In the biggest-ever penalty in a single case, SEBI Thursday slapped fines totalling Rs 86 crore on realty giant DLF, its top executives, their family members and various other related entities for entering into “sham transactions” to mislead IPO investors about eight years ago.

Those penalised include Chairman KP Singh, his son and Vice Chairman Rajiv Singh, daughter Pia Singh, as also three “housewives” married to ‘key management personnel’ of the DLF group for “fraudulent and unfair trade practices”.

In the same case, SEBI in October last year barred DLF and its six top executives, including Singh and his two children, from markets for three years for suppressing key information at the time of its IPO in 2007, including about certain “sham transactions” involving an associate firm, Sudipti Estates.”We have been asking for a cut in gold import duty,” Commerce Secretary Rajeev Kher told reporters on the sidelines of a CII function.

In its Budget proposals, the Ministry has suggested the Finance Minister to consider reduction in import duty on the yellow metal. The industry has sought reduction in customs duty on gold to two percent, from 10 percent now. The gems and jewellery sector, which employs about 35 lakh people, would get a boost from the move. Gold imports in December declined sharply to 39 tonnes, from 152 tonnes in November.
The sharemarket has opened March series on a positive note. The Nifty is up 45.65 points at 8729.50. The Sensex is up 202.12 points or 0.7 percent at 28948.77. About 375 shares have advanced, 120 shares declined, and 110 shares are unchanged. Tata Power, L&T, Tata Motors, Sesa Sterlite and SBI are top gainers whle NTPC, ITC and TCS are among the losers in the Sensex.

The Indian rupee opened lower by 11 paise at 61.86 per dollar on Friday against previous day’s closing value of 61.75 a dollar. The dollar rises to a one-month high against a basket of currencies as US inflation and business orders supported bets the Federal Reserve will raise interest rates in the middle of the year.

Coustery : http://www.moneycontrol.com/news/local-markets/sensex-nifty-open-strongmarch-series-eyeseco-survey_1315283.html