SEBI won’t buy brokers line

Officials of the Securities and Exchange Board of India appear not to have fallen for the fallacious arguments used by Bombay brokers that the ban on badla will prove disastrous for the stock exchanges. Consequently, SEBI is convinced that there can be no going back to the old badla system. SEBI, it is learnt, will strongly push for a new system of organised forward trading that will end the ills of the badla system and give the ordinary investors a decent chance of surviving the machinations of the big bull and bear speculators of Bombay.

Pranab rules out devaluation

The Union Commerce Minister, Mr. Pranab Mukherjee, has ruled out any devaluation of rupee stating that there is no meaning in artificial rise in exports. Mr. Mukherjee told... that devaluation might become necessary if the rupee was made convertible on capital account as well. The Government was reviewing the impact of the Budget proposals on the small-scale sector and its ability to compete in the export market.

All southern SEs to go on-line

All the six southern stock exchanges will be computerised and will enter into screen-based trading by early 1995. The Executive Director of the Cochin Stock Exchange (CSE), Mr. K. V. Mathew, said that a preliminary demonstration of screen-based trading is likely to be made when the senior officials of the southern SEs meet at Bangalore on April 9. Mr. Mathew said that the southern exchanges would be moving together in this effort as the complete synergy inherent in the project... could be achieved only if all the bourses in the south are equally computerised.

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