Financial Daily from THE HINDU group of publications
Tuesday, Nov 01, 2005
Financial Daily from THE HINDU group of publications Tuesday, Nov 01, 2005 |
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Markets
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Economic Offences SEBI gives clean chit to JM Morgan Stanley Securities Our Bureau
Mumbai , Oct. 31 THE Securities and Exchange Board of India (SEBI) has given a clean chit to JM Morgan Stanley Securities, stock broking firm, for their transactions on May 17, 2004, the day Indian stock market witnessed the sharpest fall. SEBI investigation had found that Morgan Stanley and Company International, a registered FII, through its registered sub-account had allegedly sold securities of Rs 122 crore and purchased Rs 73 crore that is a net of Rs 49 crore, in the cash segment alone. In the derivatives segment, Morgan Stanley and Company International had allegedly built a short position in the Nifty May Futures and Stock Futures during the period from May 10-14, 2004, to the extent of about Rs 730 crore. In all these dealings, Morgan Stanley and Company International Ltd was found to have dealt through Morgan, their Indian broking entity. SEBI had issued a show-cause notice to JM Morgan on June 9, asking to explain why action should not be taken against the firm. After the investigations, SEBI officer in his order said there is no case against Morgan of consciously or intentionally avoiding complying with the directions of SEBI in providing the required information, since the information in question was not within their possession. SEBI adjudicating officer in the order said no penalty need be levied upon JM Morgan Stanley Securities, and accordingly the proceedings initiated against them are dropped. On May 17, 2004, Indian stock market witnessed the biggest crash in the history, when the Sensex fell intra-day by more than 800 points and the stock market had to be closed twice on that day.
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