20 years ago today

Twenty years ago today - July 5

July 5 | Updated on July 04, 2021

UTI chief quits. Vassal in charge

The Government on Wednesday set in motion a series of damage-control measures, following the US-64 fiasco by forcing the exit of the UTI Chairman, Mr P.S. Subramanyam, followed up by a directive to the UTI management to work out a scheme to provide liquidity to retail investors, during the six-month period when the sales and repurchase window will be closed. The Government then moved swiftly to install the senior-most Executive Director of the UTI, Mr K.G. Vassal, to head the country's biggest mutual fund in the near term.

Punching errors: SEBI for new checking system

Reacting sharply to 'punching errors' in various stocks over the past two days, the Securities and Exchange Board of India (SEBI) today called for the immediate introduction of an order verification system by the bourses. "The system should verify quantity and price beyond certain limits. However, the limits for this may be prescribed by the stock exchanges," Mr D.R. Mehta, Chairman, SEBI, said in an informal chat with the media. After ACC at Re 1, Zee at 50 paise, it was Reliance Petro being traded at Rs 300 and ACC at Rs 209.15 on the NSE, this time.

Universal Studios plans theme park in India

Hollywood has finally woken up to Bollywood. After the Bollywood inspired Moulin Rouge set the screens in the West afire, it is now the turn of the Los Angeles-based Universal Studios to set its sights on Indian soil. The studio is planning to invest over $500 million to set up a theme park in India and is scouting for a joint venture partner. Industry sources, who were part of the high-profile delegation which visited the US along with Information and Broadcasting Minister, Ms Sushma Swaraj, said, "Universal Studios is keen on investing in India and have indicated that they were open to making investments to the tune of over $500 million."

Published on July 04, 2021

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