SKS Microfinance surges 10 per cent

On the NSE,the scrip ended at Rs 543.65,up 10.01 per cent from its previous close in the wake of the government unveiling a draft Bill to tighten regulation of the micro finance sector.

It ignored the weakness in the broader market,with both the Sensex and Nifty ending the day in the negative zone.

The BSE 30-stock index,Sensex settled 136.65 points down at 18,721.39,while the NSE8217;s 50-share Nifty ended 44.55 points lower at 5,616.10.

The government on Wednesday released the draft Micro Financial Sector Development and Regulation Bill,2011,which seeks to make it mandatory for all micro finance institutions to be registered with the Reserve Bank of India,making it the sectoral regulator.

The Bill,in its earlier avatar,had proposed that the National Bank for Agriculture and Rural Development NABARD would be the regulator of the sector.