SEBI may relax PAN submission date
Mumbai: SEBI may extend the September 30 deadline for the mandatory use of PAN card for stock market transactions as a section of investors has made a request to relax the requirement. A decision on this issue is likely to be taken by the market regulator on Tuesday, sources said.
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ICI India to buyback shares at Rs350 a share
Mumbai: ICI India has announced a buyback plan of its fully paid-up equity shares of the face value Rs10 each at a price not exceeding Rs350 per share. The buyback of 37.49 lakh , representing 9.17 per cent of the outstanding fully paid-up equity shares of the company, will cost Rs131.23 crore. The buyback plan will open on September 29, 2006 and close on September 13, 2007. The buyback will be by way of open market purchases on the BSE and NSE.

On Monday, the company shares traded at Rs 338.70, down 1.66 per cent, on BSE.
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FCE announces maiden dividend of 10 pc
Kochi: A maiden dividend of 10 per cent was approved at the fifth annual general meeting of the First Commodities Exchange of India held here on Saturday for financial year 2005-06.
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DSP Merrill launches mid-cap fund
Mumbai: DSP Merrill Lynch Fund Managers has launched an open-ended small and mid-cap fund, which targets to mop up around Rs 900-1,000 crore. The NFO comes two-and-a-half years after the launch of its The Infrastructure Growth and Economic Reforms Fund.

The new fund offer (NFO) will invest into firms below market capitalisation of Rs 4,500 crore, officials said here today.

The fund house has researched 15-70 light-weight stocks, where it would be investing around 75-80 per cent of its funds. Remaining funds will be invested in other investment instruments including large caps stocks.

Middle level stocks, with market capitalisation more than Rs1,800 crore and less than Rs4,500 crore will form around 60-65 per cent of overall investment, while around 15-20 per cent will be invested in small caps said company officials.

DSP Merrill Lynch senior vice-president Soumendra Nath Lahiri will be the fund manger for new scheme.
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Sebi doubles intermediary charges
Mumbai: The Securities and Exchange Board of India (Sebi) has doubled the fees for application, registration and renewal of licences of market intermediaries like merchant bankers, credit rating agencies, underwriters, share transfer agents, debenture trustees, bankers to the issue, foreign venture capital funds and local venture funds with immediate effect.

Registration charges for bankers to the issue, debenture trustees and merchant bankers have been increased from Rs5 lakh to Rs10 lakh while the renewal licences in this segment now stand at Rs5 lakh and the application fee is set at Rs25,000.

Similarly, registration fee for credit rating agencies is hiked to Rs 5 lakh while renewal charges is fixed at Rs10 lakh and application fee for them has reached Rs50,000.

For category-1 share transfer agents and registrars, fees for new registrations have been hiked from Rs50,000 to Rs 3 lakh while for renewal of licenses is set at Rs1.5 lakh, which was Rs40,000 earlier.

For category-II share transfer agents and registrars, registration charges have been increased from Rs30,000 to Rs1 lakh.

The rate for new registrations for underwriters to the issue has gone up from Rs5 lakh to Rs10 lakh while the renewal of applications now stands at Rs5 lakh from earlier Rs2 lakh.

The application fee for foreign venture funds and their registrations now stand at $5,000 and $20,000 respectively.
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MCX, NDDEX put in same league as LME, NYMEX
Mumbai: In less than five years, Indian commodity exchanges MCX and NCDEX have come into the league of biggies like NYMEX, LME and CBOT. A United Nations Conference on Trade and Development (UNCTAD) report titled, 'The World's Commodity Exchanges: Past, Present, Future,' rated National Commodities & Derivatives Exchange (NCDEX) the world's third largest agricultural futures exchange in '05. China's Dalian followed by CBOT as the largest and second-largest respectively in the number of agricultural contracts traded.

The report rated Multi Commodity Exchange of India (MCX) as the world's 11th largest agricultural futures exchange, fifth largest metals commodity futures exchange (LME, No 1 & NYMEX, No 2) and the sixth largest energy futures exchange (NYMEX, No 1 and ICE, No 2).

However, in terms of growth rate, MCX is said to the fastest growing exchange in the world with a growth rate of 678 per cent for calendar year '05.
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