Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: Mohan Marette who wrote (435)	3/20/2000 10:26:00 AM
From: Mohan Marette	Read Replies (2) \| Respond to of 494

SEBI Considers Online IPO Norms sebi.com By Uday Lal Pai India Correspondent, [March 20, 2000--MUMBAI] With leading brokers rushing to offer stock trading via the Internet, the Securities and Exchange Board of India (SEBI) is considering online IPO norms for primary markets. SEBI recently allowed Net trading in India, and at least 50 institutions are planning to commence secondary market (stock market) trading on the Internet -- this includes companies such as Jardine Fleming, HSBC, and DSP Merrill Lynch. Officials at NSE.IT, the infotech arm of India's National Stock Exchange (NSE), said they have already sold 20 computer-to-computer products with Internet trading compatibility. "We have already made presentations to some big players such as Jardine Fleming and HSBC, who are considering an entry into Net trading," said an official. Geojit Securities, based in Kochi, Kerala, had led the way by launching Internet trading on the NSE.IT product about six weeks ago. A senior official at Financial Technologies, another technology provider for Internet trading systems, said that several leading players are in various stages of negotiation. Financial Technologies has bagged orders from five entities that are likely to launch Net trading soon, two of which are ICICI and Investsmart. In a move that may well cause a shakedown in the industry, a large number of sub-brokers are flocking to ICICI Direct, ICICI's Web trading platform, through which they can route transactions on behalf of their clients. SEBI is putting together a strategy that would let investors apply for issues online through a broker, who in turn would furnish the application to the issuer through the Internet. The organization is also planning to finalize the norms for allowing the sale of IPOs through the Net. Unlike in the US, there is no system of providing a social security number on the Net to investors in India, so any issuance through the Net would have to be routed through intermediaries. One proposal suggests that a brokerage or institution could provide identification numbers to its clients, which will validate their entry to its Web site