MMMFs come under Sebi purview
The Reserve Bank of India (RBI) has withdrawn all guidelines issued on money market mutual funds (MMMF) with effect from the close of business hours on March 7. "The regulation of MMMF schemes would now come under the scope of the Securities and Exchange Board of India (Mutual Funds) regulations," a Central bank release said on Tuesday. Banks and financial institutions (FIs) which plan to float MMMFs will, however, have to seek necessary clearances from the central bank before registering with SEBI.Standard Life picks stake in HDFC
Standard Life Assurance Company of the UK has picked up an additional 0.48 per cent stake in Housing Development Finance Corporation (HDFC). With the latest acquisition, the aggregate holding of Standard Life in HDFC is 8.35 per cent. Standard Life bought 5,74,706 HDFC shares of Rs 10 each in the secondary market through an affiliate. Standard Life already holds 7.87 per cent equity stake in HDFC.
Syndicate Bank
Syndicate Bank's Nariman Point branch had convened a get-together of the branch's corporate clients on March 2, 2000, at the Cricket Club of India. The get-together focused the attention of the customers towards the bank's efforts to improve customer service.
IDBI clarifies
The IDBI said it was mot involved in the repo market default as mentioned in the news item "Reserve Bank gaffe triggers off Rs 100 crore default in repo market" carried in The Financial Express on March 4. "We clarify that IDBI was not involved or affected in the reported default and IDBI had a credit balance in its account with RBI after honouring its payment obligations that day," IDBI said.
Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.