Bolstered by a sharp rise in FMCG giants HUL and ITC, the benchmark S&P BSE Sensex on Wednesday recovered almost half of the previous day’s losses, gaining 97.5 points to 19,948.73, even as the government liberalised FDI norms in various sectors. Mixed-to-weak global trends ahead of the US Federal Reserve chairman Ben Bernanke’s semi-annual testimony and earnings from heavyweights such as Bank of America and Intel weighed on the market. The 30-share Sensex opened higher and climbed to 19,983.22 before dropping to a low of 19,778.54 on the back of a reversal in the European market. The index later recovered on buying in blue-chip counters to end at 19,948.73, a rise of 97.5 points, or 0.49%. The 50-share CNX Nifty index of the NSE rose 18.05 points, or 0.30%, to 5,973.30.
Sebi rejigs advisory committee on MFs
Sebi has revamped its committee that advices the market regulator on matters related to regulation and development of the mutual fund industry. The 15-member advisory committee on mutual funds is headed by Janki Ballabh, former chairman of SBI. The advisory committee is mandated to advise Sebi on issues related to regulation and development of mutual fund industry. Besides, it can advice the regulator on disclosure requirements and measures required for change in the legal framework to introduce simplification and transparency in the mutual fund regulations.
Sebi begins search to fill up ED’s position
Sebi has begun the search for a new executive director to fill a position that has fallen vacant after exit of S Ramann from the regulatory authority. Ramann, an Indian Audit and Accounts Service officer who spent over six years at Sebi, including about two years as ED, left earlier this month after he was called back to his parent organisation, the CAG. He was first sent to Sebi on deputation as an officer on special duty in 2007.
‘Cut and paste’ job costs Tata co R2.28 lakh
An erroneous ‘cut and paste’ job in updating its shareholding pattern has cost a Tata group firm, the Tinplate Company of India, R2.28 lakh as payments towards settlement of a case with Sebi. The market regulator, in a consent order dated June 28, has settled charges of takeover norms violation by the Tinplate Company of India (TCIL) after it paid R2.28 lakh.