Anmi to chart action plan tomorrow

New Delhi, Aug 3: The National Stock Exchange (NSE) brokers, who had abstained from trading on July 23 to protest the introduction of rolling settlement and dismantling of the “badla” system, will meet on August 5 to discuss stock market issues and an action plan.

The Association of NSE Members of India (Anmi), which is the peer group representing NSE brokers, would hold its board meeting on August 5 for the purpose.

When contacted, one of the Anmi directors and former president, Vinod Jain said, “The board is meeting on August 5 to discuss many matters.” Although he declined to comment further on the agenda, Anmi sources, however, said if the issue of protest came up in the meeting, the strategy would also be decided.

The brokers have been up in arms against the introduction of turnover tax the new trading system from July 2 and demand professionalism in Sebi, besides margin trading, stock lending and bank finances.

They had sought an audience with the finance minister, Yashwant Sinha on these issues, but because of the FM’s preoccupations they were not able to meet and apprise him of the situation.

Brokers said they quite unwillingly had abstained from trading to highlight issues of weak surveillance mechanism of Sebi and were not against the reforms, including rolling settlement.

However, they added there should not only be an alternate arrangement but also proper infrastructure.

-- PTI