Stock markets at new highs
Mumbai: The Bombay Stock Exchange crossed the 5,000 landmark on 8 October 1999. The all-time high of 5,091 points was reached in the morning. The BSE index closed at 4,981, up 18 points. The National Stock Exchange index of 50 shares also crossed the 1,500 mark for the first time in its history. It closed at 1,479, a gain of 10 points. Volumes at the BSE and NSE were also at record highs at Rs.3,577 crore and Rs.4,181 crore respectively.
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Sebi tightens issue norms for IT companies
Mumbai: Companies in the information technology sector, which wish to raise capital from the market, must have a three-year track record of profits and should have been operating in the same or related business.

The Securities and Exchange Board of India has further said that companies that do not have such a track record should have their project appraised and financed to the extent of 10 per cent by a bank or a financial institution.

The ‘track record’ norms specified by Sebi will also apply to companies that are already listed and wish to change their name by adding a prefix or suffix using an IT word such as ‘software’ or ‘computers’.

In the meantime Sebi has allowed the trading of unlisted companies by qualified participants, which have a minimum networth of Rs.2.5 crore. A 'qualified participant' is one who is well-informed, and is a global norm for curtailing dealings to a select few.

Sebi has also announced that mutual funds cannot invest more than 25 per cent of the net asset value of any single scheme, in the listed securities of group companies. Earlier, this limit was 25 per cent of the NAV of all the schemes of a mutual fund.
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