US-64 NAV pegged at Rs 5.94
Mumbai: Unit Trust of India has said the net asset value per unit (Rs 10) for its flagship scheme US-64 was Rs 5.94.

According to a UTI release, the NAV as of on 29 December was without taking into account the additional units to be issued under the reinvestment option.

NAV, for the reinvestment option under which extra units would be issued, works out to even less at Rs 5.81 per unit as on 28 December 28.

The unit capital of US-64 as on 30 June 2001 was Rs 12,786.36 crore and stood at Rs 12,778.45 crore on 28 Decmeber after adding Rs 407 crore on account of reinvestment and reduction of Rs 414.91 crore due to payments under limited repurchase facility.
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JPC to question Parekh
New Delhi: Ketan Parekh, the main accused in the stock exchange scam, will be interrogated by the joint parliamentary committee (JPC) next week on several issues including the transfer of Rs 2,800 crore between January 2000 and March 2001 to his group entities in Calcutta.

The JPC, constituted to look into the stock scam and the functioning of the UTI, will hold about 10 sittings in the beginning of January before adjourning for the state assembly polls in February as its members will be busy in election work.
Meanwhile, the second interim report of the Sebi, which was presented to the JPC, states that Ketan Parekh group of entitites were not giving complete details of their operations.
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Sebi gives clean chit to Ajay Kayan group
New Delhi: Ajay Kayan group has been given a clean chit by the Sebi.

In its second interim report, Sebi observed that "Broking Entities of Ajay Kayan Group were not defaulter in any settlement on any of the (stock) exchanges during the period."
"The trading in DSQ, ACC and 8 other scrips by Ajay Kayan group of broking entities were on behalf of wide spread clients and were not significant as compared to the overall volumes in these stocks. Further, there was no trend in the trading pattern found which could have caused an artificial fall in market," the report circulated to joint parliamentary committee members said.
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Sebi hauls up Bang firms for short selling
New Delhi: Sebi has hauled up Nirmal Bang Securities and Bang Equity Broking Private Ltd for violating its ban on naked short selling during the stock market crash in March last.
In its second interim report on stock market scam, Sebi also found other violations by the companies like non issue of sales-purchase confirmation notes and not maintaining client agreement forms.

The said the companies had indulged in short sales of Rs 2.31 crore and Rs 3.05 crore respectively. But the firms maintained that the majority of short sales were in respect of clients of sub-brokers.
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Sebi indicts foreign firm in stock scam
New Delhi: Foreign brokerage firm Dresdner Kleinwort Benson Securities, which undertook Rs 2,002 crore worth of share sales of Eta Parekh Group of entities during the first three months of 2001, made payments to them on the day of transactions itself without waiting for pay-outs, a Sebi report said.

The second interim report of Sebi says preliminary investigations of transactions executed by DKB securities suggested that these were matched with select brokers on a prior understanding.

This matching of trade put through by DKB securities was done with a view to creating artificial volume without any intention of effecting genuine trades, it said.

The report also says that the transactions on behalf of Eta Parekh entities appeared prima facie to be financing transactions but were given the colour of purchase and sale of shares at the exchange.
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