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April 18, 2001
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Money > Business Headlines > Report April 18, 2001 |
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Demutual drive sparks resignationsBS Markets Bureau The Securities and Exchange Board of India had directed the stock exchanges to speed up their demutualisation plans. The result has been that the broker-directors on the board of Calcutta Stock Exchange have resigned and so have the directors of the Magadh Stock Exchange. And now waiting in the wings is Ahmedabad Stock Exchange. Sebi chairman D R Mehta, however, said the regulator did not have any hand in the developments taking place in the exchanges, pointing out that the government itself in its announcement on March 13 had pushed for early demutualisation of the bourses and a separation in the ownership and management of the exchanges. While officially Sebi is maintaining the stance that whatever is happening is in the course of events, "as inevitable," sources said the process is getting its fillip with the due prods from the regulator. Mehta said they had not asked the ASE officials to resign and on the other hand they had sought a meeting with him tomorrow. "Though I told them there was no need for a meeting they insisted on it," he said. Powered by YOU MAY ALSO WANT TO READ:
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