The Government has clarified that the Insurance Regulatory Authority (IRA) Bill would be reintroduced in Parliament after a fresh round of consultation with the political parties which had forced its withdrawal in the Lok Sabha. The Prime Minister, Mr. I.K. Gujral, had issued a statement in this regard late. The clarification states that the Government proposes to reintroduce the IRA Bill after broader consultations with the political parties in Parliament. It was withdrawn in response to certain concerns expressed by members of the Lok Sabha.

Nirma may choose ECB route

The soaps and detergents major, Nirma Ltd, has more or less made up its mind to raise $100 millions through a GDR towards financing its linear alkyl benzene (LAB) project as its negotiations with IFC, Washington, to firm up a $55-million loan has failed to reach any sort of conclusion despite being on the negotiation table for close to one year. Mr. Girish Mehta. President (Finance and Administration), told BusinessLine that it was time for Nirma to reconsider the IFC debt route as ECBs had become cheaper. Nirma is yet to finalise specific debt routes as yet.

New trading time turns NSE members edgy

The advancing of the trading time by 30 minutes from today by the NSE due to satellite problems has made NSE members edgy because of the crucial gap in the closing trading time in the NSE and the BSE. NSE traders fear they would be exposing themselves to either bull run or bear hammering in the one hour difference in the closing time of trading (NSE - 2.30 p.m. and BSE - 3.30 p.m). Their fears are not without basis, if what happened in the ACC counter on Wednesday is any indication.