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ANNUAL REPORT FOR THE 2011 (NOT AUDITED)

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It is important to note from press reports that the government is setting up a Central Listing Authority (CLA) which would oversee issues and listing at the stock exchanges and monitor use of issue proceeds. This only means that the Capital Issue Control which was abolished in the wake of liberalization would be making a comeback albeit with a different name and scope. This should be construed as an acknowledgement of the misuse of the freedom by corporates and the intermediaries. It is also being reported that norms for inter-corporate investments and loans, which were.