DPs asked to tighten transfer norms
Mumbai: Issuing a new set of instructions on transfer of securities, the Securities and Exchange Board of India (Sebi) has asked the depository participants (DPs) - National Securities Depository (NSDL) and Central Securities Depository (CSDL) - to give more emphasis on investor education.

Sebi has asked DPs to counter check information on transactions with the investor if some unusual features are observed.

This comes after Sebi received complaints from investor forums that securities are transferred from the beneficial owner accounts (BO) without proper authorisation of the concerned investor. The Secondary Market Advisory Committee (SMAC) of Sebi studied the issue and has recommended a few safeguards.

The DPs have also been asked to put in place appropriate checks and balances with reverification of signatures of the investors while processing the slips. They would also be cross checking with the investors under exceptional circumstances.
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Adani Enterprises makes open offer at Rs233
Mumbai: Adani Infrastructure Services makes an open offer to the shareholders of Adani Enterprises Ltd to acquire a maximum of 1,97,18,958 fully paid-up equity shares of the face value of Rs10 each, representing in aggregate approximately 8% of the total paid-up equity share capital/voting rights of the trget cmpany at a price of Rs233 per share payable in cash subject to terms & condition. The offer opens April 5 and closes on April 24, the company said in a statement.
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Yokogawa India to be delisted
Mumbai: Yokogawa Electric Corporation, Japan plans to acquire all outstanding shares of 14,70,971 fully paid up shares in Yokogawa India (being 16.81 pc capital of the company). Accordingly, the company seeks to voluntarily delist the shares from BS E, NSE and Bangalore Stock Exchange, where the shares are currently listed.

The company proposes to acquire the shares pursuant to a reverse book-building process as stipulated under the guidelines. The guidelines require the floor price for the shares to be acquired pursuant to the reverse book-building process, to be the "aver age of 26 weeks trade price quoted on the stock exchange where the shares of the company are most frequently traded in the preceding 26 weeks from the date of the public announcement"

The offer date opens on February 15 and closes on February 20 and the final settlement date in demat form would be February 23.
The scrip closed at Rs 396 on the BSE on Friday.
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MIN may not be needed for MF investments
Mumbai: The requirement of a unique identification number for investing in mutual funds, known as MIN, is likely to be done away with and mutual funds could be asked to follow the Finance Ministry's suggestion of making PAN compulsory for mutual fund applications.

The Association of Mutual Funds in India (AMFI), in consultation with the SEBI, is expected to make an announcement to this effect shortly.

Earlier the association had made MIN compulsory for investments of Rs50,000 and above in mutual funds from January 1, 2007.

The mutual fund identification number was introduced to free investors from the hassle of providing documents every time they make an investment in a mutual fund. All mutual funds had made special arrangements with CDSL Ventures for processing documents and issuing MIN to investors free of cost.
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Oil India to launch IPO
Kolkata: The Centre is considering unveiling an initial public offering (IPO) for the Rs10,000-crore Oil India. According to sources, the Union Petroleum and Natural Gas Ministry is currently preparing a draft proposal in this regard for submission before the Cabinet committee, shortly. The sources said the Ministry had also initiated dialogue with the Left in this regard.

Sources said the Ministry had underlined the need for raising finances by issue of fresh equity shares - to the extent of 10 per cent of the expanded capital base - to finance OIL's plans to enhance exploration and production activities in India and the abroad. While the exact issue size would depend on the premium charged, informed sources expect the IPO to raise anywhere between Rs1,800 crore and Rs2,000 crore.

OIL has registered a net profit in excess of Rs1,600 crore during the last fiscal on a turnover of Rs10,000 crore and a reserve of Rs4,000 crore.
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GeneMedix begins trading on LSE's AIM market
London: GeneMedix plc, controlled by Reliance Life Sciences (RLS) with a 74 pc stake, began trading on the London Stock Exchange's AIM market from Friday. The UK-based bio-pharmaceutical company's shares have been admitted for trading after the completion of the proposal approved by shareholders on January 12 and the end of the restructuring process initiated in October 2005, the company said in a filing to the London Stock Exchange.

As part of the proposal, Reliance Life Sciences (RLS) acquired a controlling interest in GeneMedix by way of a subscription for ordinary shares and the right to invest up to a further 17.5 million pounds through exercise of a five-year warrant instrument.
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