CBI arrests Ketan Sheth
Nagpur: The CBI has arrested Ketan Sheth, promoter of Gilt Edge Securities, in connection with the government securities scam. Sheth, who surrendered to the CBIs banking, securities and fraud cell, will be produced before the court on 15 May 2002. The stockbroker is alleged to have committed irregularities in government securities trading.

Sheth, along with Sanjay Agarwal of Home Trade, reportedly duped several cooperative banks and the Seamens Provident Fund of about Rs 400 crore. As the probe widens, the involvement of more entities might come to light.

CBI sources said the interrogation of Sheth is in progress and he has given them information about several things. Investigators believe he is the link between the now-displaced SPF Commissioner Arun K Gond and Agarwal. He reportedly introduced the two to each other.
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Audit of all exempted PFs ordered
New Delhi: The central provident fund commissioner has ordered an immediate audit of all the 2,500 exempted provident funds under its jurisdiction. The audit report will be submitted within a fortnight.

Central provident fund commissioner Ajay Singh said this while talking to newspersons after addressing the members of Indian Chamber of Commerce at a seminar on the proposed changes in the employees provident fund scheme.
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Sinha says he hasnt done anything wrong
New Delhi: Under attack from the opposition for accepting election campaign materials from the tainted Flex Industries, Finance Minister Yashwant Sinha has said he had committed no wrong and the BJP need not be defensive on the issue. BJP spokesman VK Malhotra, quoting Sinha, said the minister told the BJP parliamentary party meeting that he had not committed any mistake.

The minister will be making a statement in Parliament on the issue on 15 May. Malhotra said the minister has already given all the details about his election from Hazaribagh and after his statement in Parliament, "everything will be clear."
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Report says overseas investment to boost MFs
New Delhi: The government decision to allow mutual funds to invest in the overseas market will spur growth for the domestic mutual fund industry, says a Moody's-ICRA report.
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Decision on redemption of UTI soon: Bajpai
Mumbai: A decision on how and who would bridge the shortfall in the two assured return schemes of the Unit Trust of India due for redemption in June 2002 will be taken at the "appropriate time," according to Securities and Exchange Board of India.
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StanChart MF seeks approval
Mumbai: Standard Chartered Mutual Fund is planning to invest in overseas debt market, its managing director Naval Bir Kumar said. The board of trustees of the fund has already approved the proposal.
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I-T panel report on speculative share deals soon
New Delhi: Revenue Department sources have said the panel is now zeroing in on one or two options (on the definition) on speculative share deals, and will finalise the report incorporating the necessary changes within the next 10 days.
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