Business & Economy

Stock exchanges can turn
into corporate entities

What is India News Service, Wednesday, 8 December 2004, 100 hrs IST


The Lok Sabha on Wednesday approved the Securities Laws (Amendment) Bill, 2004 to provide for the corporatisation and demutualisation of all recognised stock exchanges. 

Replying to a brief discussion on the Bill, Finance Minister P. Chidambaram, said that retail investors were the `driving force' of any stock market and the proposed legislation would encourage their increased participatation. Chidambaram said that once the Bill becomes a law, all stock exchanges would be required to submit a scheme for corporatisation and demutualisation to the Securities and Exchange Board of India.

RIL knew about our growth plans, claims Reliance Energy: Reliance Energy claimed that Mukesh Ambani was aware of its investment plans including Rs 11,000 crore project in Uttar Pradesh. 

Exchange for small, mid-cap cos to be operational by Jan: Indonext, a separate trading platform for small and mid-cap companies, will be operational early 2005, Mr G.N. Bajpai, Chairman, Securities and Exchange Board of India , has announced. 

Govt stresses need for farm diversification: The government on Tuesday said the high monsoon dependency of agricultural production can be tackled only with a comprehensive review of agriculture policies and by reinventing production profiles.

Israel favours tech ventures in Karnataka: Israel\92s deputy premier said Bangalore with its technological prowess could do a lot of business with them.

Bangla for gas pipeline from Myanmar to India: Bangladesh on Tuesday said it was favourably disposed to allowing a gas pipeline through its territory to carry natural gas from Myanmar to India and would take a decision very soon on giving rail transit to India.

Essar Oil board to discuss debt restructuring: Essar Oil Ltd on Tuesday informed the stock exchanges that its board of directors will meet on December 13, to consider a revised debt-restructuring package approved by lenders.

Tata Motors says UK venture could dissolve: Tata Motors said its deal to sell Indica cars to MG Rover stood, but could change if the latter goes ahead with a Chinese venture. 

Shell plans major foray in S India: Multinational oil major Shell Group, which opened its first retail outlet in Bangalore last week, in the first phase, plans to ... 

Plan panel moots one national oil company: In its first formal view on oil PSUs\92 merger, the Planning Commission has recommended creation of one national oil company comprising Indian Oil Corporation, ONGC, Oil India Ltd and some operations of Gail.

InMage receives funding of $6.3 m: US-based InMage Systems, founded by storage industry guru Kumar Malavalli, has received an infusion of funds.

Virgin looking at Air Deccan stake: Virgin chief Richard Branson said the group was in talks with Air Deccan as it looks to invest in an airline in the country.  

Cellular subscriber base is 4.54 crore: As many as 15.10 lakh mobile subscribers (both GSM and CDMA) were added in November. 



 

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