The Federation of Indian Stock Exchanges (Fise) has appealed to Sebi to do away with the intra-day limit on trading saying it was adversely affecting liquidity of operations.
In a resolution adopted at the ninth annual meeting held at Kanpur recently, Fise said the utility of having an intra-day trading limit would not be there with the introduction of on-line monitoring of gross and net exposure limits during trading and collections of mark-to-market margin on a daily basis.
The meeting also felt that suggestions to introduce a uniform settlement was not possible at least till the introduction of an active derivatives market by way of modified carry forward system and futures and options, a Fise release yesterday said.
The meeting decided to set up a committee to make an indepth study of the proposal to introduce futures and options in the country, under the convenorship of Padam Kumar Jain of Uttar Pradesh Stock Exchange, the release said.
The meeting also felt the need to appeal to the finance minister for transfer of unclaimed dividend already credited to the Consolidated Fund of India, the release said.
The provisions embodied in the Companies Bill, 1993 relating to creation of investor protection fund, need to be revived and a suitable modification be made in the Companies Bill, 1997 which was recently introduced in the Parliament, Fise said.
The meeting, in another resolution, also decided that on-line pre-verification facility relating to share certificates and transfer be made available by all listed companies having a share capital of Rs 75 crore and more before April next year.
It said access to data base relating to stolen/fake shares should be made available in all stock exchanges.
The provisions in the Companies Act, 1956, relating to liability of the companies for wrongful issue of duplicate share certificates needs to be brought to the notice of the companies through Sebi and stock exchanges, Fise said.
These provisions should be made applicable to all the mutual funds in the country and also the Association of Mutual Fund of India, the release said.
