SEBI hikes position limits for stock derivatives
Mumbai: SEBI has increased the trading member position limit for stock-based derivatives. Hence, for stocks having market-wide position limit of Rs500 crore or more, the combined futures and options position limit shall be 20 per cent of applicable market-wide position limit or Rs300 crore, whichever is lower.

Within this, stock futures position limit cannot exceed 10 per cent of applicable market-wide position limit or Rs150 crore, whichever is lower.

For stocks having applicable market-wide position limit less than Rs500 crore, the combined futures and options position limit would be 20 per cent of applicable market-wide position limit.

Futures position cannot exceed 20 per cent of applicable market-wide position limit or Rs50 crore whichever is lower, SEBI said, after its board approved the recommendations of its Secondary Market Committee.

SEBI has decided to resume fresh registrations for obtaining UIN under SEBI (Central Database of Market Participants) Regulations, 2003 (MAPIN). The registration process will be resumed in a phased manner.
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NSDL finds lapses by Karvy Share Broking in opening demat accounts
Mumbai: The National Securities Depository (NSDL) has found lapses by Karvy Share Broking (Karvy) in processing account-opening application for demat accounts after it conducted an inspection of Karvy in Yes Bank IPO allotment.

NSDL said the lapses have not been dealt with the care with which they ought to be treated. The Depository has asked Karvy to conduct an enquiry and take appropriate action in cases of both negligence and complicity, NSDL said in a release.

Karvy has been advised by NSDL to identify all those clients (with the addresses mentioned in the SEBI order). In case it is unable to identify the clients, Karvy has been advised to freeze the accounts for all transactions till such time the clients identify themselves.
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MFs can launch gold exchange-traded funds
Mumbai: The Securities and Exchange Board of India (SEBI) has announced new measures like optional grading of IPOs to provide "additional comfort" to investors and allowing mutual funds to launch gold exchange-traded funds, which would aid small investors to own gold through mutual fund units.

The regulator has also decided to do away with repetitive disclosures for follow-on public offerings and rights issues by companies with satisfactory track records in their filings with stock exchanges.

SEBI has also decided to extend the facility of public issue refunds through ECS, which will be done initially through 15 centres across India where clearing is done by the Reserve Bank of India. This will be extended to other centres later.

The SEBI has also decided to resume fresh registration for obtaining unique identification number (UIN). However, UIN will be mandatory only for investors with trade value of over Rs 5 lakh.

SEBI has taken another decision that relates to the amendment in takeover regulations to enable corporate restructuring. It said that restrictions on market purchases and preferential allotments under the takeover regulations have been removed.

The SEBI has also hiked the position limit for stock-based derivatives of trading members, based on the recommendation of the Secondary Market Advisory Committee.
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Shree Renuka Sugars announces 20 pc dividend
Mumbai: The Karnataka-based Shree Renuka Sugars has approved payment of 20 per cent dividend to the shareholders for the year ended September 30, 2005.

The AGM also gave its approval to dividend on redemption of cumulative preference shares of the company and also approved increase in borrowing powers to Rs600 crore.
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Noida Toll Bridge to raise US$45mn overseas
Mumbai: Noida Toll Bridge Company has approved a proposal for raising US$45mn in the overseas market. The company will raise US$45mn, excluding a green shoe option, through global depository receipts, it said.

The board also approved the launch of an employee stock option plan 2005, the company said.

The board also resolved to give a notice for convening an extra ordinary general meeting of the shareholders on January 24 to approve these decisions, it added.
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