Panel  moots changes in venture capital norms
Mumbai: A committee appointed by the Securities and Exchange Board of India will suggest major changes in the venture capital guidelines. The committee’s US-based members are Hotmail fame "Sabeer Bhatia" and K B Chandrasekhar of Exodus Communications.

According to a report in the Business Standard, the minutes of the panel's meetings have been sent to the Sebi through e-mail. The committee has suggested making Sebi the nodal registrar for venture capital funds. Currently, various aspects of venture capital guidelines are specified by the Sebi, the government and the Central Board of Deirect Taxes.

The committee has suggested making all these guidelines compatible with each other. It has also been suggested to allow mutual funds and pension funds to invest in venture capital funds.
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ISO committee to issue new guidelines
Mumbai: The global ISO 9000 committee will issue new norms for ISO certification by end-2000. In India, about 7,000 companies are certified with ISO 9000. These companies will have to adhere to the new norms. The companies will be allowed one year that includes a six-month observation period to move to the new ISO norms.
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RBI wants more subscription from Relief Bonds
Mumbai: The Reserve Bank of India is calling a meeting of bankers on 28 September 1999 for raising  subscription through the government’s Relief Bonds. These are 9 per cent tax free bonds, which form part of the government’s borrowing programme.

The RBI and the government are quite concerned that the relief bonds are not finding too many takers. The meeting of bankers that has been called for, is towards propping up subscriptions of the bonds.
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Petro products price hiked in Maharashtra
Mumbai: The Maharashtra state cabinet has approved a hike in the price of diesel and petrol in Mumbai, Thane and New Bombay. The extent of increase in prices of diesel and petrol will be known only on 22 September 1999.

According to some sources, the hike in the prices will be mild. This is because, the government is already facing a court battle from transporters who are against the government move on charging toll for the 55 flyovers that were built in the city.
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India’s natural gas reserves at 1,900 tcm: GAIL
Mumbai: Gas Authority of India Ltd. has estimated that India’s reserve of natural gas in the form of gas hydrates is around 1,900 trillion cubic metres. Current estimates of natural gas reserves are a measly 1 trillion cubic metres.

It is claimed that from 1,900 tcm of gas, 12.5 trillion barrels of oil can be extracted, whose market value will be around $250 trillion. A large part of the reserves are said to be found in the Goan coast.
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USO fund by TRAI to promote telephony
Calcutta: The Telecom Regulatory Authority of India will start work on how the Universal Service Obligation Fund will operate. The report on the fund will be ready by the beginning of the year 2000. As part of the new telecom policy, the fund will have contributions from all telecom operators that will be  used to promote telephony in remote and rural areas in India.

A few cellular operators will be coming out with mobile phone directories in the near furture. The Trai is also planning to rationalise the numbering scheme for all the telecom services in the country, along with the international numbering system.
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Canara Bank subsidiary to pay 10% dividend
Mumbai: Gilt Securities Trading Corporation, a subsidiary of Canara Bank, has made a net profit of Rs.25 crore for the year ended 1998-99, unchanged from that of the previous year. It will pay a 10 per cent dividend.

Gilt Securities’ dated securities turnover in the secondary market increased to Rs.11,152 crore in 1998-99 from Rs.1997-98. Treasury bills turnover in the secondary market was Rs.1,769 crore, up from Rs.1,683 crore during the same period.

In the primary market, the dated securities turnover of Gilt Securities was Rs.2,554 crore, nearly doubling from Rs.1,306 crore in 1997-98. Treasury bills turnover was Rs.1,651 crore, up from Rs.1,342 crore in 1997-98.
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2 Lloyd’s group units plan to merge
London: SVB Holdings Plc and CLM Insurance Fund Plc, both group companies of the Lloyd’s group, will merge to form one of the group’s largest companies. The shares of the companies are listed on the London Stock Exchange. The merger will take place in the ratio of 1.185 new SVB shares for every share held of CLM.

The merged entity will have an aggregate managed capacity of 383 million pounds.
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Jefferson to buy Guarantee Life
Greensboro(North Carolina): Jefferson Pilot Corp, an insurance underwriter will buy Guarantee Life for around $296 million, plus debt. Jefferson-Pilot would pay $32 per share for the acquisition. The debt that will be taken up by Jefferson is around $115 million. This will make the total worth of the deal around $411 million.
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