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Corporate entities, HNIs also get ASBA facility
In a move that may lead to faster primary market issuances, the Securities and Exchange Board of India (Sebi) today said Asba (applications supported by blocked amount) facility would also be extended to non-retail, high net worth and corporate investors. The measure was introduced in Sebi’s scheme of ASBA-II. All investors, except qualified institutional buyers, would be able to apply through the facility, a Sebi circular said.

Citigroup stuck with Bernanke offer rival banks plan to refuse
When financial stocks slumped in February to the lowest level in at least 17 years, US Federal Reserve Chairman Ben S Bernanke told Congress the government might end up owning “substantial” stakes in the country’s biggest banks.

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Army short of 11,387 officers: Antony
The Indian Army is short of over 11,387 officers, Defence Minister A K Antony told the Lok Sabha today.
Business Ideas

Exporters happy with trade policy

After months of clamouring for help, exporters today said they are happy with the Foreign Trade Policy that has offered them, among others, subsidised credit and help to diversify to new markets. - Govt may cut transaction costs for exporters - Trade policy to offer sops to labour-intensive sectors - Trade policy tomorrow; may act as crutches to exporters - Exports sops may continue till global economy turns around - Outlook for textile industry remains negative: Fitch - Govt to unveil Foreign Trade Policy on Aug 27 "It is a very realistic trade policy. I think new products (and) new countries have been best thought out... In a very innovative Foreign Trade Policy," CII Director General Chandrajit Banerjee said on the five-year policy unveiled by Commerce and Industry Minister Anand Sharma today. "It is a welcome policy. He (Sharma) has given us free dollar credit, extended interest subvention scheme and enhancement in focus product scheme and focus market scheme. The new markets that have been identified will help exporters," export body FIEO President A Sakthivel said. India extended tax holiday for one more year and announced continuing the duty refund scheme till December 2010 for exporters, while allowing duty free capital goods import under FTP to insulate them from protectionism induced by recession abroad. The country set a target of $200 billion worth exports for next fiscal, a feat that it failed to achieve in 2008-09 due to a slump in global demand in the face of financial crisis.


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