Speaking to The Financial Express, BSE president Anand Rathi said, "It (the crisis) is just a rumour, the markets are safe and there is no payment crisis at the exchange." He said the exchange had flashed an online message to its broker-members on the exchange's trading system (BOLT), allaying fears of an impending payment crisis. On the National Stock Exchange, a senior official said there was nothing to worry. But the official stated that some of the trading terminals of the members were deactivated due to non-payment of margins. However, the official clarified that the deactivation of terminals was not unique on Friday but a normal affair.

Talk of a private sector bank selling huge quantities of tech stocks to recover monies owed by a frontline bull operator whose high-value cheque of Rs 167 crore had bounced, added to the panic. However, the announcement by the BSE president provided some relief to the market as it was agog with a scores of rumours doing the rounds which led to the BSE benchmark index closing with substantial loss of 176 points (4.13 per cent). It was widely discussed in the market that various operators were reeling under pressure amidst sizeable down fall witnessed in new economy stocks during the week.

However, a section of marketmen dismissed the theory of a possible payment crisis. They said the earlier days of news of payment crisis dominating the markets are a thing of the past. They emphasised that these days, margin collections, surveillance and inspection systems are properly in place.

Over and above this, exchanges have hefty trade guarantee funds which can always be helpful to the authorities in case of any contingencies. Another rumour which got widely circulated in the market during the week was that the `technology bull' had moved the high court for anticipatory bail to avoid his arrest in connection with a case of a Bollywood financier's nexus with the underworld.