SEBI would take strict actions against illegal overseas lending and borrowing of Indian securities by FIIs. The regulatory body said in a release that it would not allow the overseas lending and borrowing activity of FIIs as it is not in the favor of cash market in India. It would give a vigil watch to such activities and may take more measures to deal with the lending/borrowing by FIIs.

The security and exchange board of India already asked FIIs to provide details of sub accounts and securities held by them. The detail would be available on the website of SEBI.

The government is taking various steps to ease the liquidity situation in the country. Now, the Reserve Bank of India (RBI) cuts rapo rates after successive cuts in the cash reserve ratio (CRR). The apex bank slashed rapo rates by 100 basis points. This is the step against the tight monetary policy adopted by the central bank. It is the first ever reduction in the rapo rates after March 2004. Rapo rates now stands at 8 percent.

The banks also started to slash the interest rates for consumers after revision of rapo rates. The fifth-largest state-owned bank, Union Bank of India reduced interest rates on home loan by 50 basis points up to a loan Rs 30 lakh.

The young able director Rohit Shetty is all set for the release of his upcoming film "Golmaal returns," a comedy movie, the sequel to "Golmaal".

The film cast includes Ajay Devgan, Arshad Warsi, Shreyas Talpade, Tusshar Kapoor, Kareena Kapoor, Anjana Sukhani, Amrita Arora and Celina Jaitley.

The film revolves around the story of a housewife (played by Kareena Kapoor) who is addicted to soap opera serials.

The increasing problems for the Indian Carriers due to rising expenses, especially the rise in aviation fuel recently initiated an unwanted episode of firing of employees.

Following this, the owner of Kingfisher, Vijay Mallya approached the Parliament and Naresh Goyal of Jet Airways knocked the door of finance minister P Chidambaram with the aim to get tax relief for airlines.

“Job cuts and layoffs coupled with high aviation turbine fuel (ATF) prices and larger taxes can affect in the number of flights which is likely to go down,” reported Mallya.

On Monday, Nvidia unveiled two motherboard graphics processors that included the desktop version of the integrated GPU in the latest Apple MacBooks.

The processors dubbed as the GeForce 9400 and 9300 are created for the Intel platform.

Nvidia explained, “The 16-core chips enable mainstream PC users to play the latest PC games and play high-definition Blu-ray video.”

It was also learnt that the 9400 is actually the desktop version of the 9400m.

Minister of Communications and Information-Technology, A Raja has indicated that the much waited auction of third generation (3G) spectrum could be delayed by 10-15 days.

The auction, which was initially planned to be held in December this year, has now been deferred to be conducted on January 2009.  

Speaking on this, Mr. Raja said, “We will try to complete it by December 31. However, because of Christmas and holidays, we could postpone it for another ten days. However the deadline is December 31, subject to a little changes.”