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ASE members extend trade boycott till Tuesday

Suresh R Menon

The Ahmedabad Stock Exchange members, who had resorted to a 5-day trade boycott on July 9, on Friday decided to extend their strike till Tuesday (July 17). This decision was taken at a meeting called by the ASE Brokers' Association on Friday to chalk out the future course of action in connection with their agitation.

Meanwhile, though the ASE opened at its usual time Friday, not a single trade was recorded as all the 225 active members abstained from trading.

At around 1100 hrs (IST), a large number of brokers, sub-brokers and jobbers assembled at the ASE premises and shouted slogans against the Securities and Exchange Board of India and the finance ministry.

ABA chairman Apurva R Shah claimed that the Bangalore Stock Exchange members "have also responded to ABA's call and observed a one-day strike Friday." As such, the BgSE remained closed and not a single trade was recorded, he said.

With a view to mobilise support for its demands for the reintroduction of weekly account settlement and modified carry forward system, the ABA has now decided to meet all the 26 members of Parliament elected from Gujarat. "We will be submitting a memorandum detailing our grievances and urge them to raise relevant questions in Parliament," Shah said.

Emphasising that the finance ministry should approve continuation of the rolling settlement and also allow reintroduction of weekly account settlement, Shah said that "the inefficient system out of the two will then die a natural death and it will safeguard the interests of investors, traders, jobbers and brokers."

Meanwhile, the ABA has initiated an extensive survey to exactly find out investors' preferences with regard to whether they want the rolling settlement or weekly account settlement or both. The survey, which aims at getting feedback from thousands of investors, would also find out investors views in regard to whether the modified carry forward system should be reintroduced or not.

"Our members plan to meet thousands of investors for the purpose and getting the relevant survey form filled from them. We have also send the survey forms to other stock exchanges and requested them to conduct similar surveys there, so that a nation-wide consensus is arrived at in this regard," Shah said.

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