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April 10, 2001
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Money > Business Headlines > Report April 10, 2001 |
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Sebi crisis report to cover CSE angleKausik Datta & Aniek Paul The Securities and Exchange Board of India will take cognizance of the report on the payment crisis at the Calcutta Stock Exchange before submitting a final document explaining the problems which rocked the Indian capital markets following the Union Budget, according to Sebi chairman D R Mehta. The Union finance ministry has asked Sebi to come out with a report having details of what went wrong after Yashwant Sinha's finance bill this year. Mehta said: "The CSE report would have its impressions upon the Sebi document to be submitted to the finance ministry." The ministry is believed to have decided to take necessary remedial measures to ensure that similar collapse would not repeat in the future. Mehta's announcement on inclusion of the CSE report in Sebi's final document to MoF has gained importance because the reported bear hammering, which has so far been identified as the reason behind meltdown in stock markets, does not have a direct connection with CSE. "CSE was rocked by the crisis first because it is the weakest part of the chain that is responsible for the meltdown. Therefore, Sebi decision to include the CSE factor into its report is logical," said a senior CSE broker. Mehta, however, was not able to tell the exact timing of the filing of the CSE report. "I understand CSE executive director Tapas Datta has prepared a report on which CSE management sub-committee chairman Dipankar Basu is giving final touches. The report is expected to be submitted shortly." Dipankar Basu, former chairman of State Bank of India, has been placed at the helm of affairs of the five-member management sub-committee to manage affairs at CSE after the elected board members resigned following a payment crisis which brought the exchange to its knees. Meanwhile, a defaulting broking firm of the Ashok Poddar group has coughed up its outstanding on Monday. CSE had initiated criminal proceedings against 10 broking firms of three brokers, namely Dinesh Kuamr Singhania, Ashok Poddar and Harish Chandra Biyani, under Section 138 of the Negotiable Instruments Act, for issuing cheques to the exchange which bounced. Powered by ALSO READ:
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