Sebi to sign bilateral MoUs to attract foreign investors

New Delhi: With an aim to attract foreign investors from a larger number countries to the Indian capital markets, regulator Sebi may soon sign bilateral MoUs with its counterparts in at least six countries. At the same time, Sebi (Securities and Exchange Board of India) will request the market regulators across various countries to allow the Indian market intermediaries operating in their jurisdictions to solicit business from interested Qualified Foreign Investors (QFIs) at those places. The steps are being taken by Sebi pursuant to suggestions made by the Ministry of Finance in this regard and would help attract more overseas investments through the QFI route, a senior official said.

FIPB to consider 50 FDI proposals this week

Mumbai: About 50 FDI proposals including those of L&T and Mahindra Group will come up for consideration at the FIPB meeting to be held here on Friday amid renewed efforts by the government to attract private investments. The meeting will be headed by Economic Affairs Secretary Arvind Mayaram. In the last meeting, the FIPB had approved 14 proposals of Foreign Direct Investment amounting to Rs 113.35 crore. As per the agenda note, of the total 49 proposals, 16 are fresh and 19 are those on which decisions were deferred in the previous meetings of the Board. Six applicants, including Arshiya International and DPD Continental, have filed representations against rejection of their proposals by FIPB in earlier meetings.

Total FII holding in HDFC rises to 68.72%

New Delhi: Shareholding of overseas institutional investors in HDFC has risen to 68.72 per cent — the highest level in five-and-a-half years — despite foreign entities like Citigroup and Carlyle exiting the housing finance major in recent months. The cumulative holding of Foreign Institutional Investors (FIIs) in HDFC rose to 68.72 per cent in the July-September 2012 quarter, up from 66.74 per cent at the end of previous quarter, as per stock exchanges data. The increase in FII holding in HDFC is among the highest for any Sensex company during the quarter ended September 30, 2012. Also, the current FII holding of 68.72 per cent in HDFC is the highest since five-and-a-half years ago, when it stood at 68.85 per cent at the end of quarter ended March 31, 2007.

‘Gupta could get prison term of 6 years’

New Delhi:  US prosecutors may seek an 8-10 year prison term for ex-Goldman Sachs director Rajat Gupta for his conviction in insider trading but the judge could give the India-born Wall Street executive six years or less, especially in light of his “otherwise unblemished record,” legal experts say. Gupta, 63, will be sentenced on October 24 by US District Judge Jed Rakoff.Federal prosecutors and Gupta’s defence team are likely to file their respective memos to the judge this week in which both sides would make a case for what sentence Gupta should be given and what the judge should keep in mind in handing down the prison term.

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