january 20, 1995

The Securities and Exchange Board of India has decided to amend the by-law of the Madras Stock Exchange on segregation of brokers and clients accounts. This follows the failure of the exchange to do so in accordance with SEBI’s guidelines issued in September 1994. According to sources, the order is likely to come through any time now. Madras and Cochin stock exchanges are the only two in the country which have not implemented the guidelines.

Blow-out capping operation on

The Oil and Natural Gas Commission (ONGC) on Thursday launched phase-1 of its action plan for blow-out control and firefighting of the raging fire in the development oil well in Pasarlapudi. Andhra Pradesh. This strategy will be followed by efforts to top cap the well and avoid pollution and damage to the environment. This initial exercise is expected to take at least two to three weeks, according to top ONGC officials here. The action plan initiated on Thursday, a clear 10 days after the blow-out on January 8 will include excavation of pits for water storage, laying of water lines, pipelines and fire monitors up to the vicinity of the blow well for the fire-fighting operations and providing necessary water umbrella for removal of debris.

Final action against Fairgrowth soon

The special court, set up for dealing with cases relating to the securities scam, has decided to initiate final action towards the settlement of dues against Fairgrowth Financial Services Ltd. For expediting the settlement process, the custodian’s office, which functions under the special court, has issued a public notice calling for information as to whether any of the share certificates in possession of the company have been pledged.

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