Insecticides India debuts on BSE at discount
Mumbai: The stock of Insecticides India has debuted on the BSE at a discount of 8.69 per cent at Rs105 against its issue price of Rs115.

The stock touched an intra day high of Rs117 and a low of Rs101.15 before closing at Rs109.50. On the NSE, the stock debuted at a discount of 4.35 per cent at Rs110. The scrip touched an intra day high of Rs117 and an intra day low of Rs101 before closing at Rs109.45.

The total traded quantity of shares was 47,06,660 and 53,22,687 on the BSE and NSE respectively.
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Sebi cancels ombudsman plan
Mumbai: The Securities and Exchange Board of India (Sebi) has cancelled a proposal to introduce an ombudsman for quick redressal of investor complaints. The regulator has been of the view that the existing system of addressing investor grievances by stock exchanges is fairly good and seen to be working well.

At present investors route their complaints against listed firms to stock exchanges, regarded as the first line regulators. The bourses then take up the cases with corporates. Only those complaints which are not resolved are referred to Sebi.

About four years ago, Sebi said it would appoint an ombudsman to resolve complaints from investors.

At the time Sebi had laid down stringent guidelines for those aspiring to take up the assignment. However, despite interviewing 10 to 15 candidates, Sebi struggled to find the right candidates, said sources.

A Sebi official said the decision not to go ahead with the proposal was taken in the larger interest of the investing community and was also finding it difficult to find a right candidate for the job.

Sebi's circular in November last year, inviting directors of state-owned banks and firms to apply for the post of ombudsman, had led to the belief that the post was about to be filled up.
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MIC Electronics shares debut at premium on Day 1
Mumbai: MIC Electronics shares debuted on the BSE at a 40.17 per cent premium at Rs210.25 against its issue price of Rs150. The stock closed at Rs335.65 after hitting an intra-day high of Rs367.80. On the NSE, the company listed at a 75 per cent premium at Rs262.50. The stock closed at Rs338.15 after reaching an intra-day high of Rs368 and a low of Rs253. The total traded quantity of shares was1.45 lakh shares and 2.01 lakh shares on the BSE and NSE respectively.
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Infotech issuing equity, pref shares
Hyderabad: IT services provider Infotech Enterprises has approved the issue of preferential shares to Carrier International Mauritius Ltd, and GA Global Investment Ltd, Cyprus, and affiliate group entities. The company board has decided to allot 38.11 lakh equity shares of Rs5 each at Rs360 per share as underlying equity shares for the issue of American Depository Receipts and 27.24 lakh compulsorily convertible preference shares of Rs360 each convertible into equity shares of Rs5 each at a premium of Rs355 per share.

The company board, in a statement to the BSE, also decided to issue 17.72 lakh shares of Rs5 each at a price of Rs360 per share.
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