Sebi to probe Home Trade
Mumbai: Securities and Exchange Board of India would investigate into the diversion of funds, if any, into the stock market by the banned Home Trade Ltd, one of the five broking firms involved in the multi-crore government securities scam involving state cooperative banks.

The markets are safe and if required we may look into any diversion of funds by Home Trade Ltd, Sebi chairman G N Bajpai told newspersons.

The regulator has already banned the broking entity as it was revealed that it had violated regulations and guidelines laid down for the brokers, he said.

Sebi has further extended the ban on Home Trade from dealing in securities by one more month up to 10 June.
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CBI court acquits ex-chiefs of MUL
New Delhi: CBI special court has exonerated two former chiefs of Maruti Udyog Ltd - V Krishnamurthy and RC Bhargava - of one of the three long-pending alleged corruption charges.

The two ex-chairmen of Maruti were charged with making substantial advances to a component manufacturer Hydraulics Ltd and also purchasing shock absorbers from the firm at arbitrarily high prices.

However, this still leaves two cases pending against Bhargava in the special court. These relate to sale of 12 Maruti cars under the manufacturer quota at lower prices; and awarding a long-term transportation contract to Delhi-Ahmedabad Roadways (DAR) for transportation of CKD kits from Kandla to Gurgaon, thereby causing a loss of Rs. 90.46 lakh to the car maker.
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IT-enabled services to cross $ 20 billion
New Delhi: The National Association of Software and Service Companies (Nasscom) expected the country's booming IT-enabled services (ITES) sector to cross $20 billion by 2008, raising its earlier estimate of $17 billion made about three years ago.

The bullish forecast was based on a 70 per cent surge in the $1.5-billion sector in the past year to March.

The industry has grown at an impressive clip in India because of the country's cheap English-speaking workforce and is expected to grow further due to a sharp fall in domestic telecom rates.

The sector is projected to expand 65 percent in the next year.

In 1999, a joint study done by Nasscom and management consulting firm McKinsey pegged the ITES market to grow to $17 billion by 2008 and create some 1.1 million jobs in a nation of over a billion people.
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