New Delhi:Adding another multilingual product in India, Google Inc. on Monday announced the launch of Google Translate to enable Hindi-speaking users to enjoy all its features. The service automatically translates English text, web pages or queries into Hindi. Of the total literate Indian population, just about 13% are literate in English. The service can be accessed at http://www.google.com/translate_t.
Market regulator allows cross-margin facility
Mumbai:To improve the use of margin capital, the Securities and Exchange Board of India, or Sebi, has allowed cross -margin facility across cash and derivative markets. In a notice to stock exchanges on Monday, Sebi said margins can be levied on cash market transactions that have offsetting stock futures positions in derivatives. Initially, the facility will be available only to institutional investors. Experts said the move will not require such investors to lock their funds. Rachna Monga
SAT ruling spells relief to Karvy in IPO case
Mumbai: The Securities and Appellate Tribunal (SAT) has set aside an order that directed Karvy Stock Broking Ltd to pay for alleged inappropriate gains from initial public offerings (IPOs). The tribunal’s presiding officer M.K. Sodhi said the “... impugned order was passed without affording an opportunity of hearing to the appellant and other entities, which have been ordered to disgorge Rs116 crore. The least that was required was to have called upon the appellant to show cause why it should be ordered to disgorge the amount.”
In 2006, the Securities and Exchange Board of India, or Sebi, had accused certain entities of misusing IPOs. Later, a disgorgement order against the National Securities Depository Ltd., and Central Depository Services (India) Ltd, and others including Karvy Stock Broking directed these to pay Rs116 crore as fine. Rachna Monga