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Saturday,
November 30, 2002, Chandigarh, India  
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Nod to demutualisation of bourses
CII offers Model Village for farmers
New routes to cut flight time |
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Pros aim high, covet luxuries 8 pc growth target a challenge: Pant
SEBI welcomes order on Grasim
Allahabad Bank scrip listed at 12.70
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Nod to demutualisation of bourses
Mumbai, November 29 The SEBI Board has approved the Justice Kania Committee recommendations to demutualise bourses by converting them into a company and changing their character to a “for-profit” entity, SEBI chairman G.N. Bajpai told reporters after the Board meeting here. “We have requested the government to amend the Income Tax Act for exempting accumulated profit of the exchanges from taxation when they change their form to a “for-profit” company. However, future profits will be taxed,” Bajpai said. The bourses should present their demutualisation scheme within six months from the date of issuing instructions, he said, adding that broking members would be entitled to hold shares of the corporate body but SEBI would have to consult the government on granting voting rights to brokers. On expanding the current list of stocks for derivatives trading, he said the bourses would now have the freedom to choose the stocks from the top 500 scrips (based on market capitalisation) and the list should be forwarded to SEBI for its approval. “The physical settlement for derivatives will have to wait till scheme for margins trading is put in place”, Bajpai said, adding that SEBI would write to the government seeking reduction in contract size for each transaction from current Rs 2 lakh to Rs 1 lakh. Bajpai said freedom to select scrips for derivatives trading would result in product differentiation while addressing the risks of market manipulation. The trading member position limit at Rs 50 crore would be linked to the overall market wide limit and at maximum of 20 per cent of the market wide ceiling for stocks with a cap of up to Rs 250 crore and up to Rs 50 crore for stocks with a cap beyond Rs 250 crore. Such a measure would help in linking the trading member position to overall liquidity of the underlying stock and also reduce the present member position limit from a uniform level of Rs 50 crore, he said. SEBI would have to satisfy itself that proper risk management systems were in place before allowing the expansion of listing of eligible securities for derivatives trading, he added. According to the Verma panel, the bourses would have a freedom to select an underlying security for derivative and along with it they would have to adopt risk containment measures, including gross margining and cross collateralisation. The exchanges should have an integrated surveillance for cash and derivatives market, the panel said. Sub-brokers could be assimilated into the market structure as long as they meet the twin requirements of client level gross margins and regulations of sales practices at client levels, Verma panel had said.
PTI
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CII offers Model Village for farmers Chandigarh, November 29 The Model Village demonstrates how science and technology can be effectively and efficiently employed to create viable and prosperous Indian villages. International commodity prices at the click of a mouse…. state-of-the-art medical treatment just a telephone call away…a cold chain system to keep vegetables and fruits truly “farm fresh”, eco-friendly earthquake resistant homes, solar powered kitchens…..and yes, the traditional tulsi plant, the village chaupal, green fields …. CII’s Model Village or Adarsh Gram integrates technology and tradition into a seamless holistic life sized display. “Our objective has been to create a personification of a futuristic and progressive Indian village. This Model Village is a tangible example of how rural Indians can attain much higher levels of productivity and prosperity, resulting in a vast improvement in overall quality of life,” said Mr Anand G Mahindra, Chairman Agro Tech 2002 and Vice President CII. “Here we are demonstrating viable and eco-friendly structures and technologies that could bring better health, education and incomes to rural India, while at the same time conserving the environment,” he added. Mr SK Bijlani, Chairman, CII Northern Region, said, “We want to get policy makers thinking about these concepts. At the same time, there are ideas displayed here that even individuals, urban or rural, could apply and adapt to suit their needs. Every Indian, even the city dweller, has his or her roots in the village. The Model Village features a commercial centre for organised retail, “serving as a one stop shop for villagers – a rural supermarket for day to day needs as well as macro level purchases, with a village dhaba, an up-to-date, information centre using latest technology. Gramin Udyog Banks with ATM facilities, credit and insurance services, a cinema hall….” The model residential home uses eco-friendly materials. Here, the concept of ‘rain water harvesting’ is used to store rainwater for use in the dry months. The roof of the house has a storage area, generally known as rainwater catchment area, which collects the water and channelises it through a pipe into underground storage, where it can be pumped for further use. In the model kitchen, energy efficient chullahs and biogas are tools to use and conserve and use natural resources. Solar Energy, which is cheap and inexhaustible, lights up gardens and homes, cooks food, heats water, powers TVs…. In this e-enabled Model Village, the typical Primary Health Centre uses the Tele medicine concept for healthcare. One can just log on to the pertinent website and chat online with a qualified doctor. It also permits the doctor on the other end to go through previous medical records. The Mandi is again a one-stop shop for all transactions regarding farm inputs. It deals in equipment, new technology, implements, quality seeds, fertilizers, pesticides. Its e-centre puts the business of trading food grains online, with computerised data of rate lists & market prices vis-à-vis all products available. The cold storage maintains produce at a sub-zero temperature, to increase the shelf life. Besides a conveyor system for grading of food grains, this also houses a modern “Silo” storage system, a laboratory to test food grains and seeds for quality, moisture content, texture etc.
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New routes to cut flight time New Delhi, November 29 The air routes over Australia, Asia, West Asia and Europe, which became operational at 7.30 am IST, are also expected to shorten ground delays by an estimated 10,3000 minutes for departures to Europe from Singapore, Kuala Lumpur and Bangkok among other cities, the International Air Transport Association (IATA) said. IATA Director General Giovanni Bisignani said in a statement “this is a shining example of how an industry-led solution can produce real benefits for consumers and environment, along with reducing costs”. This was the culmination of “great efforts” put in by the IATA. The International Civil Aviation Organisation (ICAO), national governments and air carriers. Under the new route paths, the flights, which previously went around political borders and military zones, can now operate on a straight line after negotiations between 21 nations, airlines, military agencies and air navigation chart makers, Jepperson, the statement on IATA website said. The new flight paths now go over countries in Europe, West Asia besides the Asia route structure south of the Himalayas.
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Pros aim high, covet luxuries
New Delhi, November 28 The survey published in the latest issue of The Week magazine has found that most professionals ranging from 21 years to over 36 consider their quality of life to be good and physically comfortable, if not entirely safe. Almost all of them find a sense of achievement in their work, swearing by the motto “Work hard, play hard”. The average work duration is 55 hours a week and the weekends are almost as hectic as weekdays. But work and personal life don’t mix for most of these professionals, who include business graduates, doctors, lawyers, chartered accountants, software personnel and businessmen in nine key Indian cities. About two-thirds of the respondents said they had never taken a holiday of more than seven days since they began working. In this all-consuming rat race for a better life, their favourite leisure was spending time with family. “The new breed, emerging out of the middle class, is determined to stand out as ‘someone’,” says The Week. “They are ready for the kill, are adventurous and see no danger in taking financial risks.” The sky is the limit, and easy availability of loans and credit cards have brought even the sky within reach. The survey, conducted by Week-Sofres Mode, took the opinions of 1,590 professionals from Delhi, Mumbai, Kolkata, Chennai, Pune, Ahmedabad, Kochi, Bangalore and Hyderabad. As many as 23 per cent of the professionals earn Rs 25,000 a month and above, 17 per cent earn between Rs 20,000 and Rs 25,000, 30 per cent each earn either Rs 15,000 to Rs 20,000 or less than Rs 15,000. Computers have grabbed a lion's share of these young aspirants with 43 per cent in IT. Thirty per cent of the professionals are doctors, lawyers or chartered accountants. Eighteen per cent are business graduates and a tiny 9 per cent are in business. The ownership of mobile phones is the highest and car ownerships are on the rise. Young working couples are most vulnerable to aspirations, commented the magazine. “They tend to live life king size, sometimes beyond their means.” Says Chennai-based economist P. James Daniel Paul: “Needs have changed rapidly in the liberalised economy. Our thinking patterns and spending patterns have also changed.” Among the 525 respondents who counted company as a status symbol, 12 per cent rated N.R. Narayana Murthy's Infosys Technologies as their most coveted destination for a job. Wipro came second with 9 per cent votes, followed closely by Microsoft (7 per cent). Almost all professionals in Ahmedabad, Kochi and Mumbai said they worked weekends as well. Bangalore is the favourite city, with 29 per cent dreaming of living in the Karnataka capital. India's commercial capital Mumbai was voted a favourite by 13 per cent. Next came Delhi, Pune, Hyderabad, Chennai and Kolkata, in that order. As for wheels, the Mercedes Benz topped the list of most aspired car -- something that would have been unheard of in the socialist era. The Honda City, Mitsubishi Lancer and Hyundai Santro came next. Half the respondents said they wanted to spend their holiday in Europe. The USA came a poor third, after Switzerland. A tiny 5 per cent of the executives named Singapore as their dream holiday destination.
IANS
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8 pc growth target a challenge: Pant New Delhi, November 29 Dr Pant said a major weakness of the economy has been the inadequacy and poor quality of India’s infrastructure i.e. electric power, roads, ports, telecommunications and also urban and rural drinking water supply and sewerage. The Brand Equity Award was presented to Hamdard Laboratories. The Distinguished Entrepreneurship Award was given to Analjit Singh, founder Chairman of Max India, Good Corporate Citizen Award to ACC Ltd, ‘Ethics is Good Business’ Award to Wipro Limited, Outstanding Business Woman Award to Vinita Jain and the Outstanding Contribution to Education Award was given to Dr Satinder Khurana.
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SEBI welcomes order on Grasim
Mumbai, November 29 Commenting on the order passed by the Securities Appellate Tribunal (SAT) yesterday asking Grasim not to go ahead with open offer to shareholders of L&T, SEBI Chairman G.N. Bajpai today welcomed the decision by saying that Grasim could not purchase any more shares from the market to enhance its holding in L&T. “Logically, this is not fair,” he said.
UNI
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Tata Tea Numero Uno SBI branch EKIWI seminar H-P camera Voltas awarded United Bank PNB FCNR rates Price index up |
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