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Business Briefs

CSE crisis persists

Calcutta, Oct. 9: The fate of the Calcutta Stock Exchange continued to hang in balance as the Securities and Exchange Board of India (Sebi) gave the exchange directors, who appeared at a personal hearing today, seven days’ time to make further submission, if any, in connection with the August 28 showcause notice. “We placed all facts, including that we were not involved in the day-to-day management of the exchange when the alleged discrepancies were noticed. It is now up to Sebi to take a decision,” CSE director S. K. Kaushik said.

Sebi rap

Mumbai, Oct. 9: Sebi has rapped the stock exchanges for introducing new trading segments without its nod. It has asked them to seek the market regulator's prior approval for starting such segments.

Easy tax norms

New Delhi, Oct. 9: The Centre today reduced the number of applications for tax deduction at source and tax collection at source from seven to three with a view to rationalise various rules and forms.

UTI foreclosure

New Delhi, Oct. 9: The government has earmarked about Rs 3,500 crore for foreclosing seven assured return schemes of Unit Trust of India (UTI), but feels that cash outgo will be nominal going by the experience of flagship scheme US-64.

Vizag steel

Hyderabad, Oct. 9: Visakhapatnam Steel Plant has recorded a net profit of Rs 400 crore in the first half of this financial year compared with Rs 74 crore in the year-ago period.


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