In a major incidence of theft of shares, 18,050 SBI shares have been stolen in transit, belonging to a Calcutta-based NSE dealer PKC Stock Broking. The total value of the stolen shares at the current market rate is estimated at Rs 54.9 lakh, sources said.
The matter has come to light with the stock broking house writing a letter to the Association of NSE Members of India late last week. The firm has urged for necessary action to be taken at the earliest.
According to reliable sources, these shares were sent by the Mumbai-representative office of PKC Stock Broking Calcutta, in six consignments. The Mumbai office had despatched 82,550 SBI shares in early May to the Calcutta office. These shares were sent by Ram Air Courier.
However, when the consignment reached Calcutta, the theft was detected and it was found that one of the six consignment did not contain the shares and the package had been replaced by newspaper and periodicals.
PKC Stock Broking has reported the case to the Oriental Insurance Company for insurance claim. Some NSE members have expressed concern that such negligence on the part of members can lead to grave crisis. When one sends shares worth Rs 2.51 crore by courier, proper care should be taken and it should be send through registered courier services, said a NSE dealer.
The Association of NSE Members of India in consultation with the exchange has decided to immediately release the distinctive numbers of these shares in national dailies so that the other stock exchanges do not accept the stolen shares. Also the association has written to the NSE asking it introduce the safe pack system at the exchange. This is a novel scheme adopted by the association members, in which the members make use of a special poly bag. According to the association, this will help in reducing the occurrence of loss of share certificate during transit.
It is learnt that the some 200 members are already implemented the Safe Pack system. Shares are transported in a pre-printed poly bag supplied by the courier in the Safe Pack system and each of the pack is not allowed to carry more 500 gms. Every new recipient of the pack is asked to parcel on the pre-printed format on the bag.
