May 20, 1994 SEBI decides against badla

The Securities and Exchange Board of India has decided against resumption of forward (badla) trading in shares. At the crucial board meeting held on Thursday, SEBI rejected the May 3 proposal of the Bombay Stock Exchange to resume the facility for carrying forward transactions from one settlement to another. On the other hand, the SEBI board emphasised that all solutions to the resumption of forward trading should be found within the revised carry forward proposal it had suggested on March 9.

IMF support to Indian economic policies

The IMF has promised full support to India’s economic policies and expressed the hope that the budget deficit will be maintained at six per cent. The IMF Managing Director, Mr. Michel Camdessus, assured the Prime Minister, Mr. Narasimha Rao, when they met on Wednesday, of all help from his organisation. Among other callers on Mr. Rao was the World Bank President, Mr. Lewis Preston and leading American businessmen who discussed various aspects of investments in India.

US visit a watershed, says PM

Terming his current visit to the US as ‘in many ways a watershed visit’, the Prime Minister, Mr. P. V. Narasimha Rao, said the economic aspect would have a multiplier effect on bilateral ties. Mr. Rao told senior executives of the India friendly informal group of US companies during a breakfast meeting on Wednesday Indo-US relations could take a new dimension in view of the timing and ambience of the visit. He said the economic dimension would effect bilateral ties, encouraging greater investment and technology flows to India.

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