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March 13, 2001
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Money > Business Headlines > Report March 13, 2001 |
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BSE functioning will not be affected, says executive directorThe sacking of all elected members of the governing board of Bombay Stock Exchange (BSE), the country's premier bourse, will not affect its functioning, BSE executive director A N Joshi said on Tuesday. Joshi said that the non-elected ten board members will take overall control of the BSE with immediate effect and added that governing body will function as usual. Joshi, who spoke publicly for the first time after the controversial 175-points fall in the BSE Sensex (the BSE sensitive index had fallen by 291 points by 1100 am on Tuesday), which led to sacking of all elected BSE members, while assuring the smooth functioning of the BSE, ruled out of any crisis in view of sacking of elected governing board members. The BSE governing board had total 18 members, including seven elected and ten non-elected members and an executive director. When contacted, the Security and Exchange Board of India (Sebi) chairman D R Mehta refused to comment on the historical decision by the regulator. ''How can I will offer my comment when I am playing the role of a judge," he said. However, he informed that as a part of interim measures the Sebi will give the chance to the sacked BSE directors to appear before it for their version. The hearing of the case is slated on March 21, he said. In the late night development, Sebi, the capital markets watchdog, sacked BSE officiating president Deena Mehta and six member-brokers from acting as directors holding them responsible for record 175-point fall in the BSE sensitive index. UNI ALSO READ:
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