Bhave to head Sebi

New Delhi, Feb. 14: C.B. Bhave, chairman of National Securities Depository Ltd, will be the new chief of market regulator Sebi. Bhave will replace M. Damodaran. Bhave, who had earlier served both in the finance ministry as well as Sebi, is expected to take charge after Damodaran's term ends on February 17, sources said. There was, however, no official confirmation on the appointment. The decision is believed to have been taken last night after the finance ministry took up the issue with the Prime Minister's Office. Speaking to The Telegraph, Bhave said, "I have to put my head down and assess thoroughly the possible reforms in the financial market."

Indiabulls move

Mumbai, Feb. 14: Indiabulls Power has raised Rs 1,580 crore by selling 27.7 per cent stake to L. N. Mittal and Farallon Capital. The company sold 10.7 per cent stake to Mittal and 17 per cent to Farallon. Indiabulls Power is a subsidiary of Indiabulls Real Estate.

R-Com target

London, Feb. 14: Anil Ambani-led Reliance Communications is looking for a possible takeover of French IT services group Capgemini, a report in the online edition of the Times Today said. The report said R-Com had held early-stage talks with Capgemini.

Reliance gas

New Delhi, Feb. 14: The Supreme Court today allowed Reliance Gas Transportation Infrastructure to lay an underground gas pipeline through the Great Indian Bustard Sanctuary in Maharashtra, subject to several environmental safeguards.