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SEBI: Deposit norms flouted by CSE
Kolkata: After an inspection of the Calcutta Stock Exchange records, SEBI has observed that the CSE has not segregated the deposits made in base minimum capital/settlement guarantee funds (BMC/SGFs) and additional base minimum capital (ABMC) in line with regulations.

In view of the regulator's observation, the exchange has requested members to clearly identify the deposits that should form their BMC/SGF base. The exchange has also informed the members that it may not be possible to provide them the facilities related to BMC/SGFs and ABMC if nothing is specified.

Members are required to submit lists outlining the deposits (in the form of cash, fixed deposits and securities), which shall be considered for BMC/SGFs. All the other deposits over and above the BMC/SGF deposits, if any, shall be considered as ABMC.
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MCA allows ICSI to take part in investor protection activities
New Delhi: The 13-member Investor Education and Protection Fund (IE&PF) panel constituted by the Ministry of Company Affairs (MCA) has accepted the institute's request of allowing it to participate in investor protection activities. With the approval in place, the institute can now conduct investor clinics, according to ICSI officials.

The IE&PF has been established under Section 205C of the Companies Act, 1956 by way of Companies (Amendment) Act, 1999 for the promotion of investors' awareness and protection. IE&PF has to its credit about Rs352 crore up to December 31, 2004 and about Rs100 crore is added to the Fund every year.

However, the money directly goes to the Consolidated Fund of India (CFI), and the IE&PF panel is allocated an amount for taking up investor protection activities. This amount mainly comes from four sources - share application money, debentures, unpaid dividends and unclaimed deposits.

For the current fiscal, IE&PF has been allocated Rs2.5 crore.
Regarding the activities to be undertaken by the institute, sources said, initially, ICSI would hold investor clinics in its own regional offices, chapters and satellite chapters. These would be low-cost, and concentrate on practical issues faced by investors in non-metro cities, sources explained.
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FIIs may invest up to 26 per cent in HT Media IPO
Kolkata: The HT Media Ltd's initial public offering will have provision for overseas portfolio investments up to a limit of 26 per cent within the minimum of 60 per cent allocation set for qualified institutional bidders.

The total issue is for 69.95 lakh shares.

This follows the June 16 Union Cabinet meeting, which paved way for entry of foreign institutional portfolio investors, overseas corporate bodies, persons of Indian origin and NRIs in print media within the overall 26 per cent ceiling, earlier set for foreign direct investment.
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RBI: No further purchases by FIIs in Bajaj Hindustan, TASC Pharma
Mumbai: RBI has notified that no further purchases of equity shares of Bajaj Hindustan Ltd and TASC Pharma Ltd under portfolio investment scheme should be made on behalf of foreign institutional investors through stock exchanges.

Both companies have reached the overall limit of 24 per cent of their paid-up capital, said RBI in a press release.
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Malaysian investment arm picks up 13.2 per cent stake in Apollo Hospitals
Chennai: Schroder Capital's TWL Holdings Ltd has sold 55.37 lakh shares, amounting to 13.2 per cent of the equity, of Apollo Hospitals Enterprises Ltd to Bisikan Bayu Investments (Mauritius) Ltd, by a "private arrangement", according to a notification to the stock exchanges.

It is learnt that Bisikan Bayu is a part of Khazanah, the investment arm of the Malaysian Government.

TWL is now left with 7,50,000 shares of Apollo, aggregating to 1.48 per cent of the paid-up capital of the company, the notification to the stock exchange says.

The Apollo Hospital stock closed on Wednesday at Rs396.65, a gain of 0.58 per cent over the previous close. About 2.66 lakh shares were traded on the BSE against the 2-week average of 85,000 shares.
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Aqua India offloads 80 lakh shares in Jain Irrigation
Mumbai: Aqua India Ltd on Wednesday has sold 80 lakh shares of Jain Irrigation Systems Ltd (JISL) amounting to 13.79 per cent stake for a total of Rs124 crore.

The shares were sold in two bulk deals at Rs155 per share on the Bombay Stock Exchange.

At the end of March 2005, Aqua held a stake of 40.52 per cent in JISL. The irrigation company had made a preferential allotment to Aqua, a private equity fund, two years ago.

The buyers include Lionhart Investment Ltd, BSMA Ltd, Goldman Sachs Investment, Grantham Mayo, HSBC Global Investment and Fidelity Management.
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