Sensex up marginally
The Sensex gained by 28.50 points to close at 5443.44 points, up from 5414.94 points. The Nifty rose by 8 points to close at 1725.10, up from 1716.65 points.

Gainers
Bajaj Auto, HLL, GlaxoSmithKline, Reliance Energy Infosys, MphasiS BFL, Satyam Computer, Polaris Software, Geometric Software, Hexaware Technologies, HLL, Nirma, P&G, Pidilite, Colgate, Dabur, Tata Teleservices, Balaji Telefilms, Mukta Arts, Pritish Nandy Communications, Television 18, TV Today, Indian Overseas Bank, Oriental Bank, Punjab National Bank, SBI, Union Bank, Vijaya Bank, Aventis Pharma, Glaxo, Burroughs Wellcome

Losers
Bharti Tele, MTNL, ICICI Bank, Cipla, Maruti Udyog, Bharti Tele-Ventures, VSNL, ICICI Bank, HDFC Bank

Counters
Infosys gained by Rs261.85 to close at Rs5, 186.75
HLL up by Rs3.1 at Rs147.9
Bharti Tele-Ventures fell Rs6.5 to close at Rs135.30
Balaji Telefilms gained Rs4.7 to close at Rs83.35
Vijaya Bank gained by Rs1.1 to close at Rs58.05
Glaxo up by Rs2.9 to close at Rs607.15
PNB up 3.70 per cent at Rs292.60
IOB gained more than 10 per cent to close at Rs53.05
TV Today up 9.21 per cent at Rs132.85
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SEBI: Guidelines on cut-off timing for NAVs
Mumbai: THE Securities and Exchange Board of India has issued the guidelines on uniform cut-off timing for net asset value of mutual funds (MFs).The guidelines specify that for purchases of units in MFs, for valid applications received up to 3 p.m., the closing net asset value (NAV) of the day on which the application along with the cheque is received would be applicable. For those received after 3 p.m., the NAV of the next day would be applicable. In case of outstation cheques or demand drafts not payable at the place where the application is received, the closing NAV of the day on which the cheque or draft is credited would be applicable.

Similarly, for redemptions, applications received up to 3 p.m., would be valued on the same day's NAV and those received after 3 p.m. would be valued at the following day's NAV, states the guideline. These are applicable for "sweep" and "switch" transactions, clarified the guideline. With respect to time stamping, the guideline clarified that each and every application for the purchase and the corresponding payment instrument shall be stamped on the face and back respectively, indicating the date & time of receipt and running serial number. The running serial number on the application and the corresponding payment instrument should be the same. The latest date for implementing the guideline is March 25. The clause on time stamping is applicable in metros from May 15 and in other centres, the last date for implementation is June 15.
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MFs allowed to invest in foreign securities
Mumbai: SEBI has decided to permit each mutual fund to invest in foreign securities up to 10 per cent of their net assets as on January 31 of each relevant year (instead of the present reference date of January 31, 2003), according to its circular.
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Nationalised banks to be Reliance MF's distributors
Chennai: The Reliance Mutual Fund has entered into a distribution agreement with the Karur-headquartered Lakshmi Vilas Bank and are in the process of negotiating tie-ups with a couple of other nationalised and old private sector banks.

Reliance says that small towns and rural areas provided opportunities for mutual funds and old private sector banks such as Lakshmi Vilas had both credibility and a wide reach in the form of bank branches. Reliance had earlier tied up with Corporation Bank, which has a deep reach in Karnataka. Lakshmi Vilas has a wide network in Tamil Nadu and Andhra Pradesh.Reliance's agreement with Lakshmi Vilas Bank does not prevent the bank from entering into a distribution tie up with other mutual funds.
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Biocon IPO closes
Bangalore: The IPO of Biocon Ltd was oversubscribed by almost 33 per cent as the issue closed on Thursday. Biocon will be listed on BSE and NSE and start trading in the first week of April.
The company is raising up to Rs 315 crore to fund the expansion of its plant that makes cholesterol-lowering statins. It is also foraying into human recombinant insulin, immunosuppressants used by organ transplant patients and cancer drugs. The issue of 10 crore shares will constitute 10 per cent of the fully diluted post-issue paid-up capital of the company.
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SEBI introduces margin-trading system
Mumbai: SEBI has decided to introduce the margin-trading system. Corporate brokers with net worth of at least Rs3 crore will be eligible for providing this facility. Through a circular, the market regulator has said that for providing the margin-trading facility, a broker may use his own funds or borrow from scheduled commercial banks or NBFCs regulated by the RBI. A broker is not allowed to borrow funds from any other source.

The "total exposure" of the broker towards the margin-trading facility should not exceed the borrowed funds and 50 per cent of his "net worth". While providing the margin-trading facility, the broker has to ensure that the exposure to a single client does not exceed 10 per cent of the "total exposure" of the broker. The facility of margin trading will be available only for stocks in Group-1 of the SEBI risk management system, numbering around 150.
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Selection committee to recommend names for SAT
New Delhi: The central government has passed a rule stating that members of the Securities Appellate Tribunal (SAT) would henceforth be appointed by the centre on the basis of the recommendations of a three-member selection committee. The three-member selection committee comprises the Governor of the Reserve Bank of India (RBI), the Finance Secretary, the Secretary, Department of Economic Affairs (DEA) and the Presiding Officer of SAT.

Informed sources said that the Centre would have the right to return the name/panel for reconsideration by the committee and for submission of a fresh name/panel. In the case of a Presiding Officer of SAT, the Centre has now decided that such an officer would henceforth be appointed by it on the basis of a recommendation of a selection committee to be constituted in consultation with the Chief Justice of India. Anyone aggrieved over an order passed by the Securities and Exchange Board of India (SEBI) can approach the three-member SAT, which is a quasi-judicial body, and file an appeal against an order.
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Canexpo pays dividend at 35 per cent
Kochi: Canbank Mutual Fund has declared a 35 per cent dividend on Canexpo scheme, an open-ended equity-oriented sectoral scheme. The aggregate dividend, for the scheme, declared during the year is 75 per cent, a release issued here said.
The record date for the income distribution has been fixed at March 26.
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