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Sensex testing 14500 levels; SEBI okays three banks for new IPO money payment system

August 29th, 2008

Friday, August 29, 2008 2:36:49 PM IST

The BSE Sensex is testing the 14500 levels yet again. BSE Sensex is at 14490.83 up by 442 points or 3.15%. The NSE Nifty is at 4329.75 up 2.75%. Three banks Corporation Bank, Union Bank of India and HDFC Bank turned up first and SEBI has givent he nod for the new IPO money management system

CNX IT is up 2.49% Bank Nifty is up 5.75%. Both BPCL and SBI are now up over 6.3% each. Punjab National Bank, ICICI Bank, Reliance Infra, Tata Communications, National Alumnium, HDFC Bank, BHEL and Tata Steel are the other gainers.

SEBI works for the interest of the investors and the latest example to support this is the new system the regulator has approved for manging the investors IPO money that is locked till the shares are alloted. The new system, termed as the Applications Supported by Blocked Amount (ASBA) asked banks to do a self certification about the implementation of its proposed scheme.

Three banks Corporation Bank, Union Bank of India and HDFC Bank turned up first and SEBI has givent he nod for the new IPO money management system, according to the business press today.

With this scheme in place, investors need not have to worry that their funds are locked IPO issuer till allotment. Further, refund process also goes off.

1 U.S. dollar = 43.5445 Indian Rupees
1 U.S. dollar = 108.8850 Japanese Yens
1 U.S. dollar = 0.6784 Euros
1 Ounce Gold = $836.70
1 Barrel Crude Oil = $116.98

Entry Filed under: Equity Markets, Banks & NBFC