2. DOT, Defence ministry may spar
again
The telecom ministry has sought that all airwaves
controlled by the defence ministry will fall under the
jurisdiction of the proposed spectrum regulator.
The department of telecom has prepared the draft bill
on the National Radio Regulatory Authority of India
which will handle all the issues related to allocation,
pricing, monitoring and withdrawal of all airwaves.
The frequencies on which all communication signals
travel.
3. Big FIIs cash out after making
listing gains
Most recent listings have plunged below their IPO
prices partly due to sale by these funds and also
because of unsustainable valuations at which they are
sold compared to their earnings and revenues
Many investors have started to lock up their gains as
they believe that the current optimism may not last or
that the IPOs would not rise beyond a point since they
are steeply priced
4. Close foreign loan windows for LLPs
The finance ministry and Reserve Bank of India have
opposed changes in the external commercial
borrowings policy to allow overseas borrowings by
LLps
The finance ministry is of the view that while FDI can
be allowed in this form of business entities but not
overseas debt
The current policy allows companies to raise ECBs but
sole proprietorship firms and partnerships are
prohibited from accessing such debt
5. FINMIN to let SEBI act against
insider trading
Insider trading regulations will get greater legal
sanctity and permanence with the finance ministry
looking at amendments to include detailed regulations
in the SEBI act
Insider trading refers to purchase or sale of shares by
someone who possesses inside or prior information
about a company’s performance and prospects which
is not yet available to the ordinary investors and
which if available might affect its share price.
6. Industrial growth back on track
Industrial growth appears to have picked up again
after worrying signs of slowdown in the last couple of
months
PMI is a survey based compilation of manufacturing
sentiment and is considered a good leading indicators
of factory output
An index level above 50 indicates expansion and
higher the index above that threshold greater the
increase in growth
7. FCCB holders move SEBI against
Shree Ashtavinayak
Two global hedge funds owned by JP-Morgan, US-
based QVT and high bridge capital have approached
capital market regulator SEBI and the ministry of
corporate affairs against Shree Ashtavinayak for
preventing them from converting their foreign
currency convertible bonds or FCCBs, into shares
These two funds had invested $19 million in FCCBs of
Shree Ashtavinayak in 2007.
