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Sebi puts C&D schemes of bourses on the fast track
Mumbai: After completing the corporatisation and demutualisation (C&D) process of the country's premier bourse, the Bombay Stock Exchange (BSE) Ltd, market regulator SEBI has now put the C&D process of other stock exchanges (SEs) on the fast track, clearing the C&D schemes of other ten stock

exchanges. The process is expected to gain further momentum next week with the C&D schemes of the other remaining bourses being cleared.

On Monday, Sebi issued orders clearing the C&D schemes of the Delhi Stock Exchange Association Ltd (DSE), Uttar Pradesh Stock Exchange (UPSE) Ltd, Hyderabad Stock Exchange Ltd (HSE), Madras Stock Exchange (MSE) Ltd, Madhya Pradesh Stock Exchange (MPSE), Pune Stock Exchange Ltd (PSE), Gauhati Stock Exchange Ltd (GSE), Calcutta Stock Exchange Association Ltd (CSE), Cochin Stock Exchange Ltd (CoSE) and Bangalore Stock Exchange Ltd (BgSE).

As part of the process, these exchanges will have to fulfill two main conditions; providing 25 per cent representation to the brokers/trading members on the governing board of the exchanges and devolving 51 per cent of the ownership with the public, and also those entities who are not the trading members of the exchange.

The regulator is expected to clear the C&D schemes of Ahmedabad, Bhubaneshwar, Coimbatore, Jaipur, Ludhiana, Magadh, Saurashtra-Kutch and Vadodara SEs next week. The clearance of the C&D scheme for the Mangalore Stock Exchange (MgSE) is expected to take a while as its case is pending in the Supreme Court, Sebi officials said.

The exchanges which were set up as companies limited by guarantee will have to convert/re-register themselves to companies limited by shares and demutualise.
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Edelweiss Cap raises US$35mn for investments in domestic markets
Chennai: Edelweiss Capital Ltd has said that its recently created private equity fund has collected its first tranche of US$35mn (Rs155 crore), from overseas investors. The fund will invest in Indian stocks. The fund is expected to go up to US$200mn by the end of the year, Edelweiss' officials said.

Edelweiss officials said that the fund would also invest in contemporary Indian art, and will set aside funds for the purpose. The `Yatra Art Fund' will be the vehicle for investments in this area. Fund officials said that the "affluent Indian disapora" was increasingly looking at the art market.

Officials said that apart from art, its 600-odd high-net worth clients, defined as those who provided revenues of Rs50,000 a month, would also be invested in equity, debt and real estate. Commodities would also be added to the list of asset classes soon, they said.

Edelweiss Capital is mainly into three businesses - investment banking, broking and proprietary investments.
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UTI Banking Sector Fund declares 25 per cent dividend
Mangalore: The UTI Banking Sector Fund has declared tax-free dividend of 25 per cent.

A UTI Mutual Fund press release said here on Monday that this is the maiden dividend declared by the fund since its launch in March 2004.

The record date for the dividend is September 22.
Investors who join under the dividend option of the fund on or before September 22 will also be eligible for the dividend, it said.
As on August 26, the NAV of the fund was Rs15.04 under dividend option, the release added.
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Jubilant Organosys AGM clears share allotment to General Atlantic
New Delhi: The shareholders of Jubilant Organosys Ltd have approved the allotment of 9,90,000 equity shares to GA European Investment Ltd (affiliate of General Atlantic, LLC) at Rs1,100 per equity share of Rs5 each amounting to Rs100 crore.

GA currently holds 5.06 per cent equity in the company and after this fresh allotment, its stake will go up to 8.45 per cent of the enhanced equity. These funds will be utilised for capital expenditure for organic growth and acquisitions.

At the company annual general meeting (AGM) held on Monday, the Board's recommendation of increasing the foreign institutional investor (FII) holding to 45 per cent was also cleared.

Jubilant has also introduced an ESOP to attract, retain, and motivate employees. The AGM also approved the dividend of 125 per cent recommended by the Board for financial year 2005.

Addressing shareholders, Shyam Bhartia, Chairman, said that the company is consolidating as outsourcing partner for the global pharma and life sciences industry. "Jubilant's portfolio of offerings now covers the entire spectrum along the pharma value chain, from drug discovery services to APIs (active pharmaceutical ingredient) and CRAMS (contract research and manufacturing) to regulatory services and finished dosage forms.

It is also planning to grow its pharma and life sciences business through acquisitions. Jubilant's acquisition of two pharma companies in Europe and a generic pharma company in the US has strengthened its ability to target international regulated markets and enter lucrative markets more effectively, he added.
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