
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