BSE clarifies on carryforward payment: The Bombay Stock Exchange has clarified that even if Sebi has mentioned that the additional carryover margin would be payable by way of fixed deposits or bank guarantees, the BSE brokers would be required to pay their additional carryforward margins only in cash.

BSE move on badla positions: The Bombay Stock Exchange has decided to debit the accounts of those members who require to pay the margin on the share badla positions of Sterlite,BPL and Videocon International. However, the same amount will be credited in their valan account in the subsequent settlement.

Sebi warns brokers: Sebi has warned Mefcom Securities & Stock Broker, a member of the Delhi Stock Exchange and Sree Swayambu Stocks & Shares, a member of the Bangalore exchange for non-segregation of client's funds, dealing with unregistered sub-brokers, delay in delivery of securities to clients, for not reporting the floor transactions to stock exchanges and not maintaining adequate base minimum capital. Sudhir Joshi & Associates and R Singhania have been warned for dealing with unregistered sub-brokers, for not maintaining margin deposit book, not maintaining hard copies of accounts, not collecting margin money from clients and not complying with Securities Contracts (Regulation) Act 1956 with regard to spot transactions and not rectifying the bad deliveries within the time limit. Oswal Chemicals dividend yield put at 20% The proposed 40 per cent dividend by OswalChemicals and Fertilisers Ltd translates into a clean 20 per cent yield as the OCFL scrip is currently trading at Rs 21 on the Bombay Stock Exchange.

Mafatlal Finance seeks nod for AMC: Mafatlal Finance Ltd is seeking the Sebi nod for setting up an asset management company. Mafatlal Finance had received an in-principal approval for setting up the same in March 1997. The mutual fund is likely to be called Mafatlal Asset Management Company Ltd.

Kajaria Ceramics results impressive: For Kajaria Ceramics, fiscal 1997-98 was no different from 1996-97. In 1996-97, Kajaria Ceramics had posted the highest profit in the ceramic tile industry. The results were impressive considering that apart from Kajaria Ceramics and a couple of other players, no company could seriously ward off the competition from unorganised sector.

Sebi suspends merchant bankers: Sebi has suspended the certificate of registration of merchant bankers belonging to category II, III and IV as on June 10 for not paying annualregistration fees. These merchant bankers include Abhishek Maheshwari, Clarity Financial Services, Baheti Bhadada & Associates, American Fiscal Services, Bharat Rasayan Finance, Apeksha Securities, Alchemie Financial Services, Consolidated Capital Financial and Bodhi Management & Investment.

Kirloskar Ferrous board to meet on June 29: The board of directors of Kirloskar Ferrous Industries Ltd will meet on June 29 to take on record the audited financial results for the year-ended March 31, 1998. The board will also consider and take on record the comparative statement in respect of the company's actual performance in relation to profitability for the year-ended on that date as compared to the projected profitability as provided in the prospectus relating to its maiden public issue of equity shares, said a press release.

GDRs increase by 7.50%: The Skindia GDR index, representing GDR's of 18 actively trading companies increased by 7.50 per cent from 609.30 to 654.98 on June 17, 1998 as per theSkindia GDR index with a base January 2, 1995 equal to 1000. The Skindia GDR index P/E ratio was 15.17 as compared to 14.27. Out of the total 65 GDRs, there were only 33 gainers, no losers and 32 unchanged as compared to 27 gainer, 6 losers and 32 unchanged on June 16.

Mumbai bullion up: Both the precious metal prices moved up on the Mumbai bullion market here following good overseas advices. Silver .999 and raw improved by Rs 45 and Rs 20 to Rs 7760 and Rs 7610 per kg respectively on good demand from industrial consumers and local buyers. Gold standard mint and 22-carat increased by Rs 40 and Rs 35 to Rs 4200 and Rs 3885 per ten respectively due to sustained buying support from local operators. Paucity of ready stock aided the uptrend. Ten tola gold also shot up by Rs 500 to Rs 49,300 per bar due to fresh demand from jewellery industry and common investors.

Gold flares up in Delhi: Gold prices flared up on the Delhi bullion market on scattered buying support against paucity of floatingstocks and closed sharply higher. Silver also remained in demand and continued to rise on hectic buying support. Higher Mumbai advices also influenced the market sentiment whereas arrivals of imported gold was negligible.

Delhi bearish: Heavy-weighted stocks failed to hold onto earlier gains to close sharply lower on the Delhi stock market following fresh selling by profit-takers at higher prices and lesser offtake by domestic financial institutions. Stock brokers said share prices, which had soared by 7.5 per cent yesterday on the back of a Sebi ban on short-selling to curb the slide in the market, succumbed to profit-takers selling and fell to lower levels.

MSE down: With short-covering by bear operators to comply with new delivery norms receding, the Madras stock market felt the absence of speculation and registered a fall in the later session. Consequently, equities failed to maintain their initial gains and closed with small to moderate losses on the bourse.

Wall Street seen littlechanged: Wall Street stocks were set to open little changed Thursday but could turn negative if US trade date due before the opening bell are worse than expected. Asian markets recovered overnight after the US and Japan showed their resolve to reverse the yen's slide with massive intervention in the foreign exchange market.

Mauritius index up: The Mauritius Semdex index rose 0.66 points or 0.14 per cent to 456.70 on Thursday, pushed up by gains in leading banking stocks, brokers said. Turnover rose to 3.09 million rupees ($128,162) on 71,782 shares from 1.4 million rupees on 63,295 shares on Wednesday. Brokers said the stock market remained dormant with only 20 securities traded out of a total of 44 listed companies. The Semdex rise was mainly led by the two leading stocks in the financial sector. Mauritius Commercial Bank climbed 1.0 rupee to 115.0 rupees on 9,350 shares, while State Bank of Mauritius edged up 10 cents to 16.20 rupees on 22,850 shares.