Not really. In fact, of late, BSE seems to be helping promoters more than investors! For instance, last year, the so called `professional' management of BSE threw its own listing norms into the wind and allowed a proven investor-unfriendly promoter, the S Kumars group, to exploit the market conditions with a minuscule public issue.

Believe it or not, the Kasliwals of S Kumars were allowed to list the country's first dotcom public company on the BSE with a public float of just Rs 75 lakh which amounted to just 2.9 per cent of the company's paid-up capital against the norm of 10 per cent!

The scarcity of the floating stock saw the scrip price zooming to an incredible Rs 475 and if market sources were to be believed, the promoters and their associates, who were gifted large quantity of shares as firm allotment at just par value, were the first to book the profit.

BSE facilitated the promoters of S Kumars.com to make a fortune in no time. Where does the company stand today? The promoter-managing director is no longer with the company. The market is flooded with stocks, which were originally allotted to promoters and associates. No wonder, the price of the scrip too has now nose-dived to around the public offer price of Rs 10.

Perhaps taking the cue from Kasliwals, many a promoter is now attempting to enhance his wealth by reactivating some of the forgotten scrips on BSE. For instance, investors may be wondering about the scrip "CISTRO TELEL" which has been making waves for the past few days (in terms of number of shares traded). This scrip, which had had a volume of just 500 shares on February 9, recorded a whopping volume of more than 5.5 lakh shares when it was traded after a gap of 10 days, on February 19. In the next three days alone, more than 27 lakh shares reportedly changed hands. What was the great attraction in the scrip?

To one's utter dismay, BSE's web site does not contain any worth while information, other than just a solitary `stock split' news, about the company. Cistro's volume has already pierced the mil lion mark. BSE may not be bothered to inform the investors the vital statistics of the `telecom' scrip which is in great demand.

But, the question is, when did the company go public? Certainly, there was no public issue under its present name. This Indore company actually tapped the capital market during the previous primary market boom in March 1996 under the banner Kukson Foot care Ltd and promised to set up a Rs 6.95 cr project for the manufacture of slippers and canvas shoes whose production was scheduled to start in June 1996.

The share was listed on the BSE towards the end of June 1996 at Rs 17. Interestingly, the second quote of the day was at Rs 34 which still remains the `historical peak' of the scrip! In the absence of any working results, the scrip couldn't sustain for long. Finally, after reaching an abysmal bottom of Re 1, the scrip went into oblivion in November 1997.

After a gap of more than two years, in January 2000, the scrip resurfaced at Rs 8.25. After trading for just four days during the first half of 2000, the scrip vanished once again. Since the beginning of this year there has been some activity in this counter.

The scrip, which touched the year's low of Rs 5.50, nearly doubled to Rs 10.85 within three days of dematerialisation of the stocks in the second week of February. Following the demat the stock was also split into Re 1 paid-up on February 19. Within four days since the split, the price has appreciated more than 50 per cent (from Rs 1.05 to Rs 1.60) on the back of heavy volumes.

Who is playing heavily in a scrip whose `strength' is yet to be made public? Another scrip that has caught the attention of the investors on BSE in recent days is GDR Telefilms (GTL). This unknown company commanded a share price of Rs 63.70 on February 5. Since then the price has receded to Rs 46.

But, what's interesting is, the same scrip was available at just 80 paise in March last year, before it went into hibernation. What are GTL's credentials? The BSE web site reveals that the company had logged in a turnover of Rs 1 cr and a profit of Rs 57 lakh during the quarter ended December 2000.

But, when did GTL go public? BSE does not bother to bring out such details. If one were to track the company's scrip code, GTL traces back to the Hyderabad-based Value Line Securities (India) Ltd which went public during the 1995 finance boom with a small equity issue of Rs 1.59 cr. GTL has reportedly made a preferential allotment of 12.5 lakh shares at a price of Rs 18 each in last December there by taking the equity from Rs 3.25 cr to Rs 4.50 cr.

There was also a stock split proposal from Rs 10 paid-up to Rs 5 paid-up in September last year. Did it finally take place? The BSE scrip details do not give a clear picture. Amid all these confusion the scrip has recorded its historical peak this month. Will BSE at least attempt to unearth who is playing up this scrip?

Another obscure scrip that has resurfaced on BSE in recent days is Megasoft Ltd. This scrip is now almost regularly traded albeit low volumes. However, what's intriguing is, its price. The little known Chennai company is commanding a share price of more than Rs 150 on BSE. Like the cases of many other `software converts,' BSE web site does not have the information on Megasoft.

Interestingly, in its first `avatar' the company was known as Orion Plastek Ltd. This company went public in May 1996 and got listed its scrip on BSE in September 1996. In three years upto September 1999, the scrip was traded just 11 days and it never crossed Rs 30. In fact, when it went into oblivion in 1999 it had ended up a price of just Rs 3.

After the infotech euphoria, the company first changed the name to Indus E-solutions Ltd and then to Megasoft. Perhaps, the scrip may be worth its present price.

But what's disturbing is, BSE, with all its acclaimed modern techniques it employs in the field of information and technology, is not able to provide even some basic information of its scrips to the investors.

(Arranged by INVESTAR - The Aarthik News & Research Group) E-mail feedback to investar@bol.net.in (or) fernando@bol.net.in