SEBI is modifying the Revised Carry-Forward System (RCFS) even while retaining both the twin-track system for transactions and the limit of 90 days for deals that are carried forward. The overall carry-forward limit has also been increased to Rs. 20 crores per broker, per settlement. These decisions are in contrast to the recommendations made by the group headed by Prof. J.R. Verma, which was constituted earlier by SEBI to review the RCFS implemented in July 1995.

Suzuki slams ‘reckless’ Industry Ministry

The Suzuki Motors President, Osamu Suzuki, said today that India’s Ministry of Industry had in “an unexpected, reckless action” decided on the appointment of R.S.S.L.N. Bhaskarudu as Managing Director of Maruti Udyog Ltd. with the casting vote of the Chairman at the general meeting of MUL and had concluded the meeting “declaring that the ministry would keep the position of Chairman of the company until the year 2001”. The Suzuki statement, quite critical of the actions of the Industries Minister, Murasoli Maran, charged that since his ministry’s behaviour “deviated from common sense excessively, which, we felt, affects Maruti’s sound growth. Suzuki had no other way than to appeal to legal judgement”.

Choice of index for futures trading may be left to SEs

The Securities and Exchange Board of India is veering towards the view that the matter of deciding on the appropriate index for the proposed ‘index-based’ futures trading system be left to the stock exchanges concerned. According to officials here, the regulator is unlikely to favour the mandatory imposition of any particular index on which futures contracts would be based.

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