2G scam: Swamy’s complaint transferred to special court

The Janata Party leader, who had sought a probe into scam, had also raised concern about the possible threat to national security arising out of allocation of spectrum to Swan Telecom and Unitech Wireless, which had sold off their major shares to two foreign firms Etisalat DB and Telenor, respectively

New Delhi: A Delhi court today transferred the private complaint of Janata Party chief Subramanian Swamy in the second generation (2G) spectrum allocation case to the special court constituted by the Supreme Court to deal with all cases related to the scam, reports PTI.

District judge Pratibha Rani asked Mr Swamy to appear before Special CBI judge OP Saini, who is dealing with all the cases related to the 2G spectrum allocation.

Swamy appeared before the court and requested the district judge to transfer his case to the special court.

The Janata Party leader, who had sought a probe into scam, had also raised concern about the possible threat to national security arising out of allocation of spectrum to companies which had sold off their major shares to foreign firms.

Mr Swamy had also sought the court's direction to appoint him as a public prosecutor to help the agency probe the case.

The Central Bureau of Investigation (CBI) had earlier said it was investigating the angle of possible threat to internal security as per the concerns raised by Mr Swamy.

The agency had told the court that it had been probing the 2G scam within the confines of the first information report registered by it.

Mr Swamy, in his petition filed before the court, had said Swan Telecom and Unitech Wireless, which were allotted licences, had sold their major shares to two foreign firms Etisalat DB and Telenor, which is "a major threat" to national security.

"The first two licencees, Swan Telecom and Unitech Wireless, soon after the allocation of spectrum to them sold their controlling shares respectively to Etisalat DB and Telenor. The national security risks from these companies are highlighted by the Union home ministry as their connections go right into Pakistan," he had said.

Mr Swamy had earlier sought the court's direction to the CBI to ask the Union home ministry, Research and Analysis Wing and other intelligence agencies to find out the bearings of the 2G scam on national security.

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Singapore Exchange to trade Nifty Options in Q2

The Nifty Options is currently in the process of securing regulatory approval from the Monetary Authority of Singapore, the city state's central bank. It is likely to be launched in May or June, according to Sanjay Rawal, CEO of New Delhi-based Open Futures

Singapore: The Singapore Exchange (SGX) will start trading a second Nifty contract in May or June, offering regional hedge funds and investors another option to benefit from high-return investments in India, Sanjay Rawal, CEO of New Delhi-based Open Futures, told PTI in Singapore last night.

"It is a good product and it will offer investment opportunities in the Indian market to regional hedge funds and global investment institutions," Mr Rawal said after addressing a late evening seminar on SGX S&P CNX Nifty Index Options at the SGX.

The Nifty Options is currently in the process of securing regulatory approval from the Monetary Authority of Singapore, the city state's central bank.

Mr Rawal said a May or June listing date was expected once the regulators have given approval.

He expected strong demand for Nifty Options, citing the highly-rated performance of Nifty Futures, which began trading on the SGX in 2005.

Elaborating on Nifty Options prospects, SGX director for Product Sales Dominic Che said he expected to build Nifty Options trade volume to 60,000 lots per day, given that Nifty Futures have drawn strong interest from international investors.

Going forward, Mr Che projected a Nifty Options volume of 80,000 lots, matching regional heavyweights like Hong Kong's Hang Seng Index, rated as the region's largest contract with a daily volume of 80,000 lots.

Nifty Futures has performed well and is rated as the third largest among similar contracts on the Singapore bourse, with a daily volume of 48,000 lots.

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Portuguese debt concerns push oil down

Oil has slipped from its highest price in more than two years on concerns that European demand will be slow to recover, if Portugal becomes the third country using the euro to require emergency aid (this could be a possible €75-billion bailout) after its credit rating downgrade.

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