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Non-Tech : ICICI Ltd - (Nyse: IC) -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (302)	3/3/2000 8:33:00 AM
From: Mohan Marette	Read Replies (1) \| Respond to of 494

OT India Lifts Ban on Futures Trading Friday, March 3 2:37 PM SGT NEW DELHI, March 3 Asia Pulse - The Indian Government has lifted a 30-year-old ban on forward trading in securities, saying the changed financial environment made the prohibition on forward trading irrelevant. The lifting of the ban on forward trading would pave the way for derivatives trading in the country, an official statement said. The government has also delineated for market regulator Securities and Exchange Board of India (SEBI) and federal bank the Reserve Bank of India (RBI), the areas of responsibility to promote an orderly development of the market. An official notification lifting the ban was issued yesterday while another notification delineating for SEBI and RBI the responsibilities of futures trading was issued today. Government had imposed a prohibition on futures trade in securities through notification in 1969 to curb certain unhealthy trends that had developed in the securities market at that time and to prevent undesirable speculation. "In the changed financial environment, the relevance of the prohibition has been greatly reduced," it said. The Securities Laws (Amendment) Act, 1999 and the repeal of the 1969 notification would permit development of the derivatives market in accordance with the rules and guidelines of the relevant regulatory authorities. (PTI)