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Money > Reuters > Report March 17, 2001 |
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Sebi to widen rolling settlement by JulyThe Securities and Exchange Board of India (Sebi) will extend rolling settlement to shares traded under various carry forward mechanisms or included in the Bombay Stock Exchange's (BSE) top 200 list across all exchanges by July this year. The move was announced late on Friday and follows a series of proposals put forward by Finance Minister Yashwant Sinha earlier this week to improve trading practices in the stock market. Sebi said that rolling settlement will be extended to shares traded under the National Stock Exchange's Automated Lending and Borrowing Mechanism, the BSE's Borrowing and Lending Securities Scheme, and the Modified Carry Forward System followed in other exchanges. Over and above this, shares in the BSE's top 200 list which are not included in the above lists, will be brought under rolling settlement by July, SEBI said. Sebi introduced rolling settlement in India in January 2000 with 10 shares and extended it to 156 shares in phases by May 2000. The markets regulator also said the temporary curbs imposed on short sales by brokers from March 8 would continue until further notice. Sebi banned short sales because of sharp volatility in share prices, ruling that all sale transactions must be backed by delivery unless it was preceded by a purchase position of at least an equivalent amount in the name of the same client.
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