The Reserve Bank of India has banned overseas corporate bodies (OCBs) from making fresh investments under the portfolio investment scheme in the equity market. OCBs can now participate in the primary market and make equity investments through the foreign direct investment route.
British brokerage and investment banking group, Cazenov, has decided to shut down its Indian operations. Cazenov is the third brokerage to pull out of India in less than two weeks, after Indosuez WI Carr and BNP Paribas Indian equities closed shops last week.
Mahindra and Mahindra, a marginal player in the light commercial vehicle segment, has introduced its first 3.5 tonne vehicle in the segment to compete with Tata Engineering
