REFORMS IN THE SECONDARY MARKET

Guidelines with reference to substantial takeovers and acquisitions - disclosures Guidelines with regards to mandatory public offer to the investors Several mutual funds were allowed UTI brought under the sebi Advertising code was initiated as well as the requirements of pre-vetting of advertisement removed To improve the role of the Mutual fund as well as to develop the market of mutual fund in India, mutual funds were given - right to underwrite the public issues and to make investments in the money market Jumbo transfer was introduced for the institutions Carry forward system of transactions are permitted to SEs after getting the consent and surveillance Carry forward transactions are limited in the case of lenders of the transactions Carry forward transactions should be disclosed on the basis of scrip and broker at the beginning of carry forward session Capital adequacy norms were introduced Depositories were introduced during the year 1995 Sept.; to record the ownership in the book form The introduction of depository requires the changes in the following enactments Companies Act Stamp Duty Act Income Tax Act