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Technology Stocks : Satyam Infoway Ltd-(Nasdaq:SIFY) -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (543)	1/25/2000 9:31:00 AM
From: Mohan Marette	Read Replies (1) \| Respond to of 1471

SEBI clears trading on Net 25-01-2000 05:22:09 The Securities and Exchange Board of India (SEBI) has cleared trading of equities on the Internet, its chairman said today. "Internet trading has been approved by the board which means internet trading would be possible. We will issue the guidelines, it is up to the exchanges and brokers as to when they want to start it," D.R.Mehta told reporters. "Without amending the cyberlaws, one could go ahead with this system," he said after a meeting of the board. Mehta also said high networth individuals and corporates could invest in Indian equity markets provided their combined investments did not exceed 5% of the company`s equity. "High networth individuals and corporates abroad can invest in India through FIIs (foreign institutional investors) subject to a cap of 5% in the company`s equity," he said. Internet trading will allow routing of client orders through a broker`s filter via the net to the exchange`s mainframe trading system. The broker will take complete responsibility for the trades. Limited use of the Internet for stock trading has already been in place for some time with some brokers taking orders from clients via e-mail. The National Stock Exchange is ready to permit Internet trading, having opened up its software front-end to allow other software vendors to provide interconnectivity with brokers` systems. The Bombay Stock Exchange will be ready by mid-March. Mehta also said SEBI`s board had accepted report on a code of corporate governance. "The Kumar Mangalam Birla committee report on corporate governance was accepted in toto." "The corporate governance code will be applicable to A category scrips (in which forward trading is allowed) from March 31, 2001," he said. Other scrips will be taken up later within a three-year timeframe, he added. SEBI had also approved the report of the committee on venture capital. "The venture capital committee report was also accepted in principle," Mehta said. Details were not available immediately. After a review of the capital markets, Mehta said they were safe and there was no cause for concern. "Markets are safe, we have asked all exchanges to keep a close watch," he added. Source: Reuters