Bse Brokers & #39; Suspension Term Reduced

The Bombay Stock Exchange (BSE) has reduced the suspension period of stock brokers Angel Securities Ltd and Mahesh Kothari Share & Stock Brokers Pvt Ltd from three months to one month.

The governing board of the exchange, at its meeting last week, considered the appeal made by these members against the decision of the Disciplinary Action Committee (DAC).

The DAC of the exchange at its meeting in early July had suspended the stock brokers for three months, with effect from July 9, 2001, to October 8, 2001, (both days inclusive). However, now with the relief granted by the governing board, these members will be able to trade from Wednesday (August 8).

Angel Securities and Mahesh Kothari Share & Stock Brokers were suspended pending investigation into the ACC shares deal entered at unrealistic price levels on July 2, the first day of the new trading system. Both these brokers had punched in a deal for over 10 lakh shares of ACC at the market price of Re 1, as against the market price of Rs 144. Later during the day, authorities had annulled all deals on the ACC counter below Rs 109.10, 20 per cent lower than its previous closing price.