Petroleum regulatory bill okayed
New Delhi: The government has approved a bill to set up a petroleum refining and marketing regulatory board with sweeping powers to check profiteering and ensure availability of products throughout the country.

The bill, cleared at a cabinet meeting, gives government the powers to lay down broad policy framework from time to time, intervene in public interest and issue directions to the regulator as and when it deems fit.

The bill provides for setting up of a petroleum regulatory board to oversee and regulate the petroleum sector.
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3 dead in Milan plane crash
Milan: A small plane with only the pilot aboard crashed into the 25th floor of a downtown office skyscraper on 18 April after sending an SOS. At least three people were killed and 60 injured.

"First information points to an accident," interior minister Claudio Scajola told reporters in Rome.

Milan's main train station, about 200 meters (yards) away from the skyscraper, was evacuated for security reasons. Trading on the Milan stockmarket was suspended.
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A-I to reopen Frankfurt route
Mumbai: Air-India has revived plans to lease a Boeing 747-400 aircraft to expand its operations in Europe. The airline proposes to reopen its Frankfurt route using the aircraft.

Air-India currently flies only to London and Paris in Europe.

The India-Frankfurt route is currently serviced only by Lufthansa, which currently offers daily flights from Mumbai and Delhi and thrice weekly from Chennai and Bangalore.
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Bhupen Dalal discharged
Mumbai: A local court has discharged stock broker Bhupen Dalal from criminal proceedings launched against him by the enforcement directorate for allegedly siphoning out of India large sums of money, out of the suspected fraud of Rs 1,200 crore involved in the 1992 scam.

Dalal was discharged by chief metropolitan magistrate PM Bansod, who disposed of the complaint filed by ED officer A Rishiraj against the accused.

The ED had alleged that Dalal had floated various subsidiaries outside India and through them siphoned off large sums of money involved in the scam.
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Sebi for new accounting norms for bourses
New Delhi: Securities and Exchange Board of India has asked Institute of Chartered Accountants to come up with new accounting norms for bourses, mutual funds, provident funds, brokerage firms and for valuation of derivative products.

Sebi asserted that quality of audit monitoring has to be improved further and disciplinary action against erring companies should be speeded up to check and prevent accounting lapses and financial scams.

Sebi is currently working on the modalities for demutualisation of stock exchanges that will separate the broker members from the management of the bourses.
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