Sebi panel suggests revision of fees for market entities
New Delhi: Market regulator Sebi will soon consider a significant revision in the fees it charges from various entities so as to meet expenses for its regulatory and investor-centric activities. The proposal to revise fees are based on recommendations made by a Committee on Rationalisation of Financial Resources, which has submitted its report to Sebi after detailed discussions and a “thorough study” of various parameters. It has been proposed to revise the fees for mutual funds, stock exchanges, brokers as also for the listed and to-be-listed companies for filing of offer documents, rights issues and takeovers. As per Sebi estimates, the regulator’s operational income (fees from intermediaries) is expected to be about Rs 165 crore in the current fiscal – ending March 31 – and at about Rs 196 crore in the next financial year 2014-15.
CCI orders fresh probe against DLF
New Delhi: The Competition Commission of India has ordered a fresh probe against realty major DLF for allegedly imposing unfair and unreasonable conditions on apartment buyers at one of its projects in Gurgaon. DLF is already under the scanner of the fair trade watchdog in other cases of anti-competitive practices. Finding prima facie evidence of violating fair trade norms, the Competition Commission of India (CCI) has now ordered probe into DLF’s New Town Heights residential project, (located at Sector 86) in Gurgaon, Haryana. According to the Commission, clauses of the agreement referred to in the current matter are identical to ones entered into by DLF in other abuse of dominance cases that are already being probed. The earlier cases are at different stages of investigation by CCI’s Director General (DG).
Tata Steel plans to raise prices
MUMBAI: Tata Steel Ltd plans to raise prices of high-grade steel products, and expects auto grade steel prices to be largely flat, Group Executive Director Finance and Corporate Koushik Chatterjee told ETNow. However, he cautioned that steel prices may weaken in correlation with the global fall in iron ore prices. Chatterjee added the firm’s Indian operations are less dependent on raw material prices.
Coal India executives go on 3-day strike
New Delhi: Coal India Ltd (CIL) executives went on a 3-day strike from Thursday protesting against non- fulfilment of their demands including performance-related pay, a move which could add to the woes of the PSU as its output may be hit. The company however said that production so far is near normal. Coal India has a strong 3.49 lakh workforce, of which 19,000 executives are on strike.
Manappuram enters home finance mkt
Mumbai: Pure-play loan-against-gold firm Manappuram Finance said it has signed a pact to acquire Milestone Home Finance Company from Jaypee Hotels to enter the home loan market, for an undisclosed sum.
Tata shelves Nano diesel variant plan
MUMBAI: Tata Motors Ltd has shelved plans to introduce a diesel version of its smallest car Nano, on changing fuel equations, the company said in response to a query from Cogencis. The company recently introduced a compressed natural gas variant of the Nano, and many believed that a diesel variant was just around the corner. -Cogencis
Boeing, Airbus raise Indian forecast
Hyderabad: Boeing and Airbus, two of the world’s leading aircraft manufacturers, raised their forecast for the growth of India’s civil aviation for the next 20 years, despite adverse near-term trends. While Boeing said India need 1,600 new aircraft worth $205 billion, its rival Airbus has put the numbers at 1,290 aircraft worth $190 billion by 2032.
DoT: 700 Mhz sale to take time
NEW DELHI: The Department of Telecommunications is not committed to auctioning the lucrative and efficient 700 Mhz spectrum as of now as the ecosystem for the bandwidth is yet to develop, Telecom Secretary M.F. Farooqui said. The Department of Telecommunications will, however, have its hands full in the next financial year 2014-15 (Apr-Mar) as it plans to auction spectrum in the 800 Mhz bandwidth as well as airwaves which are coming up for renewal in December 2015. -Cogencis