AstraZeneca approves stock split
Bangalore: The board of AstraZeneca Pharma India approved a 1:5 stock split. The company seeks to split its shares of Rs10 each into five shares of Rs2 each. It has called an EGM on June 6 for final approval. Post-split, the authorised capital of Rs5 crore, as per the Memorandum and Articles of Association, would stand divided into 2.5 crore equity shares of the face value of Rs2.
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3,300 cos may be delisted
Kolkata: The Securities and Exchange Board of India (SEBI) has said it was considering delisting some 3,300 odd listed companies which have not complied with listing regulations after the SEBI board takes a final view on the future of regional stock exchanges (RSEs) and the only-regional stock exchange listed entities.

The SEBI Chairman, M. Damodaran, said, "These companies have also formed a habit of not filing statutory documents with the regional office of the Registrar of Companies." As non-promoter holding in these companies is generally very small, their so-called listing has failed to render any real service to the investor community at large. The SEBI chief made it clear that future of these stocks would be linked to the future of the RSEs.

Damodaran said that certain stocks may be put on BSE Indonext, on an experimental basis, if the regional stock exchange on which they are listed fail to demutualise and corporatise.

The recommendations of the committee, headed by Mr G. Anantharaman, whole-time member of SEBI, on the subject has been posted on the SEBI site for an open and transparent discussion, he mentioned.
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Sebi clamps down on MF distributors
Kolkata: The Securities and Exchange Board of India (Sebi) is planning to put mutual fund (MF) distributors under a regulatory framework directly or through a self regulatory authority (SRO), M Damodaran, chairman of Sebi, said on the sidelines of a seminar on 'Recent Developments in Capital Markets' organised by the Bengal Chamber of Commerce and Industry here today.

"Sebi wants to ensure that MF products offered to investors are best suited for them and not distributors and any steps taken in this regard would be done through a consultative mechanism. "We will be going ahead with Amfi in regulating MF distributors," Damodaran said.
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Patel Engg FPO oversubscribed 27.2 times
Mumbai: Patel Engineering's Rs425 crore follow-on public offer has been subscribed more than 27.2 times and the issue has mopped more than Rs10,000 crore. The QIB portion of the issue has been oversubscribed more than 52 times. Foreign institutional investors such as Lehmann Brothers, Citi Group, Fidelity and Templeton along with a few other domestic asset management companies have subscribed to the follow-on public offering, investment banking sources said.

The high networth investors' portion of the issue has been oversubscribed by more than 4.5 times and the retail portion of the issue has been oversubscribed 4.8 times. Overall, the issue received 1.22 lakh applications.

The price band for the FPO was fixed between Rs400 and Rs440.
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IDRs to be issued this year: SEBI
Kolkata: The Indian Depository Receipts (IDRs) will be out within this year. M Damodaran, chairman of Securities and Exchange Board of India (Sebi), today said: "We will have IDRs during this year. The rules needed a bit of change, and Sebi has revisited the issue. We have sent our recommendations to the Department of Company Affairs."

Commenting on the new qualified institutional buyer guidelines, Damodaran said that Indian companies preferred the GDR or FCCB route than a follow-on issue due to easier guidelines. "This will stop export of Indian capital. Nine out of ten listed companies were looking at GDRs and FCCBs. We are hopeful to get a chunk of this overseas capital raising," he added.
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FMC looks to tie up with US regulator
Mumbai: The Forward Markets Commission is looking at signing a memorandum of understanding with the US Commodity Futures Trading Commission for information sharing and training programmes. Sources said the alliance would be in the areas of information sharing and training needs of the exchanges' participants.

The CFTC was formed in 1974 to regulate commodity futures and options markets in the US.

Indian commodity markets are likely to see a jump in trade volumes once the government clears 'options' trading and allows banks and foreign institutional investors to enter the market. India has 21 regional exchanges and three national multi-commodity exchanges.
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