New Delhi, June 18: Sebi appears to have killed the additional speculation that would have come in the form of trading in no-delivery scrips. Along with the effective ban on short-sales, the market watchdog also ensured that the market was not pulled down by a host of scrips, who command a substantial weight in the sensex, which moved into the no-delivery period.As many as eight scrips, which have a substantial weight in the BSE sensex and ten NSE-50 scrips entered the no-delivery period on the National Stock Exchange (NSE) from June 17. These eight scrips at today's prices have a total sensex weight of over 29 per cent in the BSE sensex and over 26 per cent weight in the NSE-50 index.
Sensex heavyweights, ITC Limited, State Bank of India, Bajaj Auto Limited, Larsen & Toubro and Hindalco entered the no-delivery period on the NSE on June 17. Other sensex scrips like Tata Tea, Tata Power, GE shipping, Andhra Valley, and Mahindra & Mahindra too entered the no-delivery period on June 17. ITC Limited with aweight of 9.64 per cent in the BSE sensex along with SBI (6.51 per cent), Bajaj Auto (3.79 per cent) and L&T (3.34 per cent) have a total weight of around 24 per cent in BSE sensex and around 20 per cent weight in NSE-50 sensex.
As per the restrictions imposed by Sebi on June 16, the net sales transactions in these no-delivery securities would attract a daily margin of 50 per cent of the net outstanding position in the Settlement. Also, all outstanding net sales position at the end of the no-delivery period must result in delivery.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
