SAIL to set up plant in Mongolia
Staterun Steel Authority of India Ltd (SAIL) will set up a 3 million tonnes per annum (mtpa) plant in Mon golia with around `15,000 crore invest ment, provided that the Asian nation ensures linkages to raw materials to feed the proposed facility.
“Talks are on in this regard. If the Mongolian government provides us raw material linkages and land, we will put up a 3 mtpa plant in that country to cater to the need of the land,“ SAIL chair man C.S. Verma said on Wednesday.
Verma said Mongolia
Sebi to cut red tape for marketing entities
Capital market regulator Securities and Exchange Board of India (Sebi) plans to cut red tapism by doing away with unnecessary regulations, such as need for its prior approval before market entities can change their top management or legal status.
The market entities to benefit from this step would include stock brokers, merchant bankers, credit rating agen cies, debenture trustees, registrars and share transfer agents, underwrites and bankers to an issue.
Presently, these entities are required to seek a prior approval from Sebi for any change in their “status or constitu tion“.
Such changes in status include change in control, amalgamation, demerger, consolidation or any other corporate restructuring exercise, as also change in legal status of the market intermediary.
As per the proposed revision of its regulations, Sebi wants the market enti ties to seek its prior approval, only in the case of a change in control for which the intermediary has a knowledge, a senior official said.