The Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) today decided to refer the Pentamedia Graphics matter to the Securities and Exchange Board of India (Sebi) for necessary directions.
According to sources familiar with the development, top officials of both the exchanges again met today to discuss the proposed course of action in the case, but failed to arrive at a concrete decision. Both then decided to refer the matter to Sebi and seek directions.
This was done in order to avoid the kind of situation which arose in the DSQ Software case where the scrip was traded in one of the exchanges while trading was suspended in the other exchange. It was also felt that it would be expedient to keep Sebi informed about the developments.
general manager (finance) and company secretary of Pentamedia Graphics, S Ramasamy said, "I have not heard anything today. In fact we wanted to have a personal discussion with Sebi. Sebi has yet to get back to us." He added that in an earlier communique to Sebi on September 13, the company had already clarified all the doubts in relation to the matter.
He also said that the current problem was more due to a misunderstanding between Nikko Stock Brokers, Malu Financial Securities, and Centurion Bank - "It does not involve us," he insisted, saying that so far as they knew there had been no violation at all and they had done everything according to Sebi guidelines. "There is no reason for the exchanges to take any action against us," he said.
