Financial Daily from THE HINDU group of publications
Saturday, Nov 08, 2003
Financial Daily from THE HINDU group of publications Saturday, Nov 08, 2003 |
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Markets
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Financial Institutions NSE removes quantity freeze for institutional investors Our Bureau
Mumbai , Nov. 7 THE National Stock Exchange (NSE) has decided to do away with the quantity freeze for institutional investors. The exchange, in a notice to its members, said this has been done due to requests from various trading members. However for this, the institutions have to enter their respective code numbers. Nevertheless, such quantities freeze will continue for non-institutional investors. This circular comes into effect from November 10. Under the quantity freeze, order which is one per cent of the issue size of the securities or the value of the order is around Rs 5 crore, whichever is less, transaction cannot happen immediately. The members are required to confirm about the genuineness of the order and on confirmation only, the exchange approve the quantity freeze. Brokers said the decision by NSE is mainly done to counter the BSE, which does not follow the quantity freeze. They said in the absence of quantity freeze most of the institutions used to buy or sell large quantity of shares.
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