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It
is now becoming clear that the Finance
Minister, Govt. Institutions tried to bail
out the Market on 22nd January by
making abnormal purchases after the crash.
Who is responsible for the crash?
demanded Dr. Kirit Somaiya, ex MP &
President, Investors’ Grievances Forum.
The
Govt. Institutions like LIC, UTI, SBI were
the major purchasers on 21 and 22 January.
It seems that out of Rs.1,900 crores
purchases on 22 Jan, these 3
major institutions had Rs.1,500 crores
purchases.
Is it on the instructions of the
Finance Minister?
From the records available, it seems
that abnormal purchases have been made
between 21 and 23 January.
Some
of the Govt. institutions went out of the
way and made 10 times purchase.
Dr. Somaiya has expressed concern
about the manner in which LIC made equity
purchases from the non-linked traditional
LIC policy fund.
Average purchase during January from
non-linked insurance policy fund was Rs.40
crores against which LIC went out of the way
and made purchases of Rs.400 crores on each
of these D-days of 21 & 22 January.
Who is behind the crash?
It
is becoming clear that the Govt.
institutions tried to bail out the market.
But who is behind the crash?
It is now clear that both NSE and BSE
touched low circuit and closed down immediately
as they opened on 22 January.
Record shows that the negative
transactions were fed into the Stock
Exchange terminals even before the market
started.
It is understood that the major
negative sale orders, short-sell were fed
into the Stock Exchange terminal before the
market opened.
This is definitely not Small
Investors, states Dr. Somaiya.
Then who are these big investors?
Why Small Investors were not supported?
It
seems that the Finance Minister was eager to
help to keep the market up :
i)
Liquidity shall be provided to the
brokers
ii)
Payment crisis at the Stock Exchange
shall be avoided
iii)
RBI had been given instructions
iv)
Govt. institutions rushed to
purchase.
It
is now proved that Rs.73,000 crores
positions of Small Investors in F&O
segment were cruelly cut off by SEBI, NSE on
22 January.
Major BSE 30 Sensex were quoted 40 to
60% lower at that juncture.
Small Investors had lost
Rs.30,000-35,000 crores due to the
anti-Small Investor attitude of the system.
IPO – Investigate abnormality, Grey Market/over valuation
Investors’
Grievances Forum (IGF) had made several
representations and once again demands
transparency and healthy system in IPO
market.
It seems presently in the name of
scientific valuation, a system of
exploitation of Small Investors is created.
IGF demands :
i)
Transparent and healthy system of
valuation
ii)
Investigation and strong action
against the manipulative grey market
iii)
Provision of safety net for Small
Investors.
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