MUMBAI: The National Stock Exchange (NSE) on Monday declared its member Shrenik Shah as defaulter for his failure to fulfil his obligations, with immediate effect. Shah was declared a defaulter for not rectifying or bringing in funds to close out the company obligations and stolen shares introduced by him on the exchange. However, there was no loss to the clearing corporation or exchange, the NSE said.

During the process of regular scrutiny, the exchange estimated unusual exposures arising out of fake, forged or stolen shares in respect of the member and consequently, the trading facility was withdrawn. Subsequently, there was a steady inflow of company objections leading to increasing outstanding dues.

New odd-lot scheme from REL

MUMBAI: Shareholders of Reliance Enterprises Ltd (REL) would be able to sell their `odd-lot' shares at a value of Rs 200 each, taking advantage of the company's scheme to provide liquidity to small investors. he scheme, formulated tohelp small shareholders gain liquidity since REL shares are not listed on the stock exchange, would be administered through a trust formed by the company.

Under the scheme, any shareholder can offer his odd lot shares to the `Rel Odd Lot Shares Trust' and the trust would give the full amount without charging any administration or service fee from the shareholder, an REL statement said here. Each share, with a face value of Rs 10, would be disposed off at a value of Rs 200.

Silver, gold prices move up

MUMBAI: Silver and gold prices rose substantially on the bullion market on Monday. In Hong Kong, gold was quoted higher at $ 287.70/288.20 per troy ounce from the previous close of $ 286.60/287.10. Silver was quoted higher at $ 5.045 per troy ounce. In London, the yellow metal was fixed at $ 288.35 per troy ounce as against Friday's level of $ 285.00 and silver rose to $ 5.055 per troy ounce. Silver .999 fineness spurted by Rs 105 to Rs 7575. Raw silver and tenderable silver shot up from Rs 7350 andRs 7475 to Rs 7464 and Rs 7580 respectively. Standard gold shot upto Rs 4230 from Rs 4160. 22-carat gold was quoted higher at Rs 3915 from Rs 3850.