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March 17, 2001
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Money > Business Headlines > Report March 17, 2001 |
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No payment crisis at DSEBS Corporate Bureau There was no payment crisis at the Delhi Stock Exchange (DSE) Friday and the pay-out of Rs 910 million went off smoothly, according to DSE president Sudhir Joshi. "The total effect ever since the problem started has been in the range of Rs 1 to 1.2 million. And each member has contributed Rs 1.2 million to the trade guarantee fund. We have not used any of this money," Joshi said. Joshi now intends to encash the smooth pay out to promote DSE as the safest exchange in the country. "I am very happy with the management," he said. Meanwhile, the decision taken by the Securities and Exchange Board of India (Sebi) board to put a ban on proprietary trading by broker-directors who are also office bearers of a stock exchange seems to have irked brokers like Joshi. "All other measures announced yesterday are welcome except this one. I am waiting for Sebi to come out with the definition of proprietary trading," he said. As per the Sebi decision, all broker-directors who take up office in the stock exchange will have to liquidate their investments. "Who will be responsible for the losses in case the market is down at the time of assuming office? There is also the question of capital gains tax in case the market is up. These are issues that need to be addressed," he said. However, the broker-directors will be free to carry out their regular broking business. Joshi sees a problem here too. "How can I tell my clients to invest or sell when my own money is not put in the market," he said adding: "It has been prompted by what happened at the Bombay Stock Exchange. "The cure for the problem is to have people of high ethics as office bearers and not put a ban on proprietary trading." According to Joshi, in the past Sebi has been discussing the issue with the stock exchanges but, because of these problems, the talks have been inconclusive.
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