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Business Briefs

Sebi asks MFs to shape up

Mumbai, Jan. 30: The Securities and Exchange Board of India (Sebi) has asked mutual funds (MFs) to remove deficiencies in their operations to provide better service to investors. Effective implementation of guidelines is important and the regulator has, on the basis of deficiencies found during inspection, asked MFs to take action to meet the norms, Sebi chief general manager P. K. Nagpal said at a seminar here today.

Forex reserves

Mumbai, Jan. 30: RBI deputy governor Rakesh Mohan today said the US-Iraq war threat is a not a major concern for India’s foreign exchange reserves and any effect on inflation will depend on oil prices. But the impact is expected to be limited.

Asahi merger

New Delhi, Jan. 30: The boards of Asahi India Glass and Floatglass India (FGI) today approved the amalgamation of FGI with its parent company, Asahi India, subject to requisite approvals.

Steel prices

New Delhi, Jan. 30: Federation of Industries of India today asked steel producers not to raise prices of hot rolled coil further as any increase would be disastrous for all the downstream consumers, including the auto and bicycle industries.

IT outsourcing

London, Jan. 30: Western multinationals could save up to $ 1 billion in five years by utilising the IT outsourcing facilities in India, Nasscom chairman Arun Kumar said.


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