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Saturday, March 13, 1999
SHCIL fails to meet demat pay-in obligations
Nalini D'Souza
Mumbai, March 12: The Stock Holding Corporation of India (SHCIL) has failed to meet its demat pay-in obligations despite BSE extending the schedule to Friday evening. BSE has, therefore, also decided to resort to the auction route to make good the losses incurred on account of the mismatch. However, in a letter to the custodian, BSE has categorically mentioned that the `cost and consequences' of the auction will now be entirely borne by SHCIL and not its member brokers. On March 12, considering the problems faced by the custodian to meet its pay-in obligations on account of the disruption in the connectivity between NSDL and Shcil, BSE took a decision to extend its pay-in by one more day.According to BSE sources, even after the sixth extension on account of the slow down in the connectivity between SHCIL, NSDL and BoI Shareholding, about 180 odd pending trades could not be matched. This, according to sources, could amount to around Rs 9 crore. In the absence of shortage details with the clearing house,sources hinted that even a wrong auction may take place which could endanger the integrity of the markets. Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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