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Nifty may see profit-booking above 5,050
The Nifty tested the support level of 4,910 and later recovered on the back of strong openings in European markets and firmness in Dow Jones futures. Telecom stocks tumbled on profitability concerns while buying in FMCG, metal and banking shares helped indices register decent gains by the end of the day.

Curious case of the Civic
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Sebi asks bourses to preserve papers for five years
To ensure assistance to enforcement agencies during company investigations, the Securities and Exchange Board of India (Sebi) has asked exchanges and brokers to preserve original records for a period ranging from two to five years.
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DoT gives Bharti a week to comply with audit queries

As part of its special audit on selected companies, the Department of Telecommunications (DoT) has told Bharti Airtel to provide all required information to the auditor by December 14. - F&O Outlook: Nifty has strong support below 5,000 - Sensex ends two-day losing streak, up 240 pts - 3G auctions run into fresh storm - Nifty has strong support below 5,000 - Bharti unit launches multiple SIM technology - 3G auction may be delayed over uncertainty of spectrum slots Contractor, Nayak & Kishnadwala, the auditor, had sought the information through two questionnaires on August 12 and September 12. The firm had asked for pending details and other information in October and November, but none of the queries had been answered. “Despite considerable time, complete information has not been provided for any of the requisitions till date…furnish the required information to the auditor within seven days from the receipt of this letter,” the department said in a letter dated December 7. Bharti declined comment. In April, DoT had ordered a special audit on five companies — Bharti Airtel, Vodafone-Essar, Tata Teleservices, Idea Cellular and Reliance Communication — to check alleged mis-reporting of revenue to evade taxes and licence fee. The audit report of Reliance Communications had already been given to DoT. The government had yesterday said RCom had caused losses of around Rs 250 crore to the exchequer by under-reporting revenues and DoT was examining the issue. However, this charge has been denied by the company. DoT has also written to all four special auditors, saying considerable time has elapsed since the original deadline. It has told the auditors the report should contain a statement on recovery of dues, wherein the demand by the department may have to be raised on the companies concerned. It also asked them to specify a tentative timeline for their reports. DoT officials said the department had also sent letters to the other three operators, Vodafone, Idea and Tata Teleservices, asking them to share the information with their auditors on time.


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