Search the Internet          Tips  Sites: Finance, Investment

ALBM deals in line with law: Reliance

Reliance Industries said all its automated lending and borrowing mechanism transactions were "completely in accordance with prevailing laws, rules and regulations."

Commenting on some of the observations in the draft report of the Joint Parliamentary Committee probing the stock market crash, RIL, in a statement, said: "we regret" that JPC report as quoted by media gave a distorted picture of the factual position.

"Reliance Shares and Stock Brokers Ltd was the topmost participant in NSE's ALBM and BSE's Borrowing and Lending of Securities System," the committee had said in its draft report adding that they withdrew Rs 19 billion between February 28 and March 7 from ALBM, BLESS and Vyaj Badla Financing System of Calcutta Stock Exchange.

The report also said that Sebi did not realise ALBM's role in the market crash and had not fixed any limit on financing of ALBM, which enabled a "single player to influence the market."

In its statement, RIL said that Reliance had continued to offer additional funds of Rs 10 billion in ALBM even on February 28 but it could not be deployed because there were no takers.

ALSO READ:
The Capital Markets Crisis
More Money Headlines