The scrips are Balrampur Chinni, BPL, Essel Packaging, Satyam Computers, Sesa Goa, Supreme Industries and Videocon International.BSE has, in keeping with a recent Sebi directive, stipulated that in case of any scrip if the net outstanding exposure is more than three per cent of the company's total equity, then all fresh purchases in that scrip would attract a 10 per cent incremental margin for being carried over to the next settlement.

In the case of sales, the margin is pegged at a higher level of 25 per cent for exposures beyond three per cent of the equity. "Any member who desires to increase his position in these counters will be required to pay an incremental graded margin which will be over and above the normal carryforwardmargins on purchase and sale positions," explained a senior BSE official.

"While brokers in general have been expressing their dissent on account of the increasing margins, the sudden buying interest at these counters beginning July 6 contradicts their own views," explained the official.

Interestingly, Videocon International, which is currently traded in the band of Rs 56-60, has attracted a total margin of Rs 45 for purchase positions and Rs 40 for sale positions.

The making-up price (which is based on the hawala price) in the case of Balrampur Chini Mills is Rs 130. However, the difference between the making-up price and the special making-up price computed by the BSE is Rs 26 on the buy position and Rs 33 on the sale position. This makes the special making-up price for carryforward purchase position at Rs 104 per share while for sale the price determined by BSE is Rs 163.

Similarly, in case of Videocon International, while the making-up price was pegged at Rs 58, the difference between this hawalaprice and the special making-up price stands at Rs 27 for buy bids and Rs 24 for sell orders. This creates a wide disparity in terms of the margins required to be paid in case of purchases and sales. The special making-up price in case of purchase positions stands at Rs 31 while for sales carried over it stands at Rs 55.

The exchange has also made arrangements to check the increase in the net exposure above the three per cent limit. For every one per cent increase over the three per cent mark for purchase positions the margins have been pegged at 10 per cent, while that for sale positions the margin increase is 5 per cent and 10 per cent for 3-4 per cent exposure and 5-6 per cent exposure, respectively.