ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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HINDUSTAN DEVELOPMENT-Funds to Spare

'Contaminated' Securities Jairaj Kapadia IT was much ado about nothing, the Unit Thist of India refusing deliveries of shares in the names of the suspects in the securities scam. Following that trading was suspended by brokers on the Bombay Stock Exchange for 15 days from June 10 to June 25 with their counterparts on the other major stock exchanges also refraining from transacting business. The UTI objecting to the share deliveries and ordering the Stockholding Corporation of India, handling institutional investments, to refuse acceptance as *bad deliveries' threw the market out of gear. The stock exchanges maintained that the shares delivered were in order and the brokers did not budge in the matter. The Securities and Exchange Board of India and its chairman, G V Ramakrishna, who has looked ever eager to safeguard the interests of common investors, also did The Week's Companies nothing in this situation. The SEBI chair man first declared that the market must go on with trading and subsequently expressed an opinion against the UTI's assuming an adverse stance on the share deliveries.

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