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Sebi hits back at short sellers

Mar 7, 2001

The Securities and Exchange Board of India has announced that with effect from the 8th of March short selling on the bourses will not be permitted. The move will likely stem the selling pressure that has led to a sharp erosion in the value of equities. Meeting of Group on Risk Management, 7th March 2001.

“Pursuant to the discussions in the meeting, it was decided that all sales transactions effective from tomorrow shall be backed by delivery unless a sale transaction is preceded by a purchase position of at least an equivalent amount in the name of the same client in the same or any other exchange. This will also apply to the proprietary trading by members. This will be on a self certification basis and would be subject to Exchange off-site inspection upto sub-broker and client level. The exchanges would share information to facilitate the verification. It would be applicable to scrips in the MCFS, ALBM, BLESS and other deferral products. This decision will be reviewed after two settlements.”


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