Andhra HC stays SEBI order on Karvy
Hyderabad: The Andhra Pradesh High Court has passed an interim suspension order on the directives of Securities and Exchange Board of India (SEBI) barring Karvy Group entities from stock market activities. The Court has also stayed the Sebi order that asked the depository account holders of Karvy to shift to other depository participants (DPs).

The orders passed on a writ petition filed by Karvy that challenged SEBI's directives, also permitted Karvy to continue its normal equity market activities pending final disposal of the writ petition. The Karvy Group has not yet succeeded in obtaining an appointment from the SEBI on Tuesday for a personal hearing on the latter's interim order barring its entities from several stock market activities. According to sources, Karvy has submitted a detailed memorandum to the market regulator refuting all the charges levelled against it in the interim order.

SEBI is learnt to have expressed its willingness to consider a personal hearing at the earliest.

Karvy Group and Anagram Stock Broking were among the 24 entities named in the multi-crore IPO scam, who met the SEBI officials on Tuesday and explained their position in the matter.

Both Karvy and Anagram say they had no role whatsoever in the IPO scam, sources said. SEBI in its interim-order had given 15 days' time to all the entities named in the scam to explain their position. Clients of Karvy were asked by SEBI to move their business to other companies within 15 days. In the case of Anagram, the SEBI ban was related to proprietary trading.
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IL&FS raises $95 million for realty fund
Mumbai: IL&FS Investment Managers has raised additional $95 million from foreign investors for the Infrastructure Leasing & Financial Services Realty Fund. The company said it had achieved a "second closing for foreign investors and the total size of the fund stood at about $502.57 million (Rs2,258 crore)."

IL&FS Investment Managers would seek further commitments from international investors and expects to achieve a final closing shortly, it said. The company's share prices ended higher at Rs208.40 on the BSE, compared to the previous close of Rs207.65.
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UTI-Basic Ind Fund changes to Infra Fund
Mumbai: UTI Mutual Fund has changed the name of UTI-Basic Industries Fund to UTI-Infrastructure Fund with effect from May 2, 2006. A release by UTI Mutual Fund said all the other terms/features of the scheme remain unchanged. It said, "Keeping in line with the industry practice, the name has been changed to effectively convey the objective of the fund."

"The investment objective of UTI-Infrastructure Fund is to provide investors the benefits of capital appreciation and income distribution by investing in companies engaged in the sectors likemetals, building materials, oil and gas, power, chemicals, engineering etc. The fund invests in stocks of the companies which form part of infrastructure industries," the company said.
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RCoVL shares
Mumbai: Reliance Communication Ventures' (RCoVL) board of directors has approved reclassification of 100 crore unclassified shares of Rs5 each into equity shares of Rs5 each. The reclassified authorised share capital of the company now is Rs1,500 crore, consisting of Rs300 crore equity shares of Rs5 each, said RCoVL in its notice to the stock exchanges.
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UAE Exchange offers online share trading
Kochi: UAE Exchange which offers money transfer, money changing and travel and tourism services, has launched its online stock trading service, adding to its existing stock trading service.

The company's chairman and managing director, Dr B R Shetty said the company is planning to have all its branches as `one stop financial shopping mall.' The company hopes to transfer Rs10,000 crore into India from abroad in this year, recording a growth of 18-20 per cent from the previous year. Its money transferring business grew by 32 per cent in 2005 to around $ four billion.
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AstraZeneca may go for stock split
Mumbai: The board of AstraZeneca Pharma India will meet on May 09, 2006, to consider the proposal to subdivide the company's shares - presently of a denomination of Rs10 each - into those of lower denomination.
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