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Thursday, Oct 02, 2003

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SEBI move

SEBI is reportedly making it compulsory for corporate bonds to be listed on stock exchanges. This is a welcome move. However, SEBI should first ensure stabilisation of the shares listed in the stock exchanges.

The list of Z Group shares bulged recently thanks to the transfer of 550-odd companies' shares to this group for non-compliance with the listing requirements. In fact, this action by the exchanges has punished the investors rather than the companies.

The stock exchanges should have penalised the managements of the companies with fines or even removal of the Chairman/Managing Director, ensuring also that the monetary fines for non-compliance with the listing regulations are paid by the management from their personal accounts.

SEBI should first look into these aspects before enlarging the list of securities listed on the exchanges.

C. V. Subbaraman

Ahmedabad

Letters to the editor and contributions can be sent by e-mail to: bleditor@thehindu.co.in

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