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SEBI notifies schemes for corporatisation of nine more SEs
Mumbai: The Securities and Exchange Board of India (SEBI) has issued a notification for the corporatisation and demutualisation of an additional nine stock exchanges.

These are OTC Exchange of India, Vadodara, Jaipur, Magadh, Ludhiana, Saurashtra Kutch, Bhubaneswar, Inter-connected Stock Exchange of India Ltd and The Stock Exchange - Ahmedabad.

The SEBI-approved final scheme provides guidelines to exchanges for the segregation of ownership and management from the trading rights of the members. These also include restriction on voting rights of shareholders who are also trading members and composition of the Governing Board.

After corporatisation and demutualisation, there will be only one class of trading members with similar rights and privileges, and uniform standards will be followed in terms of capital adequacy, deposits, fees, etc. while admitting any person as a trading member or for accepting his surrender.
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Chidambaram says no speculative bubble, as P/E ratios comfortable
New Delhi: The finance minister P. Chidambaram said on Thursday that there was no sign of a speculative bubble in the Indian stock market, and that the price/earnings (P/E) ratios remained comfortable.

India's benchmark BSE share index hit a record 8,283.76 yesterday, and overall has risen nearly 25 per cent this year. "At the moment, P/E ratios are in the comfort zone between 16 and 16.5 or so," Chidambaram said in an interview. "If P/E ratios remain in the comfort zone, there is no reason to worry about a particular index number. At the moment, there is no cause to worry."

Chidambaram said the market was being driven by high business confidence, foreign money, copious domestic liquidity, the return of some small investors and optimistic projections about earnings for the second quarter to the end of September.

"When second quarter results come, and if they are as good as the first quarter results, then the stock market has anticipated correctly the second quarter results," he said.
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Tata Tele FCCBs converted to equity shares
Mumbai: Tata Teleservices Maharashtra Ltd on Thursday said it has allotted 22,77,435 equity shares upon conversion of Foreign Currency Convertible Bonds (FCCBs) of US$1.28mn held by the bondholders.

The board of directors have approved the issue and allotment of 22,77,435 equity shares of Rs10 each to various investors who have exercised their right to convert FCCBs held by them into equity shares, Tata Teleservices informed the BSE.

The equity shares have been allotted at a premium of Rs14.96 per equity share in accordance with the terms of the FCCB issue.
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StanChart Mutual closes Premier Fund offer early
Kolkata: The Standard Chartered MF has closed initial subscription to its Standard Chartered Premier Fund, ten days after opening. The fund had set a cap of Rs300 crore for the equity scheme, and the offer was due to close on September 26.

The scheme proposed to buy stocks at low valuations with a long-term perspective.

"We have closed the initial offer ahead of the last date," company sources confirmed, adding that the fund had followed a somewhat different distribution strategy, involving select intermediaries.

Investors were earlier informed that the scheme, whenever it opened, would similarly pre-fix the amount "to ensure that fund inflows do not exceed the quantum of investment ideas".
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