Indian stock markets have outperformed other Asian markets in May, with returns of over 19 per cent, despite political uncertainity and mounting tension in Kargil. The BSE Sensex gained 19 per cent from 3326 points at the end of April to 3963 points on 31 May, while National Stock Exchange (NSE) Nifty was up by 16 per cent from 978 to 1132 points during the month.

Assocham strategy for MFs

With a view to providing a level field for all mutual funds (MFs) registered with the Securities and Exchange Board of India (Sebi), the Associated Chambers of Commerce and Industry of India (Assocham) has proposed a five-point strategy to the finance ministry. The strategy has been formulated in the context of the numerous suggestions made by the Deepak Parekh committee for strengthening the US - 64 scheme which will have wide ramifications for the entire investing community.

Tata Finance picks up stake in Tata AMC

Tata Finance Ltd, the marketingassociate of Tata Mutual Fund (TMF), has picked up a 22 per cent stake in its asset management company, Tata Asset Management Ltd (TAM). Tata Industries Ltd, one of the initial shareholders divested its stake in favour of Tata Finance, TMF managing director, KN Atmaramani said on Thursday. TAM was set up as a joint venture with the Tatas holding 80 per cent stake and 20 per cent with Klienwort Benson Which was later taken over Dresdner RCM Global Investors Holdings (UK) Ltd.

Registrations to expire

Sebi has notified that seven bankers to public issues will cease to carry out the activity from the date of expiry of their registrations. The banks are: New India Cooperative Bank Ltd (registration expiry date 7/3/99), ING Bank (30/11/98), City Union Bank Ltd (25/9/98), The British Bank of Middle East (14/3/99), Bank of Punjab Ltd (7/12/98), the Kalupur Commercial Cooperative Bank Ltd (31/1/98) and the Sanva Bank (15/5/99). The registrations have expired as they have not applied for renewal of theirregistrations, it added. Meanwhile, two registrars to public issues in category one -- MCC Finance Ltd and Datamatrix Consultants -- also ceased to be registered with Sebi, it said in a separate statement.