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July 14, 2001
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Money > Business Headlines > Report July 14, 2001 |
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Brokers call for introduction of margin tradingBS Markets Bureau Prominent stock brokers from Bombay Stock Exchange and National Stock Exchange on Friday asked the Securities and Exchange Board of India to introduce margin trading in the country as a deferral product, which is prevalent in most countries. Deena Mehta, a former governing board member of BSE, said, "Derivative trading is not a substitute for deferral products and rolling settlement will not succeed unless the investors will have an opportunity to leverage." "Also, options trading in top 200 stocks should be introduced," she added. Mehta also demanded that Sebi should spell out the guidelines for sub-brokership in the derivative segment immediately. "Its more than two months since Sebi has announced rolling settlement and it is yet to announce the guidelines for sub-brokers in the derivatives segment," she said. "Otherwise, a trading member has to go through a clearing member for which very stringent regulations have been kept," she added. Commenting on reforms in the capital market, Deena Mehta also criticised the manner in which rolling settlement was introduced on the stock markets. She said, "Reforms in the capital market is an on going process and should not response to crisis. We, brokers, are not against reforms in the market but best international practices must be adopted." She also added, "Worldwide, all market participants are involved and public opinion at large is taken into view." On the issue of Sebi's turnover registration fees, Mehta said: "We feel that Sebi is inclined to agree with their view and will take a decision. Currently, more than 150 applications have been pending with the market watchdog for registration in the derivatives segment as these members are yet to clear their dues to Sebi." On Thursday brokers had filed a 'mercy petition' to Sebi. Around 1,000 brokers from both NSE and BSE had converged at Dalal Street and issued a joint appeal to Sebi to take a re-look at the turnover fees slapped on brokers. Powered by YOU MAY ALSO WANT TO READ:
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