Japanese await more financial reforms
India is emerging as a good investment market for Japan and it is likely that the Japanese will pump in more funds here in the near future, according to Mr. Erne Yamashita, Chairman of the Japan-India Business Cooperation Committee (JIBCC). “The most important issue now is to explain and sometimes convince the Japanese that this is the right time to invest in India,” Mr. Yamashita, the leader of the Japanese delegation, told newspersons.
Damania's permit suspended
The air taxi operator (ATO) permit for Damania Airways has been suspended by the Director-General of Civil Aviation, citing safety violations. It has been prohibited from operating its flights for a month from March. The action has been initiated under Rule 19 (3) of Aircraft Rules, 1937- Damania Airways has been directed under Rule 19 (5) to submit its ATO permit to the DGCA office for necessary endorsement. The suspension order is valid for one month or till such time as they take positive steps and institutionalise a system to the satisfaction of DGCA.
Mixed reaction to new SEBI formula
Reactions to the renewal of the carry forward system by the Securities and Exchange Board of India met with mixed reactions. While welcoming SEBI’s decision to remove the ban on badla, most brokers are not clear on the ‘modus operandi’ of the proposed changes. Mr. M. G. Damani, President of the BSE Brokers’ Forum, commented that unless SEBI had sent them the letter detailing the manner in which the new proposals would unwind itself, there would be difficulty in implementing them. For example, SEBI had said that short sellers would have to obtain shares to effectdelivery. Presently, the practice of lending shares did not exist on the bourses.
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