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March 13, 2001
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Money > Business Headlines > Report March 13, 2001 |
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Things are under control now: SEBI chiefSiddharth Shah in Bombay Securities and Exchange Board of India Chairman D R Mehta was relaxed on Tuesday night because of a successful resolution of the settlement of dues at the National and Bombay Stock Exchanges. "Overall I will not say there is no problem related to payments, but things are under control. There is no need to panic," he told rediff.com over phone. "Today was pay-in day of the NSE and settlements were successful. The BSE has not faced payment crisis and I would say that Calcutta's payment crisis will get over soon," he said. "SEBI is investigating the post-Budget crash and we will be submitting the findings in mid-April," he said adding, "If needed we will take action against other bourses too." On using the Trade Guarantee Fund to settle the outstanding of defaulting brokers, he asked, "What's wrong in it? The whole idea of TGF is to help defuse the market crisis. When brokers' money is yet to arrive, this money is used as a stopgap arrangement. The TGF was created keeping in mind such type of crises" He said the task ahead will be to raise investor confidence. "In Thursday's board meeting we will be discussing it." Ravi Narayan, managing director of NSE too was in a happy mood. He told rediff.com , "The pay-in day has passed successfully. I am confident that the pay-out day on Wednesday too will pass without incident. I think the crisis has blown over and I can go for a vacation now." |
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