The ASE Brokers Association (ABA) met four members of Parliament (MPs) from Gujarat on Saturday and has "managed to elicit positive response from them in support of their agitation demanding reintroduction of account period settlement and modified carry forward system".
ABA vice-chairman Atul M Chokshi said the four MPs include Harin Pathak and A K Patel of Bharatiya Janata Party as well as Sankarsingh Vaghela and Pravin Rashtrapal of Congress. The MPs have promised ABA that they would raise the issue in the forthcoming session of Parliament, he said.
Emphasising that these MPs have also assured the required cooperation for presenting this issue before the Union finance ministry, Chokshi said, "These MPs also guided us in regard to improving the presentation that we plan to make before the finance minister and the Securities & Exchange Board of India."
Revealing that ABA would also be meeting the remaining 22 MPs elected from Gujarat soon to mobilise their support, Chokshi said the finance ministry should while continuing with the rolling settlement, also allow reintroduction of the weekly account settlement. The inefficient system out of the two will then die a natural death and it will safeguard the interests of investors, traders, jobbers and brokers, he added.
Meanwhile, the ABA has initiated an extensive survey to exactly find out the investors' preferences in regard to whether they want the rolling settlement or weekly account settlement or both. The survey, which aims at getting feedback from thousands of investors, would also find out the investors views in regard to whether the modified carry forward system should be reintroduced or not.
"Our members plan to meet thousands of investors for the purpose and getting the relevant survey form filled from them. We have also send the survey forms to other stock exchanges and requested them to conduct similar surveys there, so that a nation-wide consensus is arrived at in this regard," Chokshi said.
