Partner Channels: Bill Pay | Health | IT Education | Jobs | Technology | Travel
July 3, 2001
|
|
|
|
|
|
||
|
Channels: Astrology | Broadband | Contests | E-cards | Money | Movies | Romance | Search | Wedding | Women Partner Channels: Bill Pay | Health | IT Education | Jobs | Technology | Travel |
||
|
|
||
|
Home >
Money > Business Headlines > Report July 3, 2001 |
Feedback
|
|
|
BSE annuls ACC trade at Re 1BS Markets Bureau An error in punching bids might have proved disastrous for a Bombay Stock Exchange member broker on Monday. He would have ended up losing over Rs 1 billion in a single transaction on the very first day of the removal of the circuit filter had the bourse not stepped in. To be precise, 14,07,517 shares of ACC were sold at Re 1 and Rs 68 at a time when the prevailing price of the scrip was Rs 144. Under the earlier trading system the deal would not have gone through because of the 8 per cent limit. Under new rules which took effect on Monday, there are no limits on price movements in 31 stocks, including ACC. These are stocks on which options trading began the same day. Apparently, the trade was punched erroneously. BSE authorities, detecting the trade immediately sent out a circular on BOLT terminal warning brokers not the punch in trades at absurd and ridiculous prices. Later during the day, BSE said that it will annul all trades in ACC which were dealt below Rs 109.20 -- 20 per cent lower compared to Friday's closing price. BSE brokers were agitated when they received the note. "How can BSE act against what it allows through the system? If the system does not have circuit filters, how can BSE annul trades dealt at any price? Even the Sebi has permitted a circuit breaker-free trading for stocks having options trading," said a broker. This does not mean that errors should not be rectified but the regulations allow to trade at any price, he was quick to add. BSE officials were not available for comment. Powered by YOU MAY ALSO WANT TO READ:
|
||||
