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April 9, 2001
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Money > Business Headlines > Report April 9, 2001 |
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Debarred BSE brokers to move against SebiJanaki Krishnan & Rakesh P Sharma Brokers barred from acting as directors on the governing board of the Bombay Stock Exchange, plan to seek redressal against the cessation of a system which has survived for the last 125 years and ridden many rough patches. Most of the affected brokers plan to move the court against the Securities and Exchange Board of India under the aegis of the Brokers' Forum. But prefer waiting till April 15, when Sebi is expected to submit its interim report on the bear hammering and the parties involved in it. Deena Mehta, former vice-president of the exchange said, "We are not against demutualisation or corporatisation of the exchange. In fact we have been pressing for it for a long time and have also made representations to the finance ministry long before all this started." She said that they were against order, which barred brokers from acting as directors. "Overseas also they have this system," she argued. "Just because a director is a broker does not necessarily make that culpable of illegal practices. A professional can also try to obtain information and manipulate the market," she said. She said that NSE's was one form of an organisation and the BSE's was another. "One cannot say this system or that system is perfect," she pointed out, adding that what mattered was ultimately the integrity of the people in authority. Meanwhile Motilal Oswal, one of the affected parties, refused to comment on the issue, but added a lot would depend on the outcome of Sebi's report. It may be recalled that Sebi on Wednesday last upheld an earlier order barring three broker-directors - Deena Mehta, Himanshu Kaji and Motilal Oswal - from acting as directors on the governing board of the BSE. The three were given "post decisional hearing" and restrained from acting as directors. The action was taken since there were instances of interference in the orderly functioning of exchange as a self regulatory body, according to Sebi. Three other broker-directors - Jayesh K Sheth, Kirit B Shah and Niranjan K Nanavati - who were also restrained from working as directors, had resigned from the governing board last month. Powered by ALSO READ:
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