Markets firmer
Mumbai: With doubts about a hung parliament clearing with signs of the BJP-led alliance coming back to power with a clear majority, stock markets moved up on 23 September 1999. As has been the case for the past several months, software and pharmaceutical stocks were clear favourites.

The Bombay Stock Exchange index of 30 shares rose 48 points to close at 4,736. The National Stock Exchange index of 50 shares closed at 1,398, a rise of 12 points from the previous close.

Volatility in both the major stock exchanges was moderate. The turnovers on the BSE and the NSE were Rs.2,557 crore and Rs.3,400 crore respectively.

The most active stocks on 23 September 1999 were Satyam Computers, Global Telesystems, Himachal Futuristic, Ranbaxy, Zee Telefilms and Reliance Industries.
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ICICI touches $12 on NYSE
Mumbai: ICICI Ltd’s American depository share prices on the New York Stock Exchange touched $12 on the second day of its trading. This marks an 8 per cent increase in the price of the share over the previous day’s close of $11.0625.
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Something fishy about Zee movement: Sebi
Mumbai: The Securities and Exchange Board of India will investigate into the reason for the spurt in the price of Zee Telefilms stock on the major stock exchanges. The exchanges have been asked by Sebi to provide the daily transaction report in the stock. Some sources attribute the rise to lack of floating stock. Others say that the bonus rumours that are circulating point to insider trading in the scrip.

Since the beginning of August 1999, the stock has gained more than 110 per cent till date. It has moved from Rs.2,178 to Rs.4,584 during this period.
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Sebi asks bourses to be more vigilant
Mumbai: The Securities and Exchange Board of India has asked stock exchanges to be vigilant in monitoring developments in companies listed with them and to keep track of any abnormal price movements.

Senior executive director, Sebi, L K Singhvi, says that just enforcing exposure limits and collecting margins is not enough. The exchanges, he feels, should ensure integrity in the market. At present such vigilance is exercised only by Sebi.
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Sundaram Newton’s MMMF scheme
Chennai: Sundaram Newton Mutual Fund will launch a money market mutual fund scheme and an open-ended tax saver during the last quarter of the calendar year 1999. The mutual fund has already applied to the Securities and Exchange Board of India, seeking its permission.
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NSE position on gross exposure
Mumbai: The National Stock Exchange of India will meet to discuss the increase in its gross exposure limit to 12 times the additional base minimum capital over Rs.30 lakh. The exchange had recently received permission in this regard from the Securities and Exchange Board of India.

The software being used by the exchange has to undergo modifications due to changes made on the exposure front. The modified software will have to be ready by 29 September 1999, when the new trading cycle is expected to commence.
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All trades in demat mode for FIIs, MFs.
Mumbai: From 15 January 2000, all trades done by foreign institutional investors and mutual funds should be done through the dematerialised mode, the Securities and Exchange Board of India has decided. They should be cleared directly by the custodians through the clearing houses.
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BSE to turn global
Mumbai: The Bombay Stock Exchange has signed into a memorandum of co-operation with the London Stock Exchange, and will soon sign similar agreements with the New York Stock Exchange and the Nasdaq.

This is part of the Mission 2000 plan that is being implemented at the exchange. The memorandum facilitates the exchange of ideas and information between the exchanges.

The BSE has appointed KPMG, one of the largest consulting firms in the world, to advise on its clearing house project. KPMG will give a full plan of implementation to the BSE after studying the operations, legal formalties and system requirements.
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