Karnataka Bank offers DP services
Mangalore: Karnataka Bank plans to offer CDSL-DP services at some select branches. According to a press release from the bank the service would be extended to centres in Chennai and New Delhi. V V Raut, managing director and chief executive officer of Central Depository Services (India) Ltd, the release said, "We are delighted with the commencement of DP (depository participant) operations by Karnataka Bank."
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NeST plans IPO for expansion
Kochi: NeST Group, a Kerala-based privately held company plans to float an initial public offering public next fiscal to raise Rs800 crore to Rs1,000 crore to fund its expansion plans.

N. Jehangir, managing director of the NeST Group said the company is in talks with merchant bankers to finalise the plans for the IPO, slated for the coming financial year. He said that prior to the IPO the NeST Group would sell a part of its equity to a venture capital fund and it is in talks with some funds in this regard.

The NeST Group, a diversified entity with interests in software, fibre optics, medical equipment, desktop computers and system integration announced a turnover of between Rs500 and Rs600 crore last year. Its clients include Hitachi, Toshiba and Panasonic.
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Damodaran rejects 'super regulator'
Bhubaneswar: Securities and Exchange Board of India chairman M Damodaran has rejected the idea of a "super regulator" for the financial sector in response to the Reserve Bank of India's suggestion for an umbrella regulatory legislation to deal with the existing gaps and overlaps in financial sector regulation.

At present, the banking and financial supervision arm of the RBI supervises banks and non-banks, while the IRDA supervises insurance companies and Sebi regulates the capital market.

The new legislation proposed by the RBI is to create an apex regulatory authority without disturbing the existing jurisdiction.

Pointing out that the existing regulatory mechanism in the financial sector was working out well Damodaran discounted the formation of any umbrella body. Damodaran said the financial sector had undergone massive changes in the country and added that there were entities in the country that had overlapping interests in banking, the capital market and in the insurance sector.
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