It has been an earthshaking week on the political front. In Bengal the Left Front romped home and trounced Mamata Banerjee who had been expected to put up a stronger fight. In another part of the country AIADMK general secretary J Jayalalitha defied the odds and the courts to become the chief minister once again.
The Congress scored spectacularly in Assam where the Pradesh Congress Chief Tarun Gogoi becomes the new chief minister. Similarly, in Kerala the Congress-led UDF won an massive victory and A.K. Antony has been sworn in as the new chief minister. The Sensex meanwhile is unruffled by politics and climbed to 3,669.76 on Thursday.
Sebi bans badla from July 2
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Amidst much heated debate the Securities and Exchange Board of India (Sebi) has finally banned badla and a raft of other practices like carry forward with effect from July 2.
The decision was taken at the Sebi board meeting on May 14, 2001 and announced after market hours. Talking to reporters after the meeting, Sebi chairman DR Mehta said the decision to enforce the ban on badla was taken unanimously.
The capital market watchdog has given brokers time till September 3 to liquidate all their deferred positions in the current settlement. No deferred positions will be permitted from July 2 and any additional deferred positions taken on or after May 15 will also have to be liquidated by July 2. Further, all price bands on individual scrips stand removed from July 2.
Stock scam
Sebi reckons that stockbroker Ketan Parekh had almost Rs 2,000 crore at his disposal during recent months. Sebi