Indian firms allowed to tap investors through RDRs
Mumbai: Indian companies will now be able to issue securities to small international investors and list retail depository receipts (RDRs) on the London Stock Exchange.
Indian companies will also be permitted to list RDRs on the techmark-technology stock market and techmark mediscience - market for healthcare companies, LSE chief executive Clara Furse told reporters here on Tuesday.
Earlier, Indian companies could raise resources by issuing securities only to institutional investors, she added.
Companies wishing to list on the techmark should have three year domestic trading record, make minimum issue of $1 million and comply with the US or UK accounting norms, Furse said.
Currently, 19 indian companies are listed on the LSE and their trading turnover was about $10 billion in 2000.
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US regulators pull up SBI and Citibank
Washington: The US regulators have alleged that Citibank and SBI had sold over $530 million of bonds in the USA without registering them.
The two banks have agreed to stop violating the laws without admitting to or denying any of the charges. But the regulators have imposed no fines on either of the banks for these charges.
Just a week ago, the State Bank of India was fined $7.5 million by the US regulators. However, SBI is reported to have said that it has not violated any law but have consented to the order without admitting or denying Securities and Exchange Commission's allegations.
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Pallonji moves SAT on Forbes Gokak
Mumbai: The Shapoorji Pallonji Mistry camp has filed an appeal with the Securities Appellate Tribunal (SAT) against the Securities and Exchange Board of India (Sebi) order allowing the Pawankumar Sanwarmal groups counter bid for acquiring a stake in Forbes Gokak. SAT will hear the matter on November 23.

In the appeal, the Mistry group has asked for a stay on the Sebi order of November 9, along with a stay on the operation of the purported competitive bid by the Pawankumar group.

The Mistry group has also requested that the Pawankumar group should be restrained from acquring any shares of Forbes Gokak.
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