BSE, NSE tighten market surveillance further
Stock exchanges have stepped up the surveillance in a bid to curb excessive speculation in the overheated market.
The National Stock Exchange (NSE) has asked its members to collect permanent account numbers (PAN) of all their clients and provide them with details of unique client code (UCC). This measure will come into force from December 1, 2005.
In yet another step, the Bombay Stock Exchange (BSE) has decided to impose special margin of another 25 per cent on the buying and selling position of five stocks which have remained volatile and have gained in spite of tightening the margin requirement. This measure will come into effect from Monday, September 26. The special margins will be imposed on the basis of member-wise gross purchase or sale position (client-wise net).
BSE, in a notice to its members said, the rate of special margins have been revised on five stocks keeping in view the closing price of these stocks on last trading day (Friday). The five stocks are DCW, Era Construction, Mega Corporation, Megasoft and Prraneta Industries.
On Tuesday, the BSE had said 504 stocks, mostly belonging to the B1, B2 and S groups, will attract an upfront margin of 100 per cent with effect from September 26.
Both the BSE and the NSE have reduced the circuit filter cap to 5 per cent earlier this week. ‘‘These measures put a brake on the unbridled rise in penny stocks,’’ said a stock dealer.
The BSE Smallcap index closed in the positive on Friday, after three days of continous decline on the bourses. It gained 26 points to close at 5,605. The index lost a massive 758 points to close at 5,605.46 as investors dumped small-cap stocks in anticipation of a further fall in the prices of fundamentally weak stocks. The index had touched an all-time intra-day high of 6,394.2 on Monday, September 19.
The National Stock Exchange (NSE) has asked its members to collect permanent account numbers (PAN) of all their clients and provide them with details of unique client code (UCC). This measure will come into force from December 1, 2005.
In yet another step, the Bombay Stock Exchange (BSE) has decided to impose special margin of another 25 per cent on the buying and selling position of five stocks which have remained volatile and have gained in spite of tightening the margin requirement. This measure will come into effect from Monday, September 26. The special margins will be imposed on the basis of member-wise gross purchase or sale position (client-wise net).
BSE, in a notice to its members said, the rate of special margins have been revised on five stocks keeping in view the closing price of these stocks on last trading day (Friday). The five stocks are DCW, Era Construction, Mega Corporation, Megasoft and Prraneta Industries.
On Tuesday, the BSE had said 504 stocks, mostly belonging to the B1, B2 and S groups, will attract an upfront margin of 100 per cent with effect from September 26.
Both the BSE and the NSE have reduced the circuit filter cap to 5 per cent earlier this week. ‘‘These measures put a brake on the unbridled rise in penny stocks,’’ said a stock dealer.
The BSE Smallcap index closed in the positive on Friday, after three days of continous decline on the bourses. It gained 26 points to close at 5,605. The index lost a massive 758 points to close at 5,605.46 as investors dumped small-cap stocks in anticipation of a further fall in the prices of fundamentally weak stocks. The index had touched an all-time intra-day high of 6,394.2 on Monday, September 19.
posted by Sensex-Blog Admin at 11:29 PM
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