CSE declares five of its members as defaulters

Kolkata, January 30: | Updated: Jan 31 2002, 05:30am hrs
The Calcutta Stock Exchange (CSE) on Wednesday declared five of its members as defaulters after they failed to pay-in about Rs 3 crore due to the exchange since March, 2001.

The members were S Satnani, SB Stocks, A Mallik, Kiran Parsarampuria and J Desai, a CSE committee member said.

These brokers had failed to clear their dues despite repeated claims after the payment crisis that erupted in the aftermath of scam involving Ketan Parekh and Madhavpura Bank that had led to declaration of ten broking entities of the exchange as defaulters.

CSE sources said the decision was taken in a special defaulters meeting on Monday but the formal announcement would be made after clearance from the exchanges management sub-committee chairman Dipankar Basu.

Once the five brokers were officially declared defaulters, the exchange would be able to utilise the funds lying in their margin accounts.

If the funds lying in margin accounts fell short of total dues, then other suitable measures can be taken against the erring brokers, sources said. PTI