Markets cool off
Mumbai: The benchmark BSE Sensex cooled off shedding 5.67 points to close at 6322.76 points while the Nifty went down 2.8 points, ending the day at 1996.20 points.

Market Gainers
Indiabulls Financial Services, Sakthi Sugars, Rajshree Sugars, Dhampur Sugar, Bajaj Hindusthan, Balrampur Chini, Bannari Amman, Tata Coffee, Consolidated Coffee, Havell's India, Larsen & Toubro, Oriental Bank of Commerce, Bank of Baroda, Vijaya Bank, Andhra Bank, ICICI Bank, Dr Reddy's, Ranbaxy, Cipla, Wockhardt, Nava Bharat Ferro Alloys, Matrix Labs, Nagarjuna Construction, Shree Cement, Birla Corporation, Asahi India, Adani Exports, Container Corporation, Zodiac JRD MKJ, Goetze, Shree Rama Multi-Tech, Apollo Tyres, MRPL, Bhushan Steel, MRPL

Market Losers
HDFC, Infosys Technologies, Satyam Computer, Wipro, Satyam Computer, TCS, Hughes Software, Patni Computers, KPIT Cummins, Subex Systems, HDFC Bank, SBI, Sun Pharma, GlaxoSmithKline, Trent, Chennai Petroleum, Asian Hotels, Radico Khaitan, UTI Bank, MTNL, Alfa Laval, Voltas, Satnam Overseas, Rane Brake Linings, Shaw Wallace, Gufic BioSciences, KLG Systel, TVS Motors

Market Counters
BSE 30
Figures in Rupees
Gain (+) / Loss (-)

ACC	292.35	-1.90
Bajaj Auto	1,047.05	-5.50
Bharti Televentures	185.45	-0.25
BHEL	642.30	+5.05
Cipla	292.00	+3.60
Dr. Reddys Laboratories	814.55	+13.75
Grasim Industries	1,171.35	-0.65
Gujarat Ambuja	369.60	-1.20
HDFC	768.20	-35.75
HDFC Bank	482.45	-5.75
Hero Honda Motors	474.50	+0.50
Hindalco Industries Limited	1,318.45	-21.35
Hindustan Petroleum Corp	372.55	+2.40
HLL	144.60	+0.50
ICICI Bank	353.45	+9.75
Infosys Technologies	2,050.20	-31.70
ITC	1,280.05	-6.30
Maruti Udyog	434.50	+8.55
MTNL	125.90	-0.90
ONGC	841.10	+9.30
Ranbaxy Labs	1,161.60	+32.10
Reliance Energy	581.25	+8.20
Reliance Industries	543.35	+1.55
Satyam Computer Services	412.30	-11.55
State Bank Of India	576.90	-4.80
Tata Motors	493.00	+3.90
Tata Power	346.10	-5.70
TISCO	327.00	-3.90
Wipro	749.55	-5.45
Zee Telefilms	150.40	-7.10

Others
Balrampur Chinni Mills up 7.56 per cent at Rs459.60
Bajaj Hindustan up 7.88 per cent at Rs83.50
Bannariamman Sugar up 10.95 per cent at Rs423
Sakthi Sugar up 10.61 per cent at Rs35.45
Dhampur Sugar up 9.22 per cent at Rs53.90
Mawana Sugar up 8.85 per cent at Rs59.65
Birla Corproration up 8.67 per cent at Rs147.35
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PHDCCI study: MFs shying away from investments in G-secs
New Delhi: Mutual funds investments in Governments securities (G-secs), which accounted for 24 per cent of their total assets in March 2003, have come down to a bare three per cent in September 2004, according to a study conducted by the PHD Chamber of Commerce and Industries (PHDCCI).

Simultaneously, MFs' investments in money market instruments have gone up from 17 per cent of their total assets in March 2003 to 41 per cent in September this year, the study noted and said that it is linked with the slow increase in interest rates.

According to the chamber's analysis, the MFs seem to have stabilised their proportion of investment in corporate debts to 43-45 per cent of their total assets. As figures of asset allocation since March 2001 show the proportion of debt in total asset allocation has been 43 per cent, 45 per cent, 43 per cent and 44 per cent in 2001, 2002, 2003 and 2004, respectively.
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Keynote and Swiss firm Strategic Alliances tie up
Mumbai: Keynote Corporate Services, a boutique merchant banking firm, has joined hands with Switzerland-based Strategic Alliances Financial Services in order to facilitate tie-ups, mergers and acquisitions in India. Keynote will exclusively represent Strategic Alliances in India.

In a statement Keynote has said, "Europe is a large market for Indian companies and offers tremendous potentials for joint ventures, tie-ups and alliances between the corporate on both sides. Some of the Indian companies have tied up or even took over companies overseas. Now the mid-market segment is poised for fast growth and we aim to facilitate this."

Strategic Alliances, said, "India has huge potential for offering BPO, IT, Computer animation, web designing and other services to the international markets and we can use this country as a hub for providing these services."

Keynote is a merchant bank focusing on mid market segment. It provides services in capital market, corporate finance, restructuring, mergers and acquisitions and corporate advisory. Strategic Alliances is a consulting and advisory company offering integrated financial solutions for wealthy individuals, families, financial institutions and large corporations. The range of services offered cover private banking, investment banking, traditional and alternative investment structured products.
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SAT order: First Global can trade
Mumbai: The Securities Appellate Tribunal (SAT) has set aside SEBI's order that cancelled the registration of First Global Stockbroking Ltd, the securities trading firm owned by Shankar Sharma.

The Securities and Exchange Board of India had passed an order on September 12, 2002 cancelling the registration of First Global Stockbroking as a broker and portfolio manager and Vruddhi Confinvest India Ltd as a sub-broker.

The point of argument of the case was the validity of SEBI's order, as it was not passed within the regulated 30 days' time after considering the reply to a show-cause notice. The regulation that governs these orders originally said that the SEBI Board is "mandated to pass orders as soon as possible but not later than 30 days from the receipt of the reply to show-cause notice." Coincidentally, in 2002, this regulation was modified with the words "as soon as possible" without a specific time limit.

First Global was being investigated in connection with the fall in the stock markets on March 2, 2001. On March 13, 2001 an exposure of the scandal involving a defence deal was unearthed by Tehelka.com. First Global held 14.5 per cent stake in Buffalo Networks Pvt. Ltd, the company that owned Tehelka.com.

Shankar Sharma, Director of First Global, was arrested on April 19, 2001 and on the same day SEBI passed an order debarring the company from undertaking any fresh business as stockbroker, merchant banker or portfolio manager, pending inquiry.

The tribunal took note of the fact that the SEBI Chairman persistently refused First Global's requests for an oral hearing along with their written submissions. Also, instead of dealing with the matter in accordance with the law, SEBI took an unusual step of engaging a solicitor to send a lawyer's notice to First Global's written replies.

"This we find a little unusual in view of the fact that the enquiry was pending before SEBI. A regulator does not send lawyers' notice when the matter is pending in enquiry," noted the order.
In a previous case involving SEBI and Mr Atul Kanodia, SAT had upheld that the old regulation (of order within 30 days) would continue to be valid as if the regulations have not been amended, but only if the enquiry in the case is pending. The order noted that since SEBI had not challenged the earlier order, the judgment in the Kanodia case is final and binding and the Tribunal does not think it appropriate to reconsider this pronouncement.
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