Sebi cuts no delivery periodMUMBAI: SEBI has slashed the no-delivery period and book closure notice period for shares mandated for compulsory dematerialised trading. The decision was taken in the wake of increased dematerialised trading and the reduction in paper work, SEBI sources said. The no-delivery periodthe period before book closure during which trades in shares do not result in deliveryhas been cut from four weeks to about two weeks, while the book closure notice period has been slashed to 30 days from 42 days, with immediate effect. SEBI has asked stock exchanges to amend their listing agreement so as to bring to effect the change in book closure period.K Gilt introduces dividend optionsMUMBAI: Kotak Mahindra Mutual Fund's (KMMF) K Gilt Unit Scheme 98 has introduced dividend options in both of its plans - K Gilt Savings Plan and K Gilt Investment Plan. The existing investors can switch from any of the existing scheme/plan of KMMF into the dividend option at the respeiveapplicable NAV. There will be no entry/exit load or contingent deferred sales charge levied for switching from growth option to dividend otpion or vice versa. The dividend in the K Gilt scheme will be distributed in every financial year beginning April 1, 1999 subject to adequacy to surplus after providing for accrued exepnses and tax if any.Elder, Italian firm float new JVMUMBAI: Elder Pharmaceuticals has floated a new company EWF Pharmaceuticals in joint venture with Milan-based $260 million Rottapharm. The new company, to be headquartered in Mumbai, will be headed by Anuj Saxena. EWF plans to launch a large portfolio of innovative products, some of which would include those developed in collaboration with the Italian multinational. The products to be rolled out in collaboration with Rottapharm include Viartril for osteoarthritis therapy, Triptical for osteoporosis, and Aplaket, a broad-sprectrum antiplatelet. The products from EWF's product development centre would be Thrive (a combination ofantioxidants and minerals), Roxiric (a microlide antibiotic) and Optiflox (a fluoro quininolone antibacterial agent).
