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March 20, 2001
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Money > Business Headlines > Report March 20, 2001 |
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Sebi likely to defer BSE board pollsRakesh P Sharma The Securities and Exchange Board of India (Sebi) is likely to defer the forthcoming elections for the Bombay Stock Exchange (BSE) governing board scheduled for the month end. The restriction on election is expected to continue in the near future till Sebi investigations regarding the role of president, vice-president and treasurer in the post-budget market crash is over, Sebi sources said. Along with the new board constitution, the fate of six odd candidates who have filed nominations for the election, which was scheduled to be held on 28 March has been surrounded by uncertainties. The chances are that till the corporatisation process is put in place, Sebi may press for fresh election of all the 9 members instead of the three vacancies, sources said. The BSE governing board is constituted by 19 members in all including nine public and government nominees, one executive director and nine elected-brokers. Sebi recently announced that the president, vice president and treasurer of a stock exchange will not be allowed to indulge in proprietary trading. It has also asked broker-directors of other stock exchanges to disclose details to the ethics committee of the governing board. This step has been taken with a view to bring greater transparency into the markets. Most brokers and brokerage companies argue that there will always be loopholes in such laws. In the case of corporate entities, for example, even if the head becomes an office bearer of the exchange, there is nothing to stop his brokerage firm from continuing to trade. And a sole proprietor can get around the law by trading under another name, sources point out. Other broker directors will have to disclose their proprietary trades to the ethics committee of the stock exchange governing board that will be formed. However, it is still not clear whether the broker directors' firms will be allowed to trade. A top-ranking official of Sebi, when quizzed, was evasive, and said, "One will have to go through the fineprint." There are around 580 active trading members on the BSE. Of these, at least 185 are sole proprietary firms, while the rest are corporate members.
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