Sunday, October 25, 1998
SEBI pushes up creeping-acquisition limit to 5%, threshold level to 15%
Reacting almost spontaneously to the prime minister's statement, the Securities & Exchange Board of India (SEBI) has announced radical changes in the takeover regulations. The threshold limit has been hiked from 10% to 15%, the creeping-acquisition limit is up from 2% to 5% and can go up to a holding of 75%.
Finance ministry ordered to crack down on unscrupulous promoters
Blaming the industry for being "partially" responsible for the present depressed state of the stock markets, prime minister Atal Behari Vajpayee said he has directed the finance ministry to take punitive action within three months against "unscrupulous promoters who exploited the market in its boom phase and later betrayed their commitment to the investors."
FIIs bypass India, turn to greener pastures
Things are looking up at global stock markets, including most emerging ones. World markets have turned the corner with most of them registering 5-25% gains since the US Federal Reserve announced the first rate cut on September 29. Thanks to the second Fed rate cut last week, the recovery has been sustained.
|
|
