BSE declares two brokers as defaulters

MUMBAI, January 28: The Bombay Stock Exchange (BSE) has declared two brokers - Summit Integrated Credit Capitals and S Jagannath Tibrewala -...

MUMBAI, January 28: The Bombay Stock Exchange (BSE) has declared two brokers – Summit Integrated Credit Capitals and S Jagannath Tibrewala – as defaulters under the rules of the exchange.

A decision to this effect was taken at the meeting of the exchange’s governing board held on January 28. As per a press release issued by the exchange, four reasons have been cited for declaring them as defaulters. Non-payment of client dues in the form of arbitration awards and clearing house dues has been quoted as one of the main reasons.

The exchange has decided to auction the two cards in order to recover the dues from the brokers. “They cannot remain solvent for long. We used this period to reduce their total outstanding. Now with the sale proceeds we will recover the dues pending with the exchange,” said M G Damani, BSE president.

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According to BSE sources, Summit Integrated has an outstanding liability of Rs 50 lakh and in the case of Tibrewala it stands at about Rs 74 lakh.

Sources also hinted that a hugechunk of bad delivery has been introduced into the market by Tibrewala.

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