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March 21, 2001
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Money > Business Headlines > Report March 21, 2001 |
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Barred BSE broker-directors to depose from WednesdayBS Markets Bureau The Securities and Exchange Board of India of India (Sebi) will hold a hearing for the broker-directors of the Bombay Stock Exchange (BSE) on March 21 and 22. While former BSE president Anand Rathi will appear before the Sebi chairman Wednesday, others' turn is on Thursday. The restricted broker-directors will defend the case as to why they should be allowed to perform as directors on the BSE governing board. The regulator will also look into their role in the post-Budget market crash. Apart from Anand Rathi, Deena Mehta and Himanshu Kaji, the other restricted broker-directors are: Jayesh Sheth, Kirit Shah, Motilal Oswal, Niranjan Nanavati and former BSE president J C Parekh. Anand Rathi is accused of sharing market information with short sellers, leading to panic in the market. Rathi, however, has denied any wrongdoing. Besides, he has been charged with misusing his official position to access trade information, which gave him specific knowledge about the financial difficulties of a stockbroker and sharing this with two brokers who then indulged in heavy short sales and knocked the Bomaby Stock Exchange Sensex down by 176 points. Though other broker-directors' firms are not barred from undertaking normal business but are under Sebi's scrutiny following the allegations that some broker-directors used their official position to access privileged information which figured in subsequent insider trading and caused sharp market decline.
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