New Delhi, March 12: The Bombay Stock Exchange (BSE) acting president Deena Mehta told finance minister Yashwant Sinha that the BSE was having a cash reserve of Rs 1,260 crore and that it could easily take care of outstanding liabilities. Talking to reporters soon after giving a presentation about the fund position of the BSE to the finance minister on Monday, Ms Mehta said average liability of the BSE was about Rs 800 crore. In addition to cash reserves, she said the BSE enjoyed guarantees which were over Rs 2,400 crore.She stressed that that there was no payment crisis at the BSE and the stock market was "100 per cent safe. Both in the short run as well as the long run".
However, when asked whether some brokers were facing payment problems, she quipped, "I cannot comment on brokers...I do not look from the point of view of brokers," and added that as far as the BSE was concerned "there is noproblem".
Ms Mehta refused to comment on the stock market crash with the BSE index slipping by 114 points on Monday. She said, "I am bound by the ethics and a code of conduct and cannot comment on market as a board member." Ms Mehta's meeting with the finance minister is significant in view of the present crisis at the stock markets all over the country.
Copyright © 2001 Indian Express Newspapers (Bombay) Ltd.
