The Telegraph
Since 1st March, 1999
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Business Briefs

Reforms to be hastened

New Delhi, Dec. 20: Terming the 13 crucial economic Bills cleared during the Winter session of Parliament “building blocks for the future,” finance minister Jaswant Singh said the government is “now geared up” to hasten reforms for growth in the Budget. “Thirteen financial legislations were passed in this session and they are very timely and give a kind of support system for annual budgetary exercise,” Singh said. “It provided very good preparation for work that lies ahead in January and February. The finance ministry is now geared up to produce the kind of leadership needed for a new generation of growth,” he said summing up the “very satisfying” Parliament session.

HPCL selloff

New Delhi, Dec. 20: A parliametary committee today asked the government to reconsider its decision to divest in oil PSUs, HPCL and BPCL, or else allow Indian companies including PSUs like ONGC to bid for the two corporations.

Sebi norms

New Delhi, Dec. 20: Sebi today said stock brokers acting as underwriter should fulfil the capital adequacy norms specified by the stock exchanges. The market regulator has amended its regulation for underwriters wherein now merchant bankers would have to take a separate certificate to conduct underwriting business.

NRI account

Mumbai, Dec. 20: To liberalise exchange control regulations and providing additional facility to NRIs and persons of Indian origin (PIO), the RBI said they can now settle dues of their international cards out of funds they hold in their non-resident (ordinary) rupee (NRO) account.

MRF dividend

Chennai, Dec. 20: The MRF board today recommended a final dividend of 140 per cent for the current year, besides two interim dividends of 30 per cent each, paid earlier this year.

US crackdown

Washington, Dec. 20: As the US government intensifies its crackdown on corporate fraud, America’s leading investment banks and brokerage houses have announced they will pay a fine totalling $ 1 bn to settle allegations of conflicts of interest.

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