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Business & Economy
Fingerprinting a must for
stock market investors
What is India News Service,
Saturday, 12 February 2005, 1700 hrs IST
Large investors in the primary and secondary markets will be fingerprinted by agents of the Securities Exchange Board of India (Sebi) to obtain a unique identification number which has been made mandatory for the purchase of stocks worth more than Rs 1 lakh.
According to Sebi officials, 50 agents have been appointed to collect fingerprints, Pan Number, bank account information and other details from investors who apply for the Market Participant Identification Number (Mapin) card. No one would be allowed to purchase shares worth more than Rs 1 lakh without a Mapin number from March 31, 2005, according to Sebi.
The exercise has been mooted by Sebi chairman G N Bajpai who is pressing for a database of investors\92 biometric data. The authorities would make the data available to corporates and investigating agencies, sources say.
The National Securities Depositories Ltd (NSDL), which was appointed by Sebi, has in turn appointed 50 points of service agents. The agents have already set up offices across the country to collect data from investors and allotment of MAPIN numbers have begun.
High net worth individuals will have to personally visit one of the 50 agents for registration at a fee of Rs 300. The process would include fingerprinting, collation of data like bank acccount details, Pan number and other information.
According to guidelines issued by Sebi, equity shares, mutual fund scheme and collective investment schemes would come under the ambit of the Mapin identification card.
Chidambaram likely to increase Plan support by 20 pc:
Finance Minister P Chidambaram is expected to raise the gross budgetary support by 20 per cent to Rs 176,000 crore in the Plan outlay for 2005-06 for an increased expenditure towards social sector.
Inflation dips to 5.25 p.c.:
With the Centre's containment measures effected in the last quarter of 2004 continuing to reap dividends, the rate of inflation slipped by yet another 0.12 percentage point to touch a eight-month low of 5.25 per cent.
A-I gets 3 more slots at Heathrow:
The public sector international carrier Air-India has succeeded in acquiring three more landing slots in London ending speculation whether or not these three conditional slots allotted to the airline would come back to the general pool.
GoM clears SEZ legislation:
The Group of Ministers today finalised the legislation of Special Economic Zone, paving the way for larger doses foreign direct investment into the domestic economy.
Sensex recovers 56 points on fresh buying: Equities surged to a strong finish lifting the Sensex by 56 points in fairly brisk activity on the Bombay Stock Exchange today on heavy buying support from operators as well as fresh purchases by foreign institutional
buyers.
Industry grows by 7.9 pc in Dec:
Buoyed by a strong performance in the manufacturing sector, industrial growth increased by 7.9 per cent in December 2004, as compared to the level of growth in the same month of the previous year.
Biz channel mart booms on high ad spend:
The market for business channels is expanding at a rapid pace thanks to increase in advertising spends. It is expected that the advertising pie for business channels will continue to be on the rise for sometime at least.
Industrial growth up 8.4% in April-Dec:
Led by a strong performance from the manufacturing sector, industrial growth shot up to 8.4 per cent during April-December this fiscal.
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HLL net dips 28.38 pc:
FMCG major Hindustan Lever Ltd has posted a 28.38 per cent decline in consolidated net profit at Rs 1,208.4 crore for fiscal ended December 31, 2004, due to a number of factors, including competitive market conditions and pricing pressures.
Nirula\92s comes to Chandigarh:
Nirula\92s, the country\92s biggest chain of fast food restaurants with a turnover of over Rs 100 crore as on March 31, 2004, today announced the launch of its first family style restaurant in Sector 9,Chandigarh.
Indian-born Joshi in race for HP top post:
Hewlett-Packard Corp printer division chief Indian-born Vyomesh Joshi is among the frontrunners to head the $ 75-billion corporation. Chief Financial Officer Robert Wayman is serving as interim CEO until a successor is named.
Jet to buy 10 Boeing 737s:
Jet Airways plans to acquire 10 Boeing 737ngs (new generation) from March 2006 and has proposed an outlay of Rs 300 crore as expenditure towards purchasing slots at foreign airports, aircraft leasing and other infrastructural support.
Russia promises oil to India:
Russia has promised India 4 to 5 million tonnes of crude oil annually from its far east Siberian oil fields if it fails to accomodate ONGC Videsh Ltd in Yuganskneftegaz, the core asset of Yukos that has been acquired by Russian state-owned Rosneft.
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