ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Merchant Banking under SEBI Guidelines

This paper examines the economic and financial implications of some of the regulations introduced by the new Securities and Exchange Board of India (SEBI) through the guidelines it has periodically issued. The regulations apply to investment or merchant banking services required for corporate issues of long-term securities in India, The authors find that some implications of the guidelines may be in conflict with the professed objective of the current economic policy to induce the corporate sector to raise external funds from private investors. Further, the guidelines may be self-defeating in that they may result in less, rather than more, information for the investing public about the typically unobservable quality of a new issue.

Foreign Aid and the Communist Bloc

Foreign Aid and the Communist Bloc Sankar De THERE is considerable strength in the argument that disciplines with claims to social relevance, like economics or political science, should be responsive to the changing demands of the times. The above two books certainly satisfies this condition. India's political and economic relations with the communist bloc, excluding the mighty China and the insignificant Albania, have in the recent past been becoming increasingly extensive and cordial, climaxed by the August 1971 treaty between India and the USSR. However, the intellectual counterpart of this development, which should have found expression in an appropriately large number of treaties on the political origins and economic consequences of this new-found solidarity, has so far been tenuous. In fact, apart from Sumitra Chisti's small but useful monograph on India's bilateral trade with East Europe,1 one finds it difficult to recall any other worthwhile publication in this area. In so far as the two books under review represent an attempt at filling this gap, their purpose is laudable.

Dividends and Stock Prices-The Indian Experience

The Indian Experience Sankar De This paper presents the results of an empirical investigation, in the Indian context, into one of the mast prominent hypotheses concerning corporate dividend policy, viz, that the marginal investor is, in some sense, indifferent between dividend yields and capital appreciation through retained earnings.
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