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ASE brokers' peace march today Monday, July 23, 2001

BY OUR BUSINESS CORRESPONDENT, THE TIMES OF INDIA NEWS SERVICE
AHMEDABAD: The ASE Brokers Association (ABA) will take out a peace march on Monday, where around 1,500 brokers, investors and jobbers are expected to participate.

The ABA members would also keep away from trading on all the exchanges on Monday in response to the strike call given by the Federation of Indian Securities Industry (FISI), which has been formed to safeguard the interest of the brokers.
The members of the Gujarat NSE Members Association (GNMA) have also decided to support the strike. The strike would be observed by all exchanges in the country, except for the 7 exchanges which had not joined the Federation as their volume and turnover were insignificant.

Meanwhile, as the ABA agitation seems to be yielding no result and the SEBI chairman D R Mehta making a public statement that the fate of the regional stock exchange was not his concern, the association on Saturday called a press conference to put forth its views on the impact of the rolling settlement on exchanges in the absence of any deferment products.

The association chairman Apurva Shah said that under the new trading system, there was concentration on major scrips and the overall liquidity had gone down. This, he said was a disturbing trend for the investors, in general.

To reverse such trend, the association had decided to carry on their agitation and demand for reinstating of Badla trading, which they say was not the reason for the stock market scams.

Furnishing data on the declining volume on the BSE since the ban of short selling and announcement of the rolling settlement on the exchanges, the association said that the trading on Reliance scrips had dropped to 33 per cent from 18.19 lakh shares to 6.17 lakh with the ban of short sell. It dropped further to 75,102 (only 4.13 per cent) after the rolling settlement was introduced from July 2, this year.

The various demands that the association has put to the government include re-introduction of margin trading and security lending through exchanges, relaxation of the eligibility norms for exchanges to begin derivative trading, re-introduction of weekly settlement and Badla system with necessary safeguards.

News Source : Times Of India News Service [ Lightning News ]

 

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