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Anand Rathi offers to step down as BSE president

In a surprise development, the Bombay Stock Exchange president Anand Rathi today offered to step down following widespread allegations of his involvement in the cause of 'unnatural' rise and fall of the Sensex, especially two days after the Budget.

Rathi, who has been under fire following the March 2 crash of the Sensex, said that, "I am willing to step down at tomorrow's board meeting and ready to face the investigations of the Securities and Exchange Board of India."

"The allegations are wild and my credibility is at stake," he added.

Denying allegations, Rathi in a statement, reiterated, "No benefit has ever been availed by me nor I have obtained any privileged information for my own benefit or any other party's benefit."

"I would like to place on record that neither I nor any of the other office bearers have ever being involved in anything that is against the ethical standards laid down by us for ourselves. We have already proven this board's full independence and effectiveness."

The BSE president said, "I have been deeply hurt by the serious allegations made against me in a section of the media, motivated, I believe, by elements disgruntled/unhappy with the progress made by and discipline instilled in the functioning of the BSE on all fronts."

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