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SEBI clears Sri Vishnu offerMUMBAI: SEBI has allowed former Rassi Cements chief B V Raju to go ahead with his offer for 20 per cent in Sr...

SEBI clears Sri Vishnu offer

MUMBAI: SEBI has allowed former Rassi Cements chief B V Raju to go ahead with his offer for 20 per cent in Sri Vishnu Cements at Rs 100 per share. The market regulator has also decided to launch investigations on whether the previous deal of transfer of 39.5 per cent shares of Raasi Cements to a clutch of nine investment companies was in violation of the takeover code.The Sebi chairman, DR Mehta, pronounced his order on today. The final hearing on the matter was concluded on September 1. The offer is scheduled to open on September 23.

The regulator has decided to delink the two events. Sebi has said that while the current open offer will be allowed to go through, only the violation of takeover code aspect of the earlier deal will be looked into by the regulator. If the deal is found to have been illegal then suitable action would be taken against erring party.

CSE gets Sebi nod for badla

CALCUTTA: SEBI on Friday permitted the Calcutta Stock Exchange tointroduce modified carry-forward trading badla subject to certain conditions. CSE was the third exchange after Mumbai and Delhi to get the Sebi8217;s nod for introduction of modified carry-forward trading.

Announcing this, the CSE president Kamal Parekh said prior to the introduction of modified carry-forward, the exchange would have to monitor the gross exposure limit of brokers on real time basis and intra-day trading limits.

He said these two criteria, considered as essential pre-requisites, would have to conform to Sebi-prescribed norms. Also, the carry-forward limit was restricted to Rs 20 crore per broker, Parekh said.

The CSE president said the modified carry-forward trading would be introduced shortly, and be allowed in all group A8217; scrips. Parekh added that the exchange was hopeful of soon getting SEBI8217;s permission for extension of C-star network.