Demerged RIL share closes at Rs.713.93
Mumbai: The Reliance Industries Ltd stock closed at Rs713.93 at the special trading session held on Wednesday to discover its price. The session, a first of its kind, was held after the demerger of RILs telecom, finance and energy businesses. The price was 23.07 per cent lower from Tuesday's close of Rs928.15, when RIL was an undivided entity.

On the BSE, the RIL stock opened at Rs702 and touched an intra-session high of Rs727.75, before closing at Rs713.95. The special one-hour trading session was conducted between 8.00 a.m. and 9.00 a.m.

Following the demerger, RIL's market capitalisation has now been reduced by Rs32,719.52 crore or 25 per cent, from Tuesday's market capitalisation of Rs1,29,387.22 crore. This leaves RIL's current market cap at Rs96,667.70 crore.

RIL's weightage in NSE's Nifty index now stands at 7.39 per cent, down from 9.60 per cent. Against this, ONGC's present weightage stands at 13.02 per cent on the Nifty, up from 12.95 per cent earlier. The special trading session was held to adjust the weightage of RIL on the indices, after adjusting for the de-merger.

During the normal trading session, after the special session, the stock lost another Rs20.10 to close at Rs693.85. Over six crore shares were traded at the counter on the BSE and NSE during the day.
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Sebi issues norms to check money laundering
Mumbai: The Securities and Exchange Board of India on Wednesday issued detailed anti money-laundering guidelines for implementation by all intermediaries.

Sebi has said that according to the provisions of the Prevention of Money Laundering Act 2002, which came into effect in July last year, every intermediary has to maintain records of all cash transactions of more than Rs10 lakh in value or its equivalent.

The intermediaries are also required to keep records of transactions, integrally connected to each other, taking place within one calendar month. They also have to keep track of suspicious transactions made through any non-monetary account such as a demat account or a security account.

The guidelines, which say that principal officers have to be designated to report suspicious activities and also broadly define types of transactions to be tracked, will be applicable to all stock brokers, sub-brokers, share transfer agents, deed trustees, merchant bankers, underwriters, portfolio managers and investment advisers. The regulator has also promised to come out with more detailed rules.
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SEBI: New norms for institutional placement
Mumbai: A SEBI committee, in its report on the raising of funds from the domestic market, has said that the aggregate number of the proposed placement and all previous placements made in the same financial year in terms of placement size should not exceed five times the pre-issue net worth as per the audited balance sheet of the last financial year.

The report has said that only QIBs, as defined in the Disclosure and Investor Protection guidelines, would be permitted to participate in the restricted institutional placement. No allotment would be permitted directly or indirectly to promoters or persons acting in concert with them.

The committee has recommended that FIIs, VC funds and foreign VC funds could participate in these placements only if they have no special arrangements in the form of shareholder agreements, including board representation etc. In case of existing arrangements, they must then come in through the preferential route, the SEBI report has said.

On pricing, the SEBI committee said it should be on par with those for GDR issues, in terms of MOF guidelines. Allotments can be made on payment of 25 per cent of the price, in case of equity shares and convertibles (other than warrants). In case of warrants, the payment stipulations shall be 10 per cent on allotment of warrants, with equity shares being allotted only after payment of balance 90 per cent.
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