RBI relaxes NRI investment norms
The Reserve Bank on Thursday eased foreign direct investment (FDI) norms and allowed banks to provide guarantees on behalf of NRIs to acquire shares and debentures in Indian companies. ?To provide operational flexibility and ease the procedures, it has been decided to permit banks to issue bank guarantee, without prior approval of the Reserve Bank, on behalf of a non-resident acquiring shares or convertible debentures of an Indian company through open offers, delisting and exit offers,? RBI said.
Currency derivatives turnover dips 42%
The currency derivatives turnover on the country?s three stock exchanges fell 42% to R7.42 lakh crore in July, with NSE and MCX-SX witnessing a slump for the first time in the current fiscal. The three bourses ? NSE, MCX-SX and USE ? together had recorded a turnover of R12.80 lakh crore in June 2013, as per the latest data compiled by market regulator Sebi. USE had witnessed a fall in its currency derivative turnover in June as well, while NSE and MCX-SX recorded their first monthly decline since April.
Pvt debt placement in July hits 5-yr low
Fund-raising by Indian companies through private placement of debt securities or bonds plunged to R12,182 crore in July ? lowest in nearly five years. According to the data available with the market regulator Securities and Exchange Board of India (Sebi), Indian firms garnered total R12,182 crore from debt on a private placement basis route through 141 issues. This was lowest raised through private placement of debt securities since October 2008 when they had mopped up R8,769 crore.
EPFO goes online for updated A/C view
Retirement fund manager EPFO will launch an online facility on Friday where over 5 crore subscribers can view their updated accounts. ?We will launch the facility on Friday where subscribers can track their accounts online on a real-time basis and check their updated accounts,? EPFO?s Central Provident Fund Commissioner KK Jalan told PTI. At present, subscribers get account statements once a year.