Sebi guidelines for brokers
Sebi has allowed registered stock brokers to provide access to clients through authorised persons. An authorised person can be an individual, partnership firm, a limited liability partnership or a corporate body, who/which will act as an agent of the stock broker. Earlier, persons who wished to act in such a capacity would have to go through a lengthy process of registration as sub-broker with both the regulator and the exchanges. This move would have the person registered directly through the exchange, saving on costs and time. Sebi has also laid out the conditions of appointment, holding the stock broker responsible for actions of the authorised person. Obligations for exchanges have also been spelt out including inspection of facilities of the authorised persons and responsiblity of maintaining a data base with their details.
HSBC Global buys L&T stake
HSBC Global Investment Funds Mauritius has acquired a 0.68% stake in engineering major, Larsen and Toubro (L&T), after buying shares worth Rs 628.72 crore, through an open market transaction. The fund house bought 40.13 lakh L&T shares at Rs 1,566.5 per share, according to the bulk trade deal available on the Bombay Stock Exchange. In a separate bulk deal on the BSE, another foreign fund house, Citigroup Global Markets Mauritius, has sold 42.10 lakh shares, representing 0.71% stake in L&T at Rs 1,566.5 a piece, aggregating to Rs 659.49 crore.
Duty on soda ash imports
The government, in a notification dated Thursday, imposed a safeguard duty of 20% on imports of soda ash from China to protect local producers. Increased imports of soda ash from China had disrupted the domestic industry, the notification said. Soda ash is used in the production of detergents, flat glass and glass containers.

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