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Striking government
It wasn’t just ordinary passengers who suffered the brunt of the recent Air India strike. West Bengal Finance Minister Asim Dasgupta came to Delhi to attend a meeting on Goods and Service Tax (GST) with finance ministry officials. After which, he met Finance Minister Pranab Mukherjee. While Mukherjee’s office had kept an hour for the meeting, Dasgupta was in a hurry and spent just half the time since, with the Air India flight cancelled, he had no option but to leave on the earlier flight of a private airline.

Markets await a clear direction
A late charge by bulls helped key indices surpass crucial resistance levels. However, select momentum indicators are currently in a sell mode even while the trend is up. It seems that markets will remain directionless until a clear breakout in either direction appears.

News of the day

Cong in 'go slow' mode to defuse Andhra crisis
After triggering a row over the formation of a separate Telangana state, the Congress leadership has adopted a “go slow” approach to defuse the political tension that threatens to split the party in Andhra Pradesh. Union Law Minister Veerappa Moily and Finance Minister Pranab Mukherjee, however, have ruled out imposition of President’s Rule in the state and dismissing its own government.
Public Relations

IPO guidelines within 15 days: IRDA

The Insurance Regulatory and Development Authority (IRDA) today said it would come with initial public offer guidelines for the insurance sector within a fortnight to allow companies to raise funds from the capital market. - BSE moves Sebi for listing its shares - Sebi restrains three traders for NCL rigging - Dalmia in control at GHCL - Sebi bars 3 mkt players from trading for three years - Commexes sales can grow to Rs 80 lakh-cr in "10: FMC - Promises to keep in 2010 "IPO guidelines would be issued in the next 15 days," Insurance Regulatory and Development Authority (IRDA) member R Kannan told PTI. IRDA, which has been working on the guidelines along with market regulator Securities and Exchange Board of India (SEBI), is likely to come out with a draft for public comments before issuing the final guidelines. Several private sector insurance companies, including Reliance Life, have shown interest in tapping the capital market to augment its resource base. The government had proposed to ease the norms to allow companies to list after five years of operation, instead of the current 10-year norm. However, Kannan said, "no decision has been taken on reducing the number of years before permitting insurance companies to go public". As per the Insurance Act, the promoters having 26 per cent stake can offload equity after 10 years of operation of the company. The legislation also empowers the govenment to reduce the mandatory period. The IRDA had already notified the disclosure norms, necessary for providing details about the operations and balance sheets on quarterly and yearly basis. The IPO guidelines will deal with minimum norms that a company must fulfill before hitting the capital market. The three essential steps for hitting capital market are -- norms for correct valuation; disclosure of operating results and profit and loss account; and filing of Draft Red Herring Prospectus (DRHP). Besides the state-owned Life Insurance Corporation, 22 private companies are offering life insurance policies. The general insurance sector has 21 players, which include four state-owned companies. Anil Ambani Group"s life insurance venture Reliance Life expects to tap the capital market with its initial public offer in the first quarter of next fiscal. Reliance Capital, the holding company of Reliance Life Insurance, is currently waiting for the final regulatory guidelines on the issue from insurance regulator IRDA and the subsequent clearance from the Finance Ministry, Reliance Capital CEO Sam Ghosh had said. Reliance Life could be the first life insurance company in the country to come out with an IPO once the guidelines are framed.


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