May 4, 1995

The Bombay Stock Exchange (BSE) will be making a representation to the Finance Ministry and the SEBI to take steps to impart liquidity to the stockmarkets. BSE is of the view that SEBI should suggest a time-frame for bringing back forward trading as it will facilitate brokers to take a long-term view of the market. Among the other measures suggested are bank finance for stock brokers, tax-free dividends and abolition of surcharge. The President and the Executive Director of the BSE will be submitting their views tomorrow to the SEBI Chairman, Mr. D. R. Mehta.

Sugar industry de-licensing unlikely now

The Food Ministry has decided against delicensing the sugar industry, notwithstanding a recent remark to the contrary by the Prime Minister, Mr. P. V. Narasimha Rao. “There is no case for de-licensing of the industry,” sources said, adding that Mr. Rao would be appraised of the Food Ministry’s stand after the conclusion of the SAARC summit. The Ministry has, in effect, quashed the recommendation of the Panel of Secretaries which had suggested de-licensing and decontrol of the sugar industry. The panel reviewed the recommendations of the Gian Prakash Committee which probed the sugar scam.

OIDB may be converted into financial institution

The Oil Industry Development Board (OIDB) may be converted into a financial institution, on the lines of the Shipping Credit Investment Corporation of India. The R-group, whose recommendations are expected to form the basis of the reforms in the petroleum sector, has proposed that the OIDB should be converted into an FI to provide soft loans on easy payback terms to public and private sector companies for exploration ventures.

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