Markets: Reliance triggers slump
Mumbai: The benchmark Sensex slumped by 70.73 points to end at 6,233.54, while the Nifty shed 20.95 points to settle at 1,969 points.

Market Gainers
Taj GVK Hotels, Indian Resort, Jaypee Hotels, Kamat Hotels, Indian Hotels, BHEL, Bharat Electronics, Alfa Laval, Atlas Copco, Thermax, Divi's Laboratories, Shasun Chemicals, Albert David, Ind Swift, Indiabulls Financial Services, Rico Auto, Ramco Systems, Bharat Forge, Bharat Rasayan, FDC, Maharashtra Scooters, Vishal Exports, LIC Housing Finance, Jaypee Associates, Godrej Industries, Phoenix Lamps, Bell Ceramics, Rane Madras

Market Losers
ONGC, Reliance Industries, Reliance Energy, HDFC, Ranbaxy Labs, Matrix Labs, Max India, United Phosphorus, Nicholas Piramal, Sundaram Clayton, Geodesic Information Systems, Philips Carbon Black, TRF, IDBI, DCM, Searle, Jindal Photo Films, Godrej Fertilisers, Majestic Auto, Alstom, Mukand

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

ACC	313.65	-1.50
Bajaj Auto	1,019.35	-11.45
Bharti Televentures	188.05	-4.70
BHEL	684.30	+17.75
Cipla	284.10	-1.10
Dr. Reddys Laboratories	819.65	-12.65
Grasim Industries	1,191.80	-12.30
Gujarat Ambuja	380.15	-3.50
HDFC	761.95	-15.30
HDFC Bank	466.00	-10.45
Hero Honda Motors	480.60	-8.05
Hindalco Industries Limited	1,286.65	-14.05
Hindustan Petroleum Corp	371.40	-10.45
HLL	144.90	-1.05
ICICI Bank	359.70	-4.30
Infosys Technologies	2,029.85	-11.25
ITC	1,268.40	-9.00
Maruti Udyog	437.95	-7.40
MTNL	125.90	-0.90
ONGC	819.95	-10.75
Ranbaxy Labs	1,197.50	-15.90
Reliance Energy	505.85	-35.15
Reliance Industries	499.40	-12.50
Satyam Computer Services	407.25	+1.95
State Bank Of India	595.20	-10.15
Tata Motors	483.25	-6.05
Tata Power	354.60	+7.70
TISCO	318.25	-1.25
Wipro	745.95	+7.55
Zee Telefilms	158.45	-1.50

Others
DKRBL up 13.39 per cent at Rs102.90
Satnam Overseas up 7.13 per cent at Rs108.95
Rei Agro up 2 per cent at Rs133.70
Lakshmi Overseas up 9.96 per cent at Rs60.15
Chamanlal Setia Exports up 8.62 per cent at Rs22.05
Bharat Heavy Electricals Ltd (BHEL) up 2.02 per cent at Rs680
Ahmedabad Electricity up 9.37 per cent at Rs124.85
Back to News Review index page  

Delhi HC designates court for SEBI cases
Mumbai: The Delhi High Court has set up a designated court for dealing with Securities and Exchange Board of India (SEBI) prosecution cases. In pursuance of the directions dated December 1, 2004 of the Delhi High Court, the Session Judge, Delhi, vide order dated December 3, 2004 has transferred all SEBI prosecution cases to the Court of Ms Asha Menon, Additional Session Judge, Delhi, a release has said.

SEBI had moved a proposal for setting up a designated or special court before the Chief Justice of High Court of Judicature at Delhi. The designated court shall facilitate speedy disposal of about 300 SEBI cases which are pending in different courts at Delhi, said a SEBI press release.

SEBI has also moved a proposal for setting up a designated court in Mumbai, which is waiting for approval before the Government of Maharashtra.
Back to News Review index page   r

CSE warns against members against violations
Kolkata: The Calcutta Stock Exchange (CSE) has observed a number of violations of legal requirements that have edged their way into the operations of its members. An inspection of the books of CSE brokers has thrown up several cases of infringement.

CSE, in a recent advisory issued to members, has said that a "repetition of similar offences may call for severe action."

The exchange has advised members to be aware of the need to report off-market transactions in both listed and unlisted shares. The note has also underlined the inclination to act as unregistered sub broker for clients.

With regard to contract notes, the exchange has referred to non-issue of such notes and their issuance in a format other than what is prescribed or without the signature of an authorised signatory.

Issuance of CSE contract notes for fictitious transactions has also been mentioned. Similar reference has been made to know your client (KYC) documents, especially to incomplete client registration forms and non-execution of client-broker agreements.

As for corporate brokers, CSE has underscored the non-appointment of at least one whole time director and a minimum two experienced directors. Non-submission of audit report (as well as late submission) has also been mentioned.

A further list of violations has been worked out. These include:

• No client bank account non-segregation of funds, and use of clients' funds for own purpose,
  
• Delays in payment to clients and in delivery of securities to clients,
  
• Non-collection of margins from clients and charging of excess brokerage,
  
• Non-maintenance of CSE reports and bank reconciliation statements
  
• Misuse of client securities and not entering correct/unique client codes.

Back to News Review index page  

Lok Sabha: Chidambaram promises strict action against scamsters
New Delhi: The Government has tabled the third progress report on actions taken regarding the Joint Parliamentary Committee's recommendations about the March 2001 stock market scam, with assurances that the strictest possible action are being taken against those found guilty.

Stating that the Government had already promulgated the Securities Laws (Amendment) Ordinance 2004 amending the Securities Contract Regulation Act, 1956, the Finance Minister, P. Chidambaram, said this would help provide liquidity in investments made largely by small investors in remote corners of the country in small and medium cap companies by providing for a national trading platform, Indonext, for trading of such shares.
Back to News Review index page  

Kotak Mahindra launches two index based schemes
Mumbai: Kotak Mahindra Mutual Fund is introducing two index-linked mutual funds - Kotak Sensex Scheme and Kotak Nifty Scheme, according to offer documents filed with Securities and Exchange Board of India. These equity growth schemes would be issued at Rs10 per unit at par.

The investment objectives of the schemes are to generate returns that are equal to the performance of the Sensex and S&P CNX Nifty, respectively.

The schemes will follow a passive investment strategy and portfolio turnover will be limited for the purposes of rebalancing on account of new subscriptions, redemptions and change in the composition and the stock weight-ages in the indices, according to the documents.

The scheme would invest 95 to 100 per cent of its assets in equity and equity-related instruments covered under the respective indices and the remaining five per cent could be invested in cash and money market instruments.
Back to News Review index page