Stock exchanges asked to clear proprietary trading
Mumbai: The Securities and Exchange Board of India (Sebi) has asked stock markets exchanges to ensure that brokers or sub-brokers of the same exchange do not enter into proprietary trading or for trading on behalf of clients without their prior permission. The directve says that exchanges, while giving such permission, should consider the reasons stated by brokers or sub-brokers and only after a due-diligence should such deals be allowed, says a report.

Sebi has also said that a stock broker or sub-broker of an exchange can deal with only one broker or sub-broker of another exchange for proprietary trading after intimating the names of such stock broker or sub broker to his parent stock exchange. Sebi said these directives were being issued after inspections revealed that certain members and sub brokers are dealing through a large number of other stock brokers and sub-brokers of the same exchange or other exchange for their proprietary trades as well as trades on behalf of clients.
Back to News Review index page  

FIIs increase holding in infotech firms
Mumbai: Foreign institution investors (FIIs) bought over 38.72 million equity shares of IT companies in the quarter ended December 2003. Of the 31 IT companies of which the shareholding patterns are available from the Bombay Stock Exchange(BSE), FIIs have increased their stake in 28.

Their holding has fallen in three companies — Geometric Software Solution, Soffia Software and Visualsoft Technologies. In five companies — Infosys Technologies, Satyam Computer, Digital GlobalSoft, Geodesic Information Systems and Hexaware Technologies — the FII holding crossed the 20 per cent mark in the December quarter. In fifteen firms, FIIs have raised their stake by over 2 per cent.
Back to News Review index page