Sebi ordinance gives regulator more teeth

The government announced on July 18 that it had issued an ordinance to give Sebi more powers against illegal collective investment schemes and to curb insider trading. The release went on to say that

A. Sebi would have powers to regulate any collective investment schemes with a corpus of Rs 100 crore or more,

B. Sebi could seek information, including call records, from anybody in connection with its investigations, and lastly

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Bayer CropScience to use cash from land to buy back shares

Bayer CropScience has decided to return surplus cash to shareholders through a buyback offer. The company, which makes crop chemicals, had sold its land at Thane (near Mumbai city) for a sum of Rs 1,250 crore. It had got Rs 520 crore as initial payment and had the final amount of Rs 730 crore was received in November 2012. During 2012-13, it reported a profit of Rs 1108 crore from the sale of its Thane land and Rs 82 crore from the sale of its Powai building.


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Ambani brothers connect: RCom and Reliance Jio to share telecom infrastructure

Anil Ambani group company Reliance Communications’ stock price jumped by 10.9% after it announced a tie-up with the Mukesh Ambani group telecom company Reliance Jio Infocomm. Reliance Communications will open up its optic fibre network to Reliance Jio which has a license for nationwide 4G services. A recent government decision means that it can also provide voice services by paying a one-time fee. Reliance Industries owns a majority stake in Reliance Jio.

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