RBI to allow retails bids in govt securities
New Delhi: The Reserve Bank of India would allow retail investors to bid in government securities. A RBI statement said this would be allowed under the non-competitive bidding category, which paves the way for individuals, firms, companies, corporate bodies, provident funds and trusts to bid in government securities.

The non-competitive bidding facility in government securities auctions would be open to investors who do not maintain a current account or a subsidiary general account with the central bank.

The facility to put in non-competitive bids would be available to retail investors through banks and primary dealers.

The facility will also be open to retail investors who can make a single bid for an amount not exceeding ten million rupees of face value per auction.

Regional rural banks, urban cooperative banks and non-banking financial companies will also be able to participate on a non-competitive basis as an exception in view of their statutory obligations.
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Dresdner to close broking operations
New Delhi: Dresdner Kleinwort Warserstein Securites India has approached Foreign Investment Promotion Board to close down its stock broking operations in the country and reduce its share capital to Rs 3.85 crore from Rs 37 crore.

In an application to FIPB, the company said the Dresdner Klein Wosserstein group has taken the decision to close down its stock broking business in India along with closure of the similar outfits in other Asian nations as part of the strategic review of its Asia Pacific business.
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Sebi recommends action against plantation Cos
New Delhi: The Securities and Exchange Board of India has asked department of company affairs to start winding up process against Green Gold Agro Development while initiating similar steps against Anubhav plantations.

The move is aimed at recovering funds collected by these companies from investors by offering high interest rates.

Sebi has also barred these plantation companiesfrom operating in capital market for five years, while referring the case to respective state government for initiating civil or criminal proceedings.
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