Bears make a quiet exit

MUMBAI, June 17: The SEBI diktat on compulsory squaring off of any short sale position within a day, came in at a time when the BSE was sadd...

MUMBAI, June 17: The SEBI diktat on compulsory squaring off of any short sale position within a day, came in at a time when the BSE was saddled with huge outstanding short sale positions concentrated at the counters of BPL, Satyam Computers, Sterlite, Videocon International and Pentafour Software.

As per the figures collated by BSE, on June 16 the net short sale figures at the counters of BPL and Videocon International stood at a high of 5.25 lakh shares and 10.68 lakh shares respectively. The timely measure to restrict short sales brought operators down to these counters which helped bears liquidate substantial portion of their long positions.

The BPL counter recorded about 131 trades, which saw 116,800 shares transacted. The scrip was later locked at Rs 229.70 registering a fall of 10 per cent. Similarly in the case of Sterlite the bears sought an opportunity to liquidate their sale positions which saw the counter register about 1,933 trades to be finally locked at the lower limit of Rs182.20.

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Meanwhile, SEBI chairman, DR Mehta and senior executive director, LK Singhvi, clarified that SEBI had not banned short sales but only restricted them to a period of one day rather than the existing period of five days.

Short sales were taken care of by SEBI’s measure to ask for compulsory delivery of shares if the net sale position at the end of the day is not squared off.

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