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This is an archive article published on July 8, 1999

Brokers oppose SEBI badla plan

MUMBAI, JULY 7: The members of the Bombay Stock Exchange (BSE) today strongly opposed the proposal to split badla trading session into se...

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MUMBAI, JULY 7: The members of the Bombay Stock Exchange (BSE) today strongly opposed the proposal to split badla trading session into separate sessions for short sales and long purchases.

At the exchange’s extraordinary general meeting, the members were unanimous in their opposition to the Securities and Exchange Board of India’s (SEBI) proposal as they felt it would kill the market.

The members opined that such a move would be detrimental as it would divide the market into sellers and buyers or make it too expensive for its survival. The exchange also resolved to bring down the minimum auction price of its corporate membership card to Rs 1.5 crore from Rs 2 crore.

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