BSE to buy 26 pc stake in NMCE

The Bombay Stock Exchange (BSE) on Monday inked an agreement to pick up 26 per cent stake in Ahmedabad-based National Multi-Commodity Exchange of India Ltd (NMCE), reports DHNS from Mumbai. This is the first foray for BSE in the commodities market and the acquisition will be made through fresh issue of shares.

Even though the valuation for the stake sale to BSE is not known and neither the top brass of both BSE nor NMCE were forthcoming on the details, the experts put the figure of new capital infusion with a premium to be around Rs 100 crore.  

Nine brokers of Cochin SE barred

The Securities and Exchange Board of India (Sebi) on Monday cancelled the certification of registration of nine stock brokers of Cochin Stock Exchange for their failure to pay the required fees. V K Chopra, Whole Time Member, Sebi passed an order dated January 17, 2008 cancelling the certificate of registration of the nine stock brokers of Cochin Stock Exchange. They have been declared defaulters and ceased to be members of the Cochin Stock Exchange, henceforth, said the Sebi order in Mumbai.

The defaulting stock brokers are P G Abraham Tharakan, P V Uthuppachan, Dr Manmohan Sharma, Satish Nayak V V, Jaya K J, Asha Ashok, George T Melethe, Alice Kuruvila and Aryaman Financial Services. The order has come into force with immediate effect.

Mirae Asset MF unveils 1st fund

Mirae Asset Global Investment Management (India) on Monday announced the launch of its first mutual fund offering ‘Mirae Asset India Opportunities Fund (MAIOF)’. The fund is an open-ended equity oriented scheme that opens on February 11 and closes on March 10, 2008. Units can be purchased during the NFO period at a face value of Rs 10 plus applicable load.

The investment objective of the fund is to generate long-term capital appreciation by capitalising on potential investment opportunities through predominantly investing in equities, equity related securities, a company release stated in Bangalore.