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July 13, 2001
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Money > Business Headlines > Report July 13, 2001 |
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Brokers file mercy petition with SebiBS Markets Bureau
Addressing the agitating brokers, Deena Mehta, former BSE governing member said, "Sebi has introduced various changes in the market without looking at the ground reality. We are not against the changes but the needs of the brokers must also be taken into consideration." The brokers also made the first presentation for granting relief in levy of Sebi turnover fees. Deena said, "We wish to bring to Sebi's notice that the manner of doing business has changed dramatically since 1995 with the establishment of NSE and other regional exchanges all over the country."
Meanwhile, brokers in Ahmedabad and Lucknow have already gone on strike. Brokers in Bangalore are planning a strike on July 13. Powered by YOU MAY ALSO WANT TO READ:
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More than 300 brokers from the Bombay Stock Exchange and the National Stock Exchange on Thursday filed a mercy petition with the Securities and Exchange Board of India. The petition highlighted the various issues affecting brokers in the secondary market.
Brokers also asked Sebi to ensure that all members of the cash segment are automatically granted membership in the derivative segments also. The brokers also urged Sebi to make registration of the derivative segment an ongoing process. They also demanded introduction of deferral products and restoration of a five-day cycle for trade settlements.
