FM assures steps to curb insider trading
New Delhi: Finance Minister Jaswant Singh has said that the Indian government will take all necessary steps to curb insider trading. Addressing the Parliamentary Consultative Committee of his ministry here, Singh said the human resources and technological capabilities of the Securities and Exchange Board of India (SEBI) will be augmented to keep pace with the expansion of its regulatory powers.

Saying that SEBI has already put in place a 100-per cent dematerialised and online trading platform, Singh said the system of quarterly disclosure of results by companies is a global practice that is in investor interest. The finance ministry has now also commenced the practice of bringing out quarterly reviews of the economy.
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Sensex hits 44-month high
Mumbai: The 30-share Sensex of Bombay Stock Exchange registered a 44-month high, gaining 116 points on Monday, aided by renewed buying by foreign institutional investors (FIIs) and the peace initiatives between India and Pakistan. Blue-chip stocks witnessed strong buying across the board as investors lapped up equities amid hopes that FII purchases will not slow down substantially due to year-end consideration, and on hopes of strong foreign inflows following peace moves by India and Pakistan.

The Sensex opened at 5,086.86 points as against its previous close of 5,044.82 points and closed at 5,160.85 points, up 116.03 points or 2.30 per cent, marginally off its day's high of 5166.56 points.
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ABN-Amro to launch mutual fund
Mumbai: Having obtained approval from the Securities and Exchange Board of India (SEBI), ABN-Amro Bank NV is all set to launch its mutual fund by February 2004. The MF will start with an equity capital of $6.25 million. ABN-Amro Bank NV of the Netherlands will hold a 75-per cent stake in it while the rest will be held by an individual, said Romesh Sobti, executive vice-president and country representative (India).

The asset management company will undertake asset management, portfolio management, investment management and advisory services, investment research and financial consultancy services and will have debt, equity and balanced funds. Currently, the bank does third-party distribution for a host of MFs. ABN-Amro is adding projects to its business process outsourcing unit in India. Pilot projects in finance and operations within the wholesale segment for trade in Asia and Europe are being outsourced to its BPO units in Delhi, Mumbai and Chennai.
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