Similarly, Pentafour Software rose from Rs 694 to Rs 724, an appreciation of over 4.3 per cent. Clearly, the operators in the counter have been unfazed by the additional volatility margin of 30 per cent imposed by BSE. Other infotech scrips like KLG Systel, Mastek and Software Solutions also show a similar trend.

Sebi's bid to provide additional safety and act as a deterrent to a build-up of excessive positions has clearly come a cropper. Although the intra-day volatility has been contained, the phenomenal gains in the past week show that the bulls have already built large positions. While the aim was to stop the one-way risein prices, by lifting the 25 per cent weekly margin Sebi has actually given the operators a chance to push prices beyond the this ceiling.

The stocks where BSE has imposed additional volatility margins on the net outstanding purchase positions include ACC (5 per cent), Alfa Laval (20), Aptech (5), Balaji Industrial Corporation (20), Bank of Baroda (20), Bank of Rajasthan (5), Bata India (5), Bausch & Lomb India (5), Bell South Enterprises (30), BFL Software (30), Bharat Bijlee (5), Blue Information Technology (5), BOC India (5), Bombay Oxygen Corporation (30), Cadbury India (5), Cipla (5), CMC (20), Corporation Bank (20), Cybertech Systems & Software (5), Dabur India (20), Digital Equipment India (20), Dr Reddy's Laboratories (30), E Merck (India) (5), Esab India (5), Escorts (5), Essel Packaging (5), FDC (5), Fujitsu ICIM (40), German Remedies (20), Global Telesystems (30), Grindwell Norton (5), Gujarat Fluorochemicals (5), HCL Infosystems (40), Hindustan Inks (30), Industrial Oxygen (5), InfotechEnterprises (5), Ion Exchange (India) (5), Ipca Laboratories (5), IPCL (5), ITW Signode India (5), JB Chemicals & Pharmaceuticals (5), JMC Projects (5), KLG Systel (30), Krebs Biochemicals (20), LML (5), Lakshmi Machine Works (30), Lupin Laboratories (5), Maars Software International (30), Madras Cements (20), MTNL (5), Mastek (40), Mirc Electronics (5), MRF (5), Nedungadi Bank (5), Nestle India (5), NIIT (5), Novartis India (20), Onward Technologies (20), Orient Cerwool (5), Orient Information Technology (5), Parke Davis (20), Pentafour Communications (30), Pentafour Software & Exports (30), Philips India (20), PSI Data Systems (20), RS Software India (5), Rolta India (20), Satyam Computer Services (20), Shriram Honda Power (20), Sierra Optima (20), Silverline Industries (30), Software Solution (40), SBI (5), Sterlite Industries (5), Telco (5), Tata Infotech (5), Thermax (5), Thirumalai Chemicals (5), Titan Industries (5), Tube Investments of India (20), Vesuvius India (20), Videocon International (5),Voltas (5), VST Industries (20), VST Tillers Tractors (30), Wartsila NSD India (5), Wockhardt (5), Nile (5) and Raja Bahadur Motilal Poona Mills (20).