The Hindu : SEBI report on Grasim, L&T soon

Online edition of India's National Newspaper
Thursday, Feb 20, 2003

Business

Business

SEBI report on Grasim, L&T soon — Bajpai

By Our Special Correspondent

MUMBAI FEB. 19. The Securities and Exchange Board of India's investigation report on Grasim Industries' open offer for acquisition of additional 20 per cent stake in Larsen & Toubro will be out "very soon.''

"The report will be out very soon... I cannot specify an exact timeframe. It will be submitted at an appropriate time. The investigative team is yet to submit the same to me,'' the SEBI Chairman, G. N. Bajpai, told reporters on sidelines of a function held at the Bombay Stock Exchange here today.

The SEBI's decision to probe the A V Birla Group company's bid to acquire control in L&T follows an order of the Securities Appellate Tribunal that had stayed the open offer.

On the reported differences between the Department of Companies Affairs and the market regulator, the Chairman said SEBI had never taken up any such issue of overlapping of administrative and legislative functions.

Mr. Bajpai was the guest of honour at BSE's ISO 9001:2000 certification award presentation ceremony for the bourse's surveillance department.

The BSE is first in Asia to get the certification, which was received by its chairman former Justice, D. R. Dhanuka. — PTI

Framework for CLA

MUMBAI FEB. 19. The Securities and Exchange Board of India today announced the framework for the proposed Central Listing Authority (CLA).

The CLA, to be constituted by SEBI, shall have the functions of issuing or rejecting the application made by any body corporate, mutual fund or collective investment scheme for letter of recommendation for listing, of making recommendations as to listing conditions and of discharging such other functions as may be specified by SEBI from time to time, according to a SEBI release here today.

Any exchange should not consider any listing application made by any body corporate, mutual fund or collective investment scheme, unless it is accompanied by a letter of recommendation issued by the CLA. The SEBI further stated that if the CLA refuses to issue a letter of recommendation in accordance with the procedure laid down in regulations, the aggrieved party would be able to approach SEBI.''

Printer friendly page
Send this article to Friends by E-Mail

Business