Financial Daily from THE HINDU group of publications
Friday, Aug 30, 2002
Financial Daily from THE HINDU group of publications Friday, Aug 30, 2002 |
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Markets
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Stock Markets BSE, NSE warn badla traders Our Bureau
MUMBAI, Aug. 29 BOTH the Bombay Stock Exchange and the National Stock Exchange today said they would take disciplinary action against any market participants found to be engaged in unofficial badla. In a joint statement, the exchanges have advised that deferral or badla is banned by the Securities and Exchange Board of India and any such transactions entered into would be illegal. It further said that in case of any dispute or problem arising out of such transactions, the guarantee mechanism of the stock exchange or the investor protection fund of the stock exchanges would not cover or entertain such disputes. The move by the BSE and the NSE follows reports that market participants are engaging in unofficial badla through private funding. There have been reports that the fall in the stock prices in the last one-month, especially of mid-cap stocks, was due to some private financiers selling the shares.
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