CRISIL finalises rating symbols

CRISIL, promoted by ICICI and UTI, has finalized its rating symbols for debentures, introducing a western-style alphabetical system to India. Ratings range from 'AAA' (highest safety) to 'D' (default), helping investors assess the risk of timely interest and principal payments. The agency clarifies that these ratings are not buy/sell recommendations but expert opinions on creditworthiness based on rigorous analysis of cash flows and management quality.

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The government of India have appointed a Controller and a Deputy Controller of Capital issues in place of the Examiner and Deputy Examiner, respectively. The Controller and Deputy Controller will exercise the same powers in regard to capital issues as were exercised by the Examiner and his deputy immediately before the Capital Issues (Continuance of Control) Act, 1947, took effect.

The government has decided to renew the recognition of the Delhi Stock Exchange Association Ltd. under Section 4 of the Securities Contracts (Regulation) Act, 1956.

With the Shroff Committee's report on short-term finance for the private sector due soon, there is speculation among small and medium industries regarding their status in the recommendations. Banks have shown some inclination to modify their orthodox policy towards industrial banking, but with many conditions. It is accepted that checking unemployment largely hinges on the assistance these industries receive, as they have the largest scope for providing fresh employment. While the overall economy shows encouraging features, new industries have been few, and many smaller units have closed down due to lack of finance. Mr. S. G. Sathe is afraid new high-denomination notes may bring several evils, including internal unsocial activity and easy escape out of India to smuggle scarce and banned commodities