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Lakhs of Small Investors are the losers.
Who are the beneficiaries?
FIIs?
Few big people?
Whose fault it is?
Who is behind this crash?
Who is responsible for this crash?
Dr. Kirit Somaiya, BJP leader, who is
the President of Investors’ Grievances
Forum, has demanded full investigation.
Lakhs of Small Investors of the country, particularly from
the urban areas - Mumbai, Ahmedabad,
Surat
,
Delhi
, feel they have been cheated and looted by
the system.
SEBI, NSE and their brokers have
played with their F&O transactions,
arbitrarily ‘cut off’ the terminal,
positions demanding lakhs of Rupees losses,
not allowing to repurchase.
It is unique that it took 190 days for Sensex to travel
from 15000 to 21000 and just 11 days to
crash back to 15000.
In a communication to SEBI and the Finance Minister, Dr.
Kirit Somaiya stated :
Ø
Is
it a crash or Scam?
Ø
Lakhs
of Small Investors across the country
individually have lost lakhs of Rupees in
the present crash
Ø
NSE
and Brokers unilaterally cut off Future
& Options (F&O) positions of Small
Investors on 21st and 22nd
January 2008.
Ø
Brokers’
terminals went off during the trading hours
of 21st and 22nd
January.
Ø
No
new purchase orders were accepted by the
brokers for Small Investors.
Ø
The
whole F&O system of NSE proved disaster.
Ø
Only
big investers, FIIs and others were allowed
to keep and continue their F&O
contracts.
Ø
Only
big investers and FIIs were allowed to
purchase the index level of 15000 or so (Sensex)
Ø
Finance
Minister, SEBI Chairman and Government were
boasting about the economic growth when the
Sensex crossed 21000 (11th
January 2008.
Ø
When
Sensex got crashed, nobody was ready to
accept responsibility and liability.
Ø
Non-introduction
of physical settlement in the F&O
segment is causing volatility and crisis.
Dr. Somaiya has demanded that arbitrary losses of
Small Investors should be borne by NSE, SEBI
and the brokers.
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