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Short-selling no longer a concern: FinMin official

This article was posted on Oct 29, 2008 and is filed under Market News

NEW DELHI: Short-selling, which some believe is one of the causes for depressing cash segments of equity markets, is no longer a concern following market regulator SEBI’s recent measures, a Finance Ministry official said on Wednesday.

“Short-selling is no more a concern, as SEBI has taken steps in this regard,” the official said.

Short-selling refers to selling of stocks not owned by seller at the time of selling.

SEBI recently expressed its disapproval to stock lending by FIIs to overseas entities, which could in turn use them for short selling. It has also asked FIIs to submit data in this regard. FIIs have already submitted data for six days.
FIIs position in respect to this transaction would be reversed in a few days, Finance Minister P Chidambaram had said recently.

However, SEBI Chairman C B Bhave on Wednesday skirted the issue. “I have no comments at this stage. Whenever decisions are made, they will be communicated to you. I have no comments to make at all,” he told reporters to a query on short selling.

Bhave was talking to reporters after Chidambaram held a high-level meeting to discuss India’s stand on the G-20 meeting on financial crisis next month.

The official also said External Commercial Borrowing norms have already been relaxed and only issue pending in regard to raising funds abroad is the pricing norms for GDR and ADR.

source: Economictimes

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