
SBI advice: Stronger domestic players
State-owned financial institutions, which played a key role in bringing sanity back to the markets after the January bloodbath, have now suggested that the government create an alternate investors' group such as pension funds and enhance the capabilities of existing domestic investors like insurance firms and banks.
In a presentation to Parliament's standing committee on finance on February 12, the State Bank of India has suggested that rating agencies that currently rate initial public offers (IPOs) should also give an independent view on the pricing of these IPOs.
The financial behemoth also suggested that the minimum float size should be increased to 25 per cent from 10 per cent currently of enhanced paid up capital in an effort to help curb the volatility.
During the crisis between January 18–23, the three leading financial firms made combined net purchases of Rs 4,521 crore -- Life Insurance Corporation of India (Rs 3,045 crore) SBI (Rs 921 crore) and UTI Mutual Fund (Rs 555 crore).
Admitting that these were trying times in the wake of the global meltdown, the National Stock exchange (NSE) in its presentation argued that the two IPOs of Future Capital Holdings and Reliance Power had created a liquidity crunch in the system. The Rs 491-crore IPO of Future Capital was over subscribed 131 times and Reliance Power’s Rs 10,260 crore IPO was over subscribed by 62 times. As a result, the working capital difficulties faced by brokers and investors could not move funds, resulting in closures of broker terminals, the NSE said.
The Association of National Exchange Member of India said the stock exchange must provide pre-opening and post-closing sessions in their trading systems. “These sessions play an extremely important role in proper price discoveries of the securities,” it added.

Disagreeing with govt is not sedition, says SC
- India’s sedition law has an interesting past — it was introduced by the British in 1870, decided to be dropped from the Constitution in 1948 after discussions of the Constituent Assembly.

Centre plans tourism push to mark 75 years of Independence
- India will also promote tourism by celebrating 2022 as the Visit India Year through a promotion campaign highlighting India’s strengths like heritage, culture, art, wellness and yoga.

2 held for murder of sexual assault survivor’s father
- The ADG has constituted teams of police personnel from Aligarh to assist the Hathras police.

Teen held for murder of girl after rape bid
- The incident took place on Sunday afternoon, when the girl went to a wheat field, owned by the family of the accused, to collect fodder and water.

Only Centre can enforce new digital media rules: I&B ministry to states
- The provisions under the new rules relate to the code of ethics for digital news publishers, setting up of a grievance redressal system and the requirement of disclosure of information to Centre, the ministry said.

Spectrograph designed for Uttarakhand telescope
- The instrument will support the 3.6 metre Devasthal Optical Telescope (DOT) in Uttarakhand, an official release from the department of science said on Wednesday.

‘Ceasefire need of the hour... desirable for both India, Pak’: Lt-Gen BS Raju
- Lt-Gen BS Raju said a quiet LoC will allow us to address the challenge of terrorism in a focused manner.

ED begins probe against Franklin Templeton
- The central agency has registered a case on the basis of an FIR registered by Chennai Economic Offences Wing in September last year.

Experts slam claim that human activity not behind Chamoli disaster
- Dhyani added that the burden on the ecology due to construction on Himalayan slopes made the region prone to disasters.

Supreme Court issues notice on Gautam Navlakha’s plea for default bail
- Navlakha claimed in his petition filed through advocate Shadan Farasat that the 90-day period for filing of charge sheet was over and he was entitled to default bail under Section 167(2) of the Code of Criminal Procedure (CrPC).

GJM leader close to Bimal Gurung arrested under POCSO in Sikkim
- Lama was being considered as the GJM candidate for the Kalimpong assembly seat in the coming polls later this month.

Centre differs with SC on additional courts for cheque bounce cases
- Unhappy with the response, the bench headed by Chief Justice of India (CJI) SA Bobde asked Solicitor General Tushar Mehta to appear in the case along with Additional Solicitor General (ASG) Vikramjeet Banerjee, who presented the note to the Court.

Man in Maharashtra wanted to ride horse to office to overcome spinal problem
- The officer withdrew his request after an orthopaedic surgeon said his purpose would not be served by buying a horse.

India signs pact with Philippines for supply of BrahMos missile
