The Federation of Indian Stock Exchanges (FISE) has decided to go in for the Interconnected Market System (ICMS) for inter-connecting the regional stock exchanges (RSEs) in the country. The FISE, at its meeting held here on Saturday, decided to seek the services of Price Waterhouse for preparing a detailed Business Strategy Document for the proposed ICMS project.

Core group clears VSNL divestment, Euro issue

The core group handling disinvestment in the Government has okayed Videsh Sanchar Nigam Ltd (VSNL)’s disinvestment and GDR plans - except the floor price and the timing. The group, headed by the Cabinet Secretary, Mr. T. S. R. Subramaniam, has decided to offload 15-20 million shares of the company in primary and secondary markets. The Euro issue will offload 12 million shares in the global market. The group has decided to club the disinvestment and Euro issues. It has upheld VSNL’s recommendation about the lead managers. VSNL wanted the lead managers of the aborted Euro issue to manage the issue in the global market.

LIC announces bonus rates on policies

LIC has announced bonus rates on various policies. Bonus rates for whole life policies were Rs. 86. Rs. 91 and Rs. 95 for policies commencing on April 1, 1975, during April 1970 to March 1975 and before March 1970 respectively. For similar periods, bonus on ordinary endowment policies is Rs. 69, Rs. 74 and Rs. 78, respectively. On money back, anticipated endowment and Jeevan Surabhi policies, bonus for periods from April 1, 1975 and before March 31, 1975 is Rs. 67 and Rs. 72 respectively. The rates were announced after the LIC Chairman approved results of the investigation into the financial condition of life insurance business.