News:
Front Page |
National |
Tamil Nadu |
Andhra Pradesh |
Karnataka |
Kerala |
New Delhi |
Other States |
International |
Opinion |
Business |
Sport |
Miscellaneous |
Advts:
Classifieds |
Employment |
Obituary |
National
Cabinet nod for ordinances to amend banking, securities Acts
By Our Special Correspondent
NEW DELHI,
SEPT. 17.
The Union Cabinet today approved promulgation of ordinances to amend the Banking Regulations Act, 1949, the Securities Contracts (Regulation) Act, 1956, and the Depositories Act, 1996. The amendments had been proposed by the Government earlier, but could not be presented in Parliament during the monsoon session.
The Banking Regulation Act is to be amended in order to facilitate issue of banking licence to multi-State cooperative societies. The Supreme Court had recently ruled that the Act did not permit issue of licences to such societies, because of which Reserve Bank had to cancel the licences issued.
The Securities Contract (Regulation) Act is to be amended to facilitate corporatisation and dematerialisation of stock exchanges and also to consider units of mutual funds as securities. The Depositories Act, a sister Act to the Securities Contract (Regulation) Act, has to be amended accordingly.
The Cabinet also accorded its post facto approval for amalgamation of the Global Trust Bank with the Oriental Bank of Commerce, which took place in early August because of the weak financial position of the Global Trust Bank.
Printer friendly
page
Send this article to Friends by
E-Mail
National
News:
Front Page |
National |
Tamil Nadu |
Andhra Pradesh |
Karnataka |
Kerala |
New Delhi |
Other States |
International |
Opinion |
Business |
Sport |
Miscellaneous |
Advts:
Classifieds |
Employment |
Obituary |
Updates:
Breaking News |
|
