FIIs net purchases at $97.3 million for the week
Mumbai: According to data available with the Securities and Exchange Board of India (SEBI), for the four trading days ended April 16, the foreign institutional investors (FIIs) have netted purchases of Rs 437.80 crore ($97.3 million) in equities while recording net sales of Rs 12.8 crore ($2.9 million).

Mutual funds (MFs) were net buyers in equities and debt at Rs 193.39 crore and Rs 13.3 crore respectively during the period under review.
Back to News Review index page  

Broker membership: SC asks Centre and SEBI to respond
New Delhi: The Supreme Court has issued notice to the centre and the Securities & Exchange Board of India on a petition against certain provisions of SEBI regulations, which are allegedly hostile to new entrants in the brokering business. The petition challenges an Uttaranchal High Court decision, which had earlier rejected the plea.

A division bench of Justice R C Lahoti and Justice Ashok Bhan has asked the union law secretary and the finance secretary (on behalf of SEBI) to respond to various questions of law raised by the petitioner Manwar Singh Rawat.

The Special Leave Petition has challenged the High Court judgment on the ground that it has overlooked the fact that SEBI, through its rules and regulations, discriminates against citizens, other than existing brokers, and as such its was violative of fundamental rights as guaranteed under Article 19(1)(g) of the Constitution.

Rawat, a retired Government employee wished to start a share brokering terminal at Ramnagar in Uttaranchal but could not do so due to SEBI regulations that required any person entering the business to deposit Rs 60 lakh to the stock exchange concerned.
Back to News Review index page